Inventory Training - Life Cycle of an Asset

Overview

• Importance of inventory management
• Political & Regulatory Requirements
  • Handbook of Business Procedures (HBP)
  • Federal Acquisition Regulations (FAR) System
  • Texas State Government Code
  • State Property Accounting (SPA) System
  • UT Systems Requirements

Learn more

Roles & Responsibilities

• Expectations of Inventory Contact
• Assigning Inventory contacts using DEFINE command GG5

Learn more

Definition of Inventory

• Different ways to acquire an asset
• Equipment ownership
• Difference between capitalized, controlled, and expensed assets
• Object code determination

Learn more

Acquisition of an Asset

• Purchase Orders & Procards*
  • General Rules for Acquisition
  • When to tag equipment
  • Types of Tags
  • Tagging Request
  • Self-Tagging Process
• Transfer*
  • Transfer from Other Department (CCART)
  • Inter-Agency Transfer
  • Non-Texas State Agency Transfer
• Gifts/Donations*
• Government-Furnished Equipment (GFE)*
• Federal Excess Personal Property (FEPP)*
• Fabrication*
  • Definition
  • Requirements
  • Examples
  • Costing
• Found*

Tracking an Asset

• Equipment Located Off Campus*
• Missing Items*
• 9xxxxx (Virtual) Numbers*
  • Allowable “No Tag” Class Codes
• Physical Inventory*
  • Timeline
  • Understanding the NVP Report
  • Physical Inventory Process Step-by-Step
• Certification*
• How to Run an NVP Report*
• Helpful Tools
  • NU1 Download
  • Point Plus Report
  • *INVPO
  • Useful DEFINE Commands (NV7, NV6, GT3)
• FRMS*
• Network Tracking (NETL)*
• Spot Audit

Removal of Asset

• CCART*
  • Transfer within University
  • Transfer to Surplus
• Inventory Removal Request (IRR)*
  • Removal of Damaged, obsolete, and Cannibalized Items
  • Removal of Abandoned Items
  • Removal of Salvaged and Scrapped Items
  • Removal of Entered in Error Items
  • Removal of Stolen Items
  • Removal of Donated Items
  • PI Transfer
  • Removal of Assets Held in Trust
  • Return to Vendor Items
  • Trade-in Items
  • Sale of Items with value less than $25k
• IRR-$25k*
• Missing (2 year write-off)*
• Property Transfer/Inter-Agency Transfers*
• Removal of Untagged Items*
• Removal of Federally-Owned Items*

FAQs

• AskUs Awareness Training*
• Usage of New Inventory Emails*
• What can cause an item to not be in your inventory?*

_{* Note: This document requires that you be able to view Microsoft documents. Download a free Microsoft Viewer from Microsoft.}