In relation to plant and equipment only
Any questions with regard to land, buildings, infrastructure or the rare library collection should be directed to F&BS.
The term assets in this document refers to plant and equipment only - those categories managed through the ESP Asset Management System (ESP).
Can I add a number of stand alone items as one asset within ESP?
could you add 20 desktop computers as one computer asset?
No. Every single stand-alone asset must have its own asset record within ESP. If the individual items cost $5,000 or more each (GST exclusive) then they are added as CAPITAL items. If the individual items cost less than $5,000 each then the whole amount is expensed and the items can be added as NON-CAPITAL items.
I have an asset I wish to inactivate, can I do a journal to transfer the balance to a new location?
No. If you wish to transfer assets from one location to another you must process the asset transfer within ESP. This process will automatically generate a FINANCIAL journal to transfer the asset cost to the new location. At period end ESP will also generate the depreciation and accumulated depreciation transaction based on the new location.
I have replaced an existing asset, can I adjust the value of the existing asset with the replacement value within ESP?
Any asset purchased will be regarded as a new asset by itself unless the purchase is an additional to the existing asset. Hence, in this case the existing asset must be disposed either through sale, trade-in, scrapped or others option found on the Asset Disposal (Retirement) form. The purchased asset will then be added within ESP as a brand new asset.
Can I fund the purchase of an asset from funds other than R and T funds?
Yes you can fund the purchase of an asset from S, Q, E or other funds, however, the assets cannot be held in funds other than R or T Funds. A transfer of funds from 7xxx accounts is necessary to fund the purchase with a credit contra with the respective 7xxx accounts in R or T fund. Follow-by a debit of the equivalent 3xxx accounts for the purchase from the R or T fund.
For example: An S Fund project is purchasing an Asset, being research equipment, costing $10,000. The AP Voucher funding the purchase of the asset out of the S Fund project, would be coded as follows: