Pre-Inventory Preparation/ Planning

• Prepare property and equipment physical inventory listing for review by department manager in advance of physical inventory.
• Property Accounting will then conduct a pre-physical inventory planning session with the department manager in order to review the physical inventory listing, identify timing and other inventory planning matters.

Physical Inventory

• The departmental representative will be responsible for securing access to inventory locations and identifying assets (taggable and untaggable).
• The department should identify assets that are obsolete (i.e. no longer in use or of value to the department).
• All property and equipment physically present but not on the physical inventory listing, will be recorded and investigated.
• Once the inventory procedure is complete, provide the department manager with a listing of all missing assets that were not located during the inventory procedure. At this time, the departmental manager will attempt to locate any missing assets.

1. If assets are located, the Property Accounting Department will return to verify and tag located assets previously not inventoried.
2. If an asset still cannot be located, a report of non-located assets will be issued to the Department Head and Controller.

• Property Accounting will ensure that all adjustments resulting from physical inventory are properly reflected in the perpetual inventory system.

Property & Equipment
Classification Useful Lives

NOTE: