5 Quick Facts about Controllable Property:
- Controllable Property includes ALL computers, and other items that are sensitive, portable, and theft-prone (laptops, tablets, Notebooks, cameras, projectors, etc.) and other items deemed controllable by the department.
- Controllable Property has a cost of under $5,000 (no minimum)
- A standard report “Controllable Property” is in the Capital Assets folder in KFDM
- Individual departments are responsible for tracking Controllable Property
- The KFS Object Code for Controllable Property is 8306
Part 3 of 5:
Tips on Approving New Controllable Property (Asset Global Add) eDocs
The KFS Fiscal Officer on the Department Owner KFS account will receive an Asset Global (AA) eDoc in their action list. This is the eDoc that creates the asset record.
The approvers of this eDoc should verify that the following fields are correct:
Asset Location (Campus, Building Code, Building Room Number)
Organization Inventory Name (Custodian*)
If several computers are purchased at once, a single person may be listed as the custodian of all of the computers. Please take the time to update each asset record to the correct person.
Alternatively, an Asset Edit can be done later by the CAM Processor** to change the Custodian and the Asset Location (one asset at a time). To do this, go to:
KFS > Main Menu > Lookup and Maintenance > Capital Asset Management > Asset
Look up the asset using the tag number, and click “edit” to open an Asset eDoc. To add or change the custodian (Organization Inventory Name), click on the Organization Information tab.
The tag number(s) sent to the department will be on the eDoc, and the PO number or P-Card eDoc number will be listed in the “National Stock Number” field.
*The Custodian is the person who is in possession of the equipment, is responsible for safeguarding the equipment, and is aware of the equipment’s location.
**To have the KFS CAM Processor role (Role #6) added to your KFS profile, please go to financesystems.uconn.edu and complete the Additional Functional Request form found under Request Forms.
Next Month’s Topic: Tips on Managing Controllable Property / the Controllable Property Standard Report
Annette Pavone, CPA
KFS Functional Coordinator & Accounting Manager
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone: (860) 486-2934
Fax: (860) 486-0570