Standard Operating Procedure (SOP) For Fixed Asset .
Standard Operating Procedure (SOP) forFixed Asset Accounting in IIScSensitivity: Internal & Restricted
1Table of Contents1.1Preamble to Standard Operating Procedure . 31.2Purpose. 31.3Procedure . 31.3.1Fixed Asset Procurement where Purchase Requisition/Order is required to be created.(In Case of purchase from Department (Cost Center) Budget) . 31.3.2Fixed Asset Procurement where Purchase Requisition/Order is required to be created.(In case of purchase from Project Budget). 41.3.3Non-Purchase Order Fixed Asset Procurement (Applicable incase of Department andProject budget) . 5Sensitivity: Internal & Restricted
Standard Operating Procedure (SOP) for Fixed Asset Accounting in IISc1.1 Preamble to Standard Operating ProcedureGeneral definition of fixed asset: Any tangible or intangible asset with a useful life of more thanone year is classified as a fixed asset.Classification of fixed assets as per MHRD Guidelines applicable in Indian Institute of Science isprovided in Annexure 1.1.2 PurposeTo establish guidelines for procurement of fixed assets either through purchase or other means.All Department staff, faculty and admin staff are responsible for following this SOP.1.3 Procedure1.3.1 Fixed Asset Procurement where Purchase Requisition/Order is required tobe created in case of purchase from Cost Center / Department or InternalOrder Budgets/1.3.1.1Definitions (Role & Responsibility)RoleResponsibilitiesDepartment staff, Faculty and AdminstaffInitiation of Request for Asset Master CreationFinance and Accounts (F&A)Create Fixed Asset MasterShare Fixed Asset number to the initiatorDepartment staff, Faculty and AdminstaffCreate Purchase Requisition/OrderGoods ReceiptPark Vendor InvoiceFinance and Accounts (F&A)Verify & Post Vendor InvoiceVendor PaymentPeriodic Asset Capitalization1.3.1.2Process Steps1. All Department staff, Faculty and Admin staff should send an internal email to be sent tofixedassets.fna@iisc.ac.in with the following information. Asset Classas listed in annexure 1.DescriptionManufacturerDepartment: e.g. Building, Computer & Hardware, Software etc.: Description of Asset (Up to 40 Characters): Manufacturer Name (Up to 40 Characters): Department NameSensitivity: Internal & Restricted
Cost Centre/ Internal Order: Please specify Cost centre/Internal Order Number2. Fixed Asset Accounting team in F&A will create the Fixed Asset Master in the SAP system andafter successful creation of the asset, a Fixed Asset Master Number will be generated. Asset Classas listed in annexure 1.Company ess AreaCost centre/Internal Order: e.g. Building, Computer & Hardware, Software etc.:::::::1000-IIScDescription of Asset (Up to 40 Characters)1/EAManufacturer Name (Up to 40 Characters)Department NameZ001/Z002Where you want to book the cost (Depreciation)3. This Fixed Asset Master Number will be communicated to the Indenter (Department staff,Faculty and Admin staff) by Fixed Asset Accounting team in F&A through external email.4. Upon receipt of Asset Master Number from F&A, the Indenter (Department staff, Faculty andAdmin staff) will create the Purchase order with Account Assignment category as “A” whereFixed Asset Number will be mandatory, and will input the Fixed Asset Master number receivedfrom Fixed Asset Accounting team of F&A Department. In case of internal order budget, theindenter has to feed the internal order number provided by F&A into the system.5. The SAP system will automatically check for budget available in Internal order OrDepartment/Plant and process the PR/PO for approval based on the IISc Procurement Policy.6. Goods Receipt will be performed by the Department staff, Faculty, or Admin staff as applicable.7. Invoice verification & parking will be done by the department staff, Faculty and Admin staff.8. Finance user (Bills section) will verify the parked invoice document and post it in case it iscomplete in all aspects which will directly debit the Fixed Asset and capitalization will becompleted.9. Depreciation will be calculated based on prescribed percentage for each class of asset.Depreciation key is maintained in Asset Master on Monthly / Yearly basis.1.3.2 Fixed Asset Procurement where Purchase Requisition/Order is required tobe created in case of purchase from Project Budget with WBS element1.3.2.1Process StepsSensitivity: Internal & Restricted
1. There is no change in the existing PO Process.2. To simplify the process on a periodic basis (Preferably monthly), the expenses should beanalysed to determine the assets to be capitalized. Asset master data would be createdand the WBS Element would be settled against such asset numbers. This will be done bythe F&A Section.1.3.3 Fixed Asset Procurement without purchase order from Budgets pertainingto cost center/internal order/projects with WBS elements (For example:Reimbursement to individuals for fixed assets already procured).1.3.3.1Definitions (Role & Responsibility)RoleResponsibilitiesDepartment staff, Faculty and AdminstaffSubmit the certified copy of the vendor invoicealong with the claim for reimbursement to F&Aonly, even if chargeable to CSSP Projects.Finance and Accounts (F&A)Create Fixed Asset MasterCapitalize asset through f-90Vendor Payment by F&A or CSSP as the casemay be.Periodic Asset Capitalization.1.3.3.2Process Steps1. All Department staff, Faculty and Admin staff should submit the certified copy of the invoicealong with the claim for reimbursement to F&A even in the case of CSSP Projects.2. Fixed Asset accounting Team in F&A will identify the nature of asset and create the fixed assetmaster accordingly.3. The concerned case worker in F&A or CSSP as the case may be, who is entrusted with theresponsibility of settling the claim, will capitalise the asset through the tile “Asset Acquisitionwith Vendor”, debiting the asset and crediting the vendor (Payee) along with inputting WBSElement or Internal Order Number as applicable to check the budget.The case worker at Sl. No. 3 above will then submit the capitalization document number to Cash Sectionfor initiating the payment to the Payee.Sensitivity: Internal & Restricted
2. Fixed Asset accounting Team in F&A will identify the nature of asset and create the fixed asset master accordingly. 3. The concerned case worker in F&A or CSSP as the case may be, who is entrusted with the responsibility of settling the claim, will capitalise the asset through the tile “Asset Acquisition
SOP-HR-020: Professional Development and Training SOP-HR-021: Disciplinary Proceedings SOP-HR-022: Retention and Exit Policy SOP-HR-023: Transfer Policy SOP-HR-024: Travel Reimbursement Policy SOP-HR-025: Rewards and Recognition SOP-HR-026: Employee Suggestion Scheme SOP-HR-027: IT, Internet, Email and Social Media Policy .File Size: 371KB
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