Frequently Asked Questions - Assets
- What is a Tag Number?
The Asset Tag is a small barcode tag (with a number) that you place on the equipment yourself. To obtain a Tag you should contact the Asset Representative in your
Budget Area or Fixed Asset Staff in FBSD. The Tag Number is important, as it is used as one of the means in identifying an Asset during Stocktakes. Once you have
obtained a tag and attached it to your equipment, you must advise Fixed Asset Staff in FBSD of the number so the Asset Register can be up-dated according.
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- Are Traded Assets affected by GST?
Yes, GST must be paid on Traded Equipment. A Deakin Tax Invoice must be raised. Contact Accounts Receivable
on ext.33560 if you require assistance with raising a Tax Invoice. The Tax Invoice Number MUST be included
on the Asset Disposal Form.
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- How often do Asset Stocktakes occur?
Each budget centre is required to have an Asset Stocktake completed once every two years. Stocktakes are
scheduled so that Faculties (and their related Schools and Centres) have a stocktake in one year and the
Divisions of the University in the following year. We estimate that a period of six weeks (from
commencement to completion) is all the time that should be required for the actual stocktake and the
completion of outstanding paperwork (Disposals, Loan Forms etc)
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- Where can I obtain an Assets Disposal Form?
All forms relating to Assets can be obtained from the forms tab on the Financial and Business Services
Division website www.deakin.edu.au/fbsd/forms
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- Where, on the new equipment, should I put the Asset Barcode Tag?
Place the Asset Barcode Tag in a visible position where it can be easily scanned by a Barcode Reader during
stocktakes.
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- How do I transfer equipment to another area within the University?
You need to have both parties fill out the Asset Transfer Form, then forward it to the Asset Officer,
FBSD, Geelong Campus. All forms relating to Assets can be obtained from the forms tab on the Financial and
Business Services Division website www.deakin.edu.au/fbsd/forms
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- What account code do I use if the equipment cost is more than $2,000?
8723 is for Asset Purchases of Equipment and Furniture over $2,000. These items will automatically be
included on the Asset Register, will be depreciated and will be subject to regular stocktakes.
8733 is for Asset Purchases of Equipment (over $2,000.00) which are to be paid by instalments. These items
will be known as CIP Assets (Construction in Progress) and will automatically be included on the Asset
Register. They WILL NOT depreciate until the final instalment payment has been keyed. They will be subject
to regular stocktakes.
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- Where do I get an Asset Barcode Tag for new equipment that I purchase?
Contact the Assets Representative for your Budget Centre. If you do not know who your Assets Representative
is contact the Fixed Assets Officer (Jenny Hayes) on ext. 71151.
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- How do I know when equipment I purchase should have an Asset Barcode Tag?
Use the purchase price and the Natural Account Code, that you have used to purchase the equipment, as a
guide. Equipment valued at $2,000.00 or above - Natural Account Codes 8723 and 8733 - MUST HAVE A BARCODE
TAG. Equipment valued less than $2,000.00 will not be recorded on the Asset Register - Natural Account
Code 2231 - NO BARCODE TAG REQUIRED.
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- If I am buying equipment less than $2,000.00 which Natural Account Code do I use?
Place the Asset Barcode Tag in a visible position where it can be easily scanned by a Barcode Reader during
stocktakes.
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- If I am buying equipment or furniture in bulk, and the total cost of the Purchase is greater than $2,000.00 will the items be recorded on the Asset Register?
Only the items with an individual cost of $2,000.00 or above are recorded on the Asset Resister. e.g If you
buy 50 chairs at a total cost of $3,000.00 the individual cost of the chairs would be $60 each, therefore
these items will not be recorded on the Asset Register.
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- Are Leased items recorded on the Asset Register?
There are a number of different Leases available when acquiring equipment. Some of these leases DO require
equipment to be recorded on the Asset Register. These leases are as follows:
ANZ Master Lease
DUPS (ONLY when Printers/Photocopiers valued at $2,000 or above are purchased outright)
DUSW (ONLY when computers valued at $2,000 or above are purchased using a Research Grant)
Asset Representatives in each Budget Centre should be familiar with the type of Lease used to acquire equipment.
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- Can anyone up-date information on the Asset Register?
Yes, but only data relevant to the assignment of an Asset. You can up-date the Responsible Person and/or
the Location fields for any asset belonging your own Budget Centre. To update the assignment information
for an asset you must have Asset User responsibility for your Budget Centre. If you do not have access
contact Accounting Systems on 72679, or email accsys@deakin.edu.au.
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- In what circumstances would I use natural account 8733 for Equipment purchases?
Natural Account 8733 is used when purchasing equipment with a value of $2,000 or above that is to be paid
by instalments. A standing Purchase Order should be raised for the total cost of the equipment and each
instalment payment must be matched to this standing Purchase Order. These items will automatically be
included on the Asset Register and will be known as CIP Assets (Construction in Progress). They WILL NOT
depreciate until the final instalment has been keyed.
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For more information email:
jennifer.hayes@deakin.edu.au
