Review expense accounts monthly to identify school assets

Department of Education

29 May 2020

Schools need to conduct a monthly review of their expense accounts to identify anything that is an asset. These must be included in the Fixed Assets Register.

This process is part of the department’s audit requirements.

Note: What is an asset? Assets are over the value of $10,000 (excluding GST) that have a useful life of more than 12 months. Assets include items such as a laser cutter, interactive whiteboards, landscaping, playground equipment or vehicles. See About assets and equipment for more information.

Identifying potential assets

There are two areas that schools need to review to find potential assets: unregistered assets and expenses.

  1. You can use the Asset and Equipment detail report to identify fixed assets that have not been registered and where costs have been assigned to a capital WBS Element (CSA or CSP). See – Identify asset under construction (AUC) current balances and transactional details – QRG for more information.
  2. You can use the Schools overview report / Actual detail report to identify expenses over $10,000 that may relate to an asset without the correct account assigning. (i.e. CSA/XXXX00-10, CSA/XXXX00-30 or CSP/XXXX01-10).

In the Summary by Fund view, right click on the Funds Consumed overall result figure - Go To – Actual Detail Report

Summary by Fund View Go to Actual Detail Report
Image: Summary by Fund View Go to Actual Detail Report

Sort the ‘Funds Consumed’ column by using the triangular node to display potential asset items over $10,000 that have not been assigned to a capital WBS Element.

Use triangular node to sort the Funds Consumed column
Image: Use triangular node to sort the Funds Consumed column

Note: We are in the process of updating the quick reference guide to include this information.

Register your assets

If you find a fixed asset that has been purchased but not allocated to a capital WBS Element and required capital fund (6510/6700), create a journal to transfer the expenditure. This means an asset number can be created and you can register the asset.

Details on the asset management lifecycle are available on the EDConnect website.

Schools need to follow the three steps below to ensure assets are created.

1. Purchase
When you purchase or construct an asset you need to assign the expenditure to a capital WBS Element (For example CSA/XXXX00-10, CSA/XXXX00-30 or CSP/XXXX01-10).

See How to purchase an asset – QRG or Create Project and WBS for a constructed asset – QRG for steps on how to do this.

2. Register
When you have paid for your asset – either an asset acquisition or construction of the asset – complete the Asset and Equipment Master Maintenance form. You will be given an asset number. See the Create a single asset – QRG or Create a single building class asset – QRG for more information.

3. Capitalisation or settlement

Once you have received the asset number complete the Project Master Data Maintenance form. See the Capitalisation or settlement of assets – QRG for more information.

If you can't find what you need to know on the EDConnect website, call EDConnect on 1300 32 32 32 during business hours or, if not urgent, log an online query.

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