Capital Equipment and Inventory Updates

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Responsibilities of:

Responsibilities of OIT

OIT is responsible for filling out Inventory Update Forms when their technicians move a capital inventory item. Fill in all of the information required on the form. The web based form will be processed by Inventory Control.

If technicians working for OIT find an item that does not have a Capital Inventory ID Tag, but could be a capital item (see Definitions for a working definition of Capital Inventory Items), Inventory Control or the Internal Auditor should be contacted immediately. Document the manufacturer and model of the item, the serial number, and the location. This information will help Inventory Control make a search of the Inventory Control System for the item, or issue a Capital Inventory Tag, if there is not a record.

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Responsibilities of Home Departments

The accuracy of the Capital Inventory Control System is the responsibility of each Department Administrator. Each Department Administrator has the responsibility of reporting any additions or changes in location of capital items to Inventory Control for his or her area. If changes are not reported to Inventory Control, Inventory Control is not responsible for discrepancies in the Capital Inventory Control System. If a Department Administrator would like special reporting of the capital inventory in his or her area, contact Inventory Control.

Departments should use Inventory Update Forms to make changes to the Capital Inventory Control System. Departments can obtain Inventory Update web based form and submit the form. Fill in all of the information required on the form. The web based form will be processed by Inventory Control.

Major departmental moves should be coordinated with Inventory Control, so that the changes to the Capital Equipment Inventory Control System can be carried out with the least amount of paperwork for all parties concerned.

If equipment is transferred from one department to another, it is the responsibility of the department receiving the equipment to ensure that corrections to the Capital Equipment Inventory Control System are made.

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Responsibilities of Inventory Control

Inventory Control is responsible for the timely processing of Capital Inventory Update Forms. Inventory Control oversees the entry of the data and verifies the accuracy of the entered data.

Inventory Control is also responsible for processing Inventory Verification Reports. When the reports are returned, Inventory Control will process the changes.

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Responsibilities of Data Entry

As the Capital Inventory Update Forms are processed, the changes should be made to the Capital Inventory Control System. After the entering person has made the changes, the update form should be initialed and dated.

Capital Inventory Update Forms, other than those generated as part of the inventory addition process, should be filed by Inventory Tag Number. Each fiscal year, the file should be restarted, so that updates made in a fiscal year are segregated from those made in a different year. Capital Inventory Update Forms should be kept on file for 4 years plus the current. The file of update forms will act as an audit trail for the verification of the items.

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