Tracking Assets Physical Inventory Inventory Services The University of Texas at Austin

Objectives Physical Inventory Timeline Understanding the NVP Report Physical Inventory Process

When Do We Perform Inventory?  Inventory Services establishes eight inventory cycles. Cycle deadlines are based on the number of items assigned to the departments  The cycles are posted to the inventory web page and may be viewed here at anytimehere  Please note – you may begin your inventory at any time the system is open – the earlier the better

Before You Begin  Know your certification due date and gather tools and materials to meet the deadline  Run a current NVP report of departmental assets or download your inventory list from FRMS  Review the building/room list from the NVP report for your area  Scanner Requests  to request a scanner and make  Provide building code(s) where equipment is located

Why can’t I use the online NVP report for certification?  The printed DEFINE NVP report contains serial # and percentage stats not available on the DEFINE online command or the FRMS departmental web portal  Please refer to the NVP Report TrainingNVP Report Training

Understanding the NVP Report  Found (F)  New fiscal year acquisitions will be indicated as “found” when they are added to your inventory  Update location if the inventory item has moved  Missing (M)  For items previously indicated as missing – continue to look for these items and change the status only if item is found  University owned items marked as “missing” will be written-off and removed from the system after two years  Do not remark items missing or reset missing date if the asset was not found during the annual physical inventory process.  No need to submit an IRR to remove the missing item  Every item must be marked as either “F” or “M”

Physical Inventory Process  Step 1: Locate  Step 2: Scan  Step 3: Reconcile  Step 4: Report

Step 1: Locate  Use the NVP/FRMS report to locate assets  Make sure to search everywhere:  Offices/classrooms  Labs  Closets/storage areas  Previous documentation/files  Check off-campus forms or logs  Communicate with coworkers to assist with locating  Communicate with P.I. or faculty responsible for the item  Did they move, loan, transfer, trade in, or remove the item with any other methods without notifying you?

Step 2: Scan  Before beginning to scan in a room, ensure that the scanner is set to that room and building  Change room number and/or building when needed  Scan all equipment within any one room even if item is not in your unit. This will provide an update location and “found” status to the other department  Scanning an item will not change ownership or unit transfer  It will simply update the found status and will record the logon ID of the person who scanned the item

Step 2: Scan Cont’d  Other important information:  Scanner  Do not scan more that 200 items at a time to ensure all data is retained on the scanner  Drop-off the scanners in our office (MAI 132) so we can upload your scan data  Repeat this process until all inventory items for the unit you are in charge of have been scanned

Step 3: Reconcile  After the scanning is complete review all the “unfound” items’ on the NVP or FRMS and mark them missing (unless they were previously marked missing)  Submit appropriate removal forms for all equipment no longer in your possession but still listed in DEFINE or on the NVP report as being in your possession

Step 3: Reconcile cont.  Contact Inventory Services for any scanned items that have been tagged but are not listed in your inventory or that show up on your NVP report as a virtual number (INV numbers 9XXXXX)  Work with Inventory Services if your department is above two percent of missing items  Inventory Services will be able to assist you in tracking down or researching any missing items at your request

View Percentage of Unfound Items Comp Unit Unfound % Unfound Depr Amt Total Depr Amt As of Date/Time % 150, , /08/03 00: % 150, , /08/03 00:48  Department must find  100% of all federally- or privately-owned inventory  Your unfound percentage should be below 2%. If the unfound percentage is at or above 2%, there may be a penalty assessed to the department’s budget

Step 4: Report  Once you have completed all equipment scanning, manual updates, and performed your due diligence to find ALL missing assets, you are ready to certify  The certification form certifies that:  All items are accounted for within your department and their status has been updated in DEFINE or FRMS