Purchasing an Asset (Fixed/Portable & Attractive)

Before creating a Purchase order, the budget holder should know whether the item being ordered is an asset and whether it is ‘Fixed’ or ‘Portable & Attractive’. The definitions for considering whether an item is an asset and the type of asset can be found in the Financial Information folder located in the public drive.

If it is determined that the item will be a Fixed Asset, the budget holder needs to create a ‘Standard PO + Asset’ (type: PAO) purchase order. This purchase order will automatically carry over the cost of the fixed asset into the Asset register at the time of purchase and eliminates the need of additional adjustments that would be required to record the asset in the register at a later date. Portable & Attractive items are ordered on a Standard PO (type: PO).

Once the purchase order has been printed, Accounts will stamp the PO with an Inventory - yes/no question as to whether the item being ordered should be tagged. Budget holders need to check the appropriate box and return to Accounts their portion of the purchase order. If ‘yes’ is marked, Accounts will issue a Britannia sticker for that item. The Britannia sticker, along with an Asset Acquisition form, and a copy of the purchase order is then forwarded to the budget holder.

Receiving an Asset

As soon as the items are received, budget holders should tag the items with the Britannia stickers issued by the Accounts office, complete the acquisition form and return the form to the accounts office. It is important that the items are tagged before they are moved to their permanent location and that the forms are filled out accurately, this will make the verification process easier for both asset owners and accounts.

If there are any questions regarding the above, please contact the Chief Accounts Clerk.