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Fixed Asset Accounting

Update Your Fixed Assets for the FY20 Physical Inventory

January 16, 2020

FY20 is an inventory year and the physical inventory per the Fixed Asset policy must be complete, uploaded to Oracle Fixed Assets, and reconciled by 6/30/20.  Completing inventory is defined as physically seeing the assets that must be inventoried and either confirming or updating the asset information inside of the Oracle Fixed Assets – most notably, the exact location and whether the asset is in use.... Read more about Update Your Fixed Assets for the FY20 Physical Inventory

Internal Controls Updates

November 16, 2017

Monitoring Results

As part of the ongoing University-wide Internal Controls initiative, the Office of the Controller (OC) performed monitoring activities during FY17 over implemented key controls for the Fixed Assets and Financial Close and Reporting business cycles. As part of this process, the Office of the Controller conducted interviews with control performers and other Tub personnel, performed walkthroughs and examined documentary evidence supporting the operating effectiveness of the Fixed Assets and Financial Close and Reporting business cycles controls.

Monitoring results, areas for improvement and good business practices are noted in the Internal Controls Monitoring section of the Internal Controls website: https://hwpi.harvard.edu/internalcontrols/internal-controls-monitoring

Updated controls matrices, including Fixed Assets, are available through the Internal Controls website: https://hwpi.harvard.edu/internalcontrols/business-cycle-controls-matrices