Procedure for Recording Moveable Assets

Prior year consolidated Moveable Asset Listing, listing departmental moveable assets will be prepared and distributed to each Faculty/School and Shared Services business office (Business Officer) in the first week of February.

The Moveable Asset Listing provided will include the moveable assets for all departments within the business office as well as additions identified by Advancement (donated assets) and Physical Plant Services (capital project in 40000 fund) in the prior year for each department/organizational unit under the responsibility of the business office.

Additionally, each business office will be provided with a reconciliation template to facilitate the reconciliation of the GL to the Moveable Asset Listing.

During the month of February each department/business unit should:

1. Ensure that each moveable asset recorded in the GL (Account ID's 612XXX and 614XXX) as purchased in the previous 12 months is added to the Moveable Asset Listing.
2. Ensure that all relevant, available information regarding moveable asset disposals are recorded in the Moveable Asset Listing provided. Relevant information of an asset disposal includes the details of the disposal, the date of disposal and the amount of proceeds if any.
3. In the case of loss, damage, or theft of assets during shipment, departments should initially contact Strategic Procurement Services (SPS) for assistance. The Insurance Unit at the University should be contacted in all cases of loss, theft, or damage of assets.

1. Business Officers should review the prior year Moveable Asset Listing provided by Financial Services promptly.  Discrepancies between the Asset Listing provided by Financial Services and the Business Officers records should be followed-up and appropriate action taken to ensure that both lists accurately reflect the existence and status of all prior year Moveable Assets owned by the departments in their portfolio.
2. By February 28th of each year, the Business Officer will be responsible to submit a consolidated Moveable Asset Listing as of January 31st that has been reconciled to GL to Financial Services for review. The submission should consist of one consolidated Moveable Asset Listing in the prescribed spreadsheet format, as well as an Asset Tracking Reconciliation, signed by the Business Officer.  The submission should be sent via email to: finance@queensu.ca.