Monthly Reconciliations

Units must ensure that Banner Fixed Assets accurately reflects the status of the corresponding equipment assigned to their custody. Any unit which has had any activity in its movable equipment inventory should access their FIFX Monthly Activity by Chart and Organization report in EDDIE. The report lists items of equipment that were added to or deducted from the unit's inventory during the preceding month, along with any dollar changes in existing inventory items. The accuracy of this report must be verified in a timely manner and any corrections entered into Banner Fixed Asset using FABweb or otherwise reported to University Property Accounting and Reporting (UPAR). Further, any unit that relies on a computerized (or other) record-keeping system other than Banner Fixed Asset must reconcile the parallel system to Banner Fixed Asset at least monthly.

Please see Section 12 Property Accounting of the Business and Financial Policies and Procedures manual for more information.

Training

It is recommended that individuals responsible for fixed assets complete the Introduction to Property Accounting.

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Last Updated: June 13, 2008