Property Auction Blogs
Tuesday, October 10, 2006
Property Accountability Management System is a centrally maintained subsystem of the Statewide Accounting Budgeting Human Resource System (SABRS) used to direct as well as account for the State's investment in each and every fixed asset. Assortments of department heads are vested at Montana State University with the eventual responsibility for all inventories within their departments internally. Property Management is a support service to the department for assuring the accurate records and proper control of property for the reason that whether they are maintained or not. Possession, use, and accountability are always preserved on the department level only. Property Management and the Montana State University Internal Auditor's Office will carry out unscheduled audits along with complete audits of departmental property sporadically and may be performed as directorship vacancies that occur. PROPERTY MANAGEMENT METHODS Property inventory at Montana State University is classed as either periodic or perpetual. Due to the occurrence of acquisitions, the perpetual inventory is updated by Property Management. Moreover, it is designed for recording both ownership and location of capital property. The periodic inventory is taken on a department level for those departments that have stores and supplies as well. Capital Property Criteria
Property Accountability Management System (PAMS) is a sub-system to SABHRS, and is used as a means to trace capital property and also for generating the Investment in Plant entry into SABRS for financial statements. Capital Accessory Purchases
Often a piece of equipment is purchased which is to be used in conjunction with a capital item, but could not be used only by it. Suppose if any equipment is purchased and used only with a specific piece of capital property, and if it cannot be used by itself, then it is deemed a capital accessory if it is not a replacement part. Adding Property to PAMS
The BPA, invoice and purchase order copy is used to add new property acquisitions to a departmental inventory on Banner fixed assets. At the time of payment processing of an invoice or BPA, State of Montana identification tag is assigned by Property Management for all University acquisitions of capital property in a situation where a donated gift is received or when a capital item is being accomplished by some other method. Information Requested on NVOICE/BPA
Business Payment Authorization is arranged by the department when capital property is received and established as well by the requesting department. Based upon the index number it's paid from, the BPA is sent with an invoice to the Business Office, Grants and Contracts or AES/CES accounting. Both the BPA and the supporting invoices are forwarded to Claims in the Business Office for payment later. Identification of Property
One unique number is assigned to each piece of a capital property. Once that number has been assigned, it remains on the same record until it gets deleted, and will never get assigned again. The property number that has been allocated for a single piece of property is noted on an analogous BPA before the BPA and invoices are taken to the Business Office to be paid. Untaggable Property
Property which, due to structure, shape, or precision, cannot be tagged should be marked in some other identifiable manner which is easier. The property number will be always notorious on the item by some means such as decal, indelible ink, paint, or electric engraver. Missing Tags or Untagged Items
If the item needs to be tagged or retagged, the department should note all the adequate information such as description and serial number and so the records of research of property can be determined in an easy way. Minor Property
Minor property consists of items having a normal useful life of one year or more that has a unit cost of at least $1,000 but less than $5,000 and are accounted separately.
posted by property auctioneers @ 11:12 PM
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