OSU PRO 805-01: Transfer/Sale of Equipment Between OSU Departments

1. Complete the "FROM" section on the Fixed Asset Transfer form (FATF) and signs form as requestor.
2. Send original FATF and equipment to Inventory Coordinator or departmental contact in receiving department. 
3. Send a copy of the FATF to Property Management.

4. Verify that equipment has been received.   
5. Complete the "TO" section of the FATF and signs as receiver.
6. Submit original FATF to Property Management.

7. Update the asset record to reflect the new inventory ownership.

1. Complete the "FROM" section on the Fixed Asset Transfer form (FATF) and signs form as requestor.
2. Complete a Journal Voucher (JV) in Banner FIS to charge the “purchasing” department for the amount of sale using account code 20200 on both the debit and credit lines.  JV number should be noted on FATF.
3. Send original FATF, copy of JV and equipment to Inventory Coordinator or departmental contact in receiving department.
4. Send a copy of the FATF to Property Management.

5. Verify that equipment has been received.
6. Complete the "TO" section of the FATF and signs as receiver.
7. Submit original FATF to Property Management.

8. Update the asset record to reflect the new inventory ownership.

1. Propriety Fund provides Property Management with a PDR for the asset sold, including:

• Index/Fund for department purchasing asset,
• New location of asset,
• Name of Responsible Person,
• Amount of Sale.

2. Record cash receipt from sale in "sale of asset" to undistributed income clearing fund:
   
   Debit: Index/Fund of purchasing department:

• Index and acct 401XX if purchased by non-proprietary fund
• Fund and acct A80xx if purchased by proprietary fund

Credit: 095880 B5801

3. Uses Fixed Asset Adjustment - sale of fixed asset function in Banner FIS.  The fixed assets system removes the asset, accumulated depreciation, records gain or loss, and clears the clearing fund.
4. Creates a new Asset record and capitalizes the "purchase" in the fixed asset module if required to be capitalized.

1. Non-Propriety Fund/Department provides Property Management with a PDR for the asset sold, including:

• Index/Fund for department purchasing asset,
• New location of asset,
• Name of Responsible Person,
• Amount of Sale.

2. Records cash receipt from sale in "sale of asset" to undist income clearing fund:
   
   Debit: Fund and acct A80xx
   Credit: 095880 B5801

3. Uses Fixed Asset Adjustment - sale of fixed asset function in Banner FIS.  The fixed assets system removes the asset, accumulated depreciation, records gain or loss, and clears the clearing fund.
4. Creates a new Asset record and capitalizes the "purchase" in the fixed asset module if required.