Accounting Procedures Handbook

CAPITAL ASSETS 11.5 ASSETS VI. CAPITAL ASSET PROCEDURES FOR ASSET RECEIVERS Equipment costing $1,000 or more should be capitalized. IFAS recognizes equipment account numbers and requires that each unit purchased with an equipment account number, be received individually . This is to allow you, “the receiver”, to be able to enter the “tag” (asset tag number), “serial #”, and “location” (your school) at the time the item is received. Please take the time to enter these three fields when receiving on purchase orders . You’ll either need to affix the asset tag to the piece of equipment yourself, or arrange to have whoever received the item at your school do it, as items shipped directly to your school won’t already have asset tags. Obviously, some items won’t have serial numbers, and for some items, it won’t be feasible to affix an asset tag, so please use your own discretion in these situations. Most equipment is shipped directly to Central Office and will be received and tagged there, so you’ll only be responsible for tagging and receiving equipment that is shipped directly to your school. When receiving on Purchase Orders, you can tell which items are capital assets because the items will say “Capital Asset” in the notes (the third field from the left). The system will also tell you that the items need to be received individually because they are capital assets. I will still need to know anytime an asset is disposed, so please continue to use the Capital