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Controller’sOffice– GeneralAccountingPhysicalInventoryReport

February 2017

DiscussionTopics

• CriteriaforanAsset

• WhyaNewPhysicalInventoryProcess

• UsingthePhysicalInventoryReport

• AdditionalInformation

• ImportantDates

CriteriaforanAsset

• Anassetisdefinedasfurniture,fixturesandequipmentthathasavalueof$5,000orgreaterandhavingausefullifeofover2years.

WhyaNewPhysicalInventoryProcess

• AssetsconvertedtonewPeopleSoftsystemwithconversion.

• ResponsibilityforthePhysicalInventorycounthasbeentransferredtotheController’sOfficefromConsolidatedServiceswiththeconversiontoPeopleSoft.

• AutomatethepastpaperinventoryreportsprocessandwilluseExcelspreadsheetsdistributedviaemail.

• ThisisPhaseIoftheautomationofthephysicalinventoryinPeopleSoft.

PhysicalInventoryReport

PhysicalInventoryReport- Thisreportwillbeusedtoidentifyassetswithineachdepartment.

InventoryAction- Usethisareatoselecttheactiontakenforeachitem.

InventoryDetails- Allofthedetailscurrentlyidentifiedforeachitem.

PhysicalInventoryReportInventoryAction:Found

Whenyouselectthisoptionitwillturnblue,indicatingthatyouneedtocompletecolumnsinthebluehighlightedareaofthereport.

Requiredfields:• Datelocated• SelectUnitize,Consolidate,orNA.Besureto

indicatetheitemsthatneedtounitizedorconsolidatedinthecomments.

Otherfieldsifapplicable:• Iftheinformationontheinventoryreportneedsto

beupdatedcompletecolumnsVthroughAC.

PhysicalInventoryReportInventoryAction:Found

InventoryAction- Usethisareatoselecttheactiontakenforeachitem.

DateLocated- Thedatetheitemwasfound.

UnitizeorConsolidate-SelectUnitize iftheitemislistedontheinventoryreportasoneassetandinrealityitismorethanone.SelectConsolidate iflistedasseparateassetsandshouldbeone.

AdditionalInformation- Iftheinformationneedstobeupdatedusethesecolumns.

PhysicalInventoryReportInventoryAction:NotFound

Whenyouselectthisoptionitturnsorange,indicatingthatyouneedtocompletecolumnsintheorangehighlightedareaofthereport.

DisposalCode:Lost/Missing/Stolen• Provideadisposaldate• Provideadocumentreferencenumber,orpolice

reportnumber.• UniversityPoliceReport• InventoryForm8(DeletionRequest)

DisposalCode:Casualty• Provideadisposaldateforwhenanitemwaslost

inaflood,fire,etc.

PhysicalInventoryReportInventoryAction:NotFound

DisposalCode:Surplused• ProvideaDisposalDateforwhenanitemwas

takenoutserviceandtransferredtoConsolidatedServices.

DisposalCode:Transferred• Provideadateofdisposalforwhenaitemwas

movedtoanotherdepartmentorcampus.• ProvidetransferredOper Unit,FundCode,Class

Field,DeptID,andacontactname.• ProvideacompletedTransferForm7forall

transferreditems,ifnotdonesoalready.Foranyfuturetransferyoushouldalsousethisform.

PhysicalInventoryReportInventoryAction:NotFound

InventoryAction- Usethisareatoselecttheactiontakenforeachitem.

DisposalCode- Iftheitemcannotbefoundusethisfieldtoidentifywhy.

DisposalDate- ProvideforitemswithDisposalCodesCasualty,Surplused,andTransferred.

DocumentRef- ProvidethePoliceReportnumberforitemsLost/Missing/Stolen. TransferredTo- ForTransferreditemsprovidetransferredOper

Unit,FundCode,ClassField,DeptID,andacontactname.

PhysicalInventoryReportInventoryAction:Add

Whenyouselectthisoptionitturnsgreen,indicatingthatyouneedtocompletecolumnsinthegreenhighlightedareaofthereport.

Additionalfields:• AddinformationintheColumnsDthruR.

Note:Completeasmanyfieldsaspossiblesothatwecanidentifytheasset.

PhysicalInventoryReportInventoryAction:Add

InventoryAction- Usethisareatoselecttheactiontakenforeachitem.

NewItemColumns- Foranynewlyaddeditems,completecolumnsDthruR.

PhysicalInventoryReportInventoryAction:Special

Whenyouselectthisoptionitturnsyellow,indicatingthatyouneedtocompletethecommentcolumnhighlightedyellow.

Requiredfields:• Addacommentrelatedtotheitemthatdoesnot

matchanyoftheotherInventoryCodes.

RequiredAction:• SendanemailtoKevinO’Brientodiscusstheitem

inquestionanddecideanappropriateaction(OBRIEN4@mailbox.sc.edu).

PhysicalInventoryReportInventoryAction:Special

InventoryAction- Usethisareatoselecttheactiontakenforeachitem.

Comments- AddacommentrelatedtotheitemthatdoesnotmatchanyoftheotherInventoryCodes.

AdditionalInformation

• YourpointofcontactthroughoutthisprocesswillbeKevinO’BrienOBRIEN4@mailbox.sc.edu

• ThePropertyAccountabilityPolicywillnotbesentoutthisfiscalyearasitisintheprocessofbeingupdated.

ImportantDates

• FormswillbeemailedFebruary27thruMarch3.

• FormsneedtobereturnedtoKevinO’BrienbyApril28th.

WheretoFindtheResourcesReferencedinthisPresentation

Controller’sWebsite– GeneralAccounting:http://web.admin.sc.edu/ap

• ProceduresandFormsformanyprocesses- morebeingadded

WheretoFindtheResourcesReferencedinthisPresentation

GeneralAccountingResourcesContactUs:

GeneralAccountingContactGeneralAccountingforquestionsregarding:*JournalEntries *RQs*BankingTransfers *Assets*CapitalProjects *Tax*JournalVouchers*Endowments*TeamTravel*InternationalSuppliersandSalesUseTaxReturns.

EmailAddress:generalaccounting@sc.edu

AccountsPayableandTravelContactAccountsPayableforquestionsregarding:*VendorPayments *Paymentrequest*APUploads *Refunds*Travel

EmailAddress:accountspayable@sc.edu

SupplierMaintenanceContactSupplierMaintenanceforquestionsregarding:*W-9 *NewSuppliers*W-8 *ChangestoSupplier

EmailAddress:apsupplr@mailbox.sc.edu

POCforPhysicalInventoryisOBRIEN4@mailbox.sc.edu

WheretoFindthisRecordedWebinarandPPT

QUESTIONS