Acquisition of Asset Found Inventory Services The University of Texas at Austin.

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Presentation transcript:

Acquisition of Asset Found Inventory Services The University of Texas at Austin

What does this mean? The “FND” source code is used when Inventory Services adds a record to DEFINE that was incorrectly accounted for in a prior fiscal year. This source code is used so financial statements can still be accurately reported to UT System.

Why does this happen? Incorrect object code on original payment voucher. Miscommunication between department and Inventory Services Items written off but found by department

What should I do? Departments should not have controlled or capitalized assets without the University’s knowledge Notify Inventory Services at if you have a tagged item but is not in your department inventory