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Updating the assets register

The Asset Management section must be advised of the details of any new asset over $1,000 in value.

When financial units receive assets (whether by transfer, purchase, donation or construction), they must inform the Asset Management section in writing.

Similarly, when financial units dispose of an asset (whether by sale, loss, theft, transfer or destruction), they must inform the Asset Management section in writing.

Details of items purchased through Finance One, which have been identified as assets, are forwarded to financial units on a fortnightly basis as an excel file by email.  Financial units are required to complete details for each item by providing as a minimum serial numbers and location.  Other details can be included.  Financial units are requested to return this information in electronic form within 5 working days.

In addition, financial units are required to provide an Asset Data Form (Excel) on a monthly basis for items not included on the fortnightly electronic return.

Use the Remarks column to identify movement of the asset, for example, purchase, sale, transfer in, transfer out, theft, donation.

The form must be sent to the Asset Management section within four days of the end of each month even when no asset movements have occurred.

The form can also be used to request the recording of attractive assets less than $1,000 in value if the Head of the financial unit wants them recorded.

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