SUBSECTION 3.2.2.2
ACCOUNTING PROCEDURES

3.2.2.2.1

Addition of Fixed Assets to Inventory

Effective Date:

July 1, 1998

Upon receipt and acceptance of an inventoriable fixed asset, the inventory officer is responsible for supervising the addition of the asset to the inventory system. This includes the assignment of tagging responsibilities to specific individuals as well as the development and implementation of procedures to ensure that the necessary information is entered into the fixed asset inventory records.

3.2.2.2.2

Removal of Fixed Assets from Inventory

Effective Date:

July 1, 1998

Agencies are to adopt internal policies and procedures regarding the timely removal of fixed assets from inventory, including procedures for the proper approval of disposal requests (refer to Subsections 3.2.1.2.12, 3.2.1.3.2, and 3.2.1.3.3).

3.2.2.2.3

Lost or Stolen Property

Effective Date:

July 1, 1998

The following procedures are applicable regarding suspected or known losses of inventoriable fixed asset property.

3.2.2.2.3.a

A search of the agency for the missing property should be undertaken. The search should include transfers to other divisions or agencies, storage, scrapping, conversion to another asset, etc. If the missing property is not found, the following procedures are to be performed.

3.2.2.2.3.b

The loss procedures identified in Part 6 are to be followed when agency determines a fixed asset is missing.

3.2.2.2.3.c

A Property Disposal Request (Form SF267A or equivalent) is to be completed and signed by the individual deemed to be primarily responsible for the asset as well as that individual’s supervisor. Included on the Request is to be a description of events surrounding the disappearance of the property, who was notified of the loss, and steps taken to locate the property.

3.2.2.2.3.d

The agency is to remove the lost or stolen property from its inventory and accounting records (refer to Subsection 2.2.4.6.5).

3.2.2.2.3.e

Agencies are to maintain records of fixed asset losses in accordance with approved agency records retention schedules.