Contact Assets (Corporate Finance) if you have questions about adding assets.

Ordering assets

Assets purchased externally or via an internal store are automatically included in the capitalisation process by selecting the appropriate asset category on the purchase order. For guidance when purchasing assets, refer to the:

It is important to ensure that the correct category and quantity is entered on the initial requisition as the only way to correct the purchase order is to cancel the existing order and create a new requisition. For guidance when correcting purchase orders, refer to the:

Receipting assets

Receipt the asset and enter all necessary physical information (tag number, location, serial ID) using the most appropriate process:

The asset will be added to the register once the invoice has been processed, even if the receipt was processed without clicking on the 'asset pending' link.

When receipting multiple assets on one purchase order line that have been paid for with multiple chartfields, do not use either the 'serial' tick box or the 'use one asset ID' button. Instead, enter the receipt quantity and save the receipt without entering or amending any asset details. Assets (Corporate Finance) will consolidate the split distributions and serialise the multiple quantities when capitalising the assets. The relevant asset information can be added or updated once the assets have been capitalised.

Capitalising assets

An asset can be capitalised once an invoice has been received and matched with a purchase order and receipt. Assets (Corporate Finance) run the asset capitalisation process once a week.

At the capitalisation stage, an asset’s financial information is populated with the invoiced cost.

Donated from external body

To add a donated asset to the UniFi asset register, complete an asset addition form (DOC, 100KB) and submit it to Assets (Corporate Finance).

If a valuation has not been carried out on the donated asset, management's best estimate should apply for the cost of the asset.

The purchase information section of the form should not be completed.

For advice about the donation process, contact Advancement Support.

Manual addition

Incorrect account

If an asset has been incorrectly purchased using a consumable account, an asset addition form (DOC, 100KB) should be completed and submitted to Assets (Corporate Finance).

The account and chartfields originally used on the purchase order should be entered in the transaction chartfield section of the asset addition form so that Assets (Corporate Finance) can journal the correction.

Internal purchase of unrecorded asset

If a previously unrecorded asset is being sold or purchased within the University:

  1. The seller prepares an internal service charge (ISC) for the agreed upon sale or purchase price.
  2. The buyer accepts the ISC and selects an appropriate expense account based on the cost and characteristics of the item.
  3. The seller initiates the filling in of an asset addition form (DOC, 100KB) for each asset and sends it to the buyer for completion. The seller fills in these fields:
    • Asset value
    • Purchase order value
    • Transaction chartfields for the original expense incurred in obtaining the asset.
  4. The buyer fills in the balance of the form and submits it to Assets (Corporate Finance).
  5. Assets (Corporate Finance) will process any necessary journals.

Internally constructed asset

If a constructed asset is being sold or purchased within the University:

  1. The constructer prepares an internal service charge (ISC) for the agreed upon sale or purchase price.
  2. The buyer accepts the ISC and selects an appropriate expense account based on the cost and characteristics of the item.
  3. The constructer initiates the filling in of an asset addition form (DOC, 100KB) for each constructed asset and sends it to the buyer for completion. The constructer fills in these fields:
    • Asset value
    • Purchase order details
    • Transaction chartfields for all the external costs associated with creating and installing the asset (materials and labour).
  4. The buyer fills in the balance of the form and submits it to Assets (Corporate Finance).
  5. Assets (Corporate Finance) will process any necessary journals.

Staff reimbursement or corporate card purchase

If an asset has been purchased by a staff member who is being reimbursed or has been incorrectly purchased using a corporate card:

  1. Use the appropriate asset account on the general claim or corporate card reconciliation.
  2. Complete an asset addition form (DOC, 100KB) and submit it to Assets (Corporate Finance). Pay special attention to the transaction chartfields section of the form so that Assets (Corporate Finance) can locate the transaction.
  3. Accounts Payable will be notified of corporate card breaches.

UniFi asset ID vs tag number

The UniFi asset ID is assigned automatically and in consecutive order by UniFi, University-wide.

The tag number is assigned by the purchasing unit. It should be the number represented on the barcode attached to the asset. See the Receipt an asset training for recommended tag number format.

Schools should keep a list of all available tag numbers, clearly identifying tag numbers that have been assigned to an asset.

In the instance of motor vehicles, the tag number field is populated by Property and Facilities (P&F) with the vehicle registration number.

Sourcing barcode labels

The labels may be sourced from a supplier of choice. Some schools are using these methods:

  • UQ print on demand (POD): specify the format and starting point and the labels are printed in sequence
  • external barcode distributors: specify the format and starting point and the labels are printed in sequence
  • barcode printer: purchase the printer and print the barcode labels as needed.

Part payment of assets

Contact Finance Client Support Services for advice when purchasing assets by part payments.

Assets with multiple components

When purchasing assets with multiple components that are separately invoiced:

  1. The first component should be requisitioned and receipted as per normal.
  2. All asset information should be entered on the initial receipt.
  3. Subsequent components should be requisitioned using the same category as the initial requisition.
  4. When the subsequent components are receipted, the UniFi asset ID assigned to the initial component should be entered by clicking on the asset pending link and inserting the UniFi asset ID in the asset ID field.
  5. No other asset information should be entered on subsequent receipts.

Receipting large quantities of assets

When purchasing more than 999 items on one purchase order line:

  1. Use a minor equipment purchase category when preparing the requisition and purchase order.
  2. When receipting the assets, the AM pending link will not be available, eliminating the ability to enter asset information.
  3. Use the bulk asset addition template (XLS, 13KB) in order to add the assets with all the required information (for example, tag number and serial ID) via Excel spreadsheet. Instructions for completing the bulk asset addition template are included in the bulk asset addition cover sheet (DOC, 82KB).
  4. Submit the Excel bulk asset addition template and PDF bulk asset addition cover sheet to Assets (Corporate Finance).
  5. Assets (Corporate Finance) will prepare a journal to correct the initial transaction.

When purchasing large quantities of assets, but fewer than 999 items on one purchase order line:

  1. Prepare the requisition and purchase order as per normal.
  2. When receipting the assets do not enter any information in the AM pending link. Asset information may be entered via the receipting screen, however a serial ID will need to be entered for each individual line.
  3. If asset information is not entered in the AM pending link, email Assets (Corporate Finance) to serialise the assets in the capitalisation process.
  4. Once the assets have been capitalised complete a bulk asset change template (XLS, 11KB) and bulk asset change cover sheet (DOC, 57KB) to enter the required information (for example, tag number and serial ID) via Excel spreadsheet.

Discounted assets

When a discount is received on the purchase of an asset, the same account used for the payment of the asset should be used to take up the discount. Use the Receipt a multi-line asset training to ensure the cost of the asset is adjusted to match the discounted purchase price.

Purchasing assets via internal agents: Information Technology Services, and Property and Facilities

Internal agents such as Information Technology Services (ITS) and Property and Facilities (P&F) prepare the requisition and purchase order using the end-buyer’s chartfields, and select an asset category where the item is non-consumable and costs over $5000.

For items that cost less than $5000 the buyer must advise the internal agent if the item meets the definition of portable and attractive and should therefore be recorded on the asset register.

The internal agent receipts the asset using the most appropriate process and enters the required asset information. In these instances the assets are automatically recorded on the register as the buyer’s assets.

If an installation cost or mark-up has been agreed upon:

  1. The internal agent will prepare an internal service charge (ISC) for the charges.
  2. When the buyer accepts the ISC the appropriate asset account should be selected for the installation costs and an appropriate consumable account should be selected for the mark-up.
  3. If installation costs are charged, an asset cost adjustment form (DOC, 61KB) should be completed and submitted to Assets (Corporate Finance).
  4. The adjustment amount (external costs for materials and labour associated with installing the asset), and transaction chartfields (accounts and chartfields used to record the external costs), should be obtained from the agent.

ISC charges from ITS, other than installation or mark-up charges, are generally for minor equipment and peripheral items, not assets. If the entire order (assets, minor equipment and peripheral items) forms one asset collectively and the parts cannot be used individually:

  1. Complete an asset cost adjustment form (DOC, 61KB). You should obtain the adjustment amount (external costs associated with the collective asset) and transaction chartfields (accounts and chartfields used to record the external costs) from ITS.
  2. Submit the completed form to Assets (Corporate Finance).

Non-asset categories

These accounts or categories should be used to purchase equipment that should not be added to the register because it is less than $5000 and does not meet the definition of portable and attractive:

  • 705330 Minor Furniture and Equipment Purchases less than $5000
  • 705340 Minor IT Equipment Purchases less than $5000
  • 705350 Minor Kitchen and Restaurant Equipment Purchases less than $5000.

Purchase or reimbursement of non-university assets

Assets purchased by parties external to UQ, purchased by UQ then reimbursed 100% by an external party, or purchased by UQ for an external party should not be included on the asset register unless they are owned and controlled by the University. This account should be used for the purchase of non-university assets:

  • 705360 Non University Assets.