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 2 of 5:
Tips on Purchasing Controllable Property
Controllable Property should be coded to object code 8306 Controllable Property Equipment <$5,000 in KFS. Inventory Control will create asset records for all items on Purchase Orders using this object code. Inventory Control will also send out tags to whoever is listed as the “Delivery To” person on the purchase order. Dell computers will generally arrive pre-tagged, so no tags will be sent.
If Controllable Property is purchased using a P-Card, Inventory Control will create an asset record and send out a tag to the department.
If a General Error Correction (GEC) or a Distribution of Income and Expense (DI) is used to change the coding TO 8306 on a transaction, please notify Inventory Control so that an asset record can be created and a tag mailed out.
Questions? Need help? Contact Inventory Control at InventoryControl@uconn.edu, or give us a call.
Next Topic: Approving New Controllable Property (Asset Global Add) eDocs
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