What is an asset?
An asset is an item that can be used by the University for more than 12 months. An asset can be a physical item (eg equipment), or it can be intangible (eg software). Consumable items such as paper are not considered assets, as they are used/consumed throughout the year.
Assets include items in the following categories:
- Information technology (eg software, desktop and portable computers, printers, fax machines etc)
- Plant and equipment (eg furniture, scientific apparatus such as microscopes and spectrometers, agricultural and garden equipment, sporting and recreation equipment etc)
Other categories of assets which are maintained centrally are:
- Buildings and infrastructure
- Heritage assets
- Motor vehicles
Assets valued at $10,000 and over (excluding GST) are recorded in the PeopleSoft Asset Management System in the Capitalised Book. Those items are verified during the annual stocktake.
EXPAS Equipment with a cost of between $1,000 and $9,999 (excluding GST) are recorded in the PeopleSoft Asset Management System in the Expensed Book. Computer equipment costing less than $1,000 is also recorded in the PeopleSoft Asset Management System in the Expensed Book. Stocktakes are not undertaken to verify the existance of EXPAS Equipment.