MAINTAINING PROPERTY RECORDS - 8650.1
(New: 10/2020)
(New and renumbered from 7821 and 8650)
Property Inventory System
To maintain accountability of capital assets/property, agencies/departments will maintain a record of all property, whether capitalized or not, in a property accounting or inventory system. This system may be automated or manual.
Property Register
The property information for each item of property constitutes the property register (i.e., an inventory listing of all property). It shall include both capitalized and non-capitalized property. The capitalized segment shall serve as the subsidiary ledger for the Capital Assets Group of Accounts and for the capital asset accounts of Proprietary and Fiduciary funds. For agencies/departments that account for depreciation of tangible assets and amortization of intangible assets, the detailed records should show the amount of accumulated depreciation/amortization.Revisions
No Revisions for this item.
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