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FIXED ASSET POLICIES & PROCEDURES

FIXED ASSET POLICIES & PROCEDURES FIXED Assets POLICIES and PROCEDURES 2 Table of Contents WHAT ARE CAPITAL ASSETS? .. 3 LAND .. 3 BUILDINGS .. 3 CONSTRUCTION IN PROGRESS .. 3 LIBRARY HOLDINGS .. 3 VEHICLES .. 3 ARCHIVES AND COLLECTIONS .. 3 EQUIPMENT .. 3 EQUIPMENT LESS THAN $5, .. 4 DONATIONS/GIFTS .. 4 FIXED ASSET PROCEDURES .. 5 From Purchase To Disposal .. 6 Assembly .. 6 FIXED ASSET Purchases .. 6 Disposals .. 8 Gifts .. 9 Depreciation .. 9 Reporting Responsibility .. 10 Monthly Balancing of the General and Subsidiary Ledger .. 10 Computing Cost of Equipment .. 10 Back Orders (Partial Orders).

Fixed Assets Policies and Procedures 7 purchases. Purchasing mails one copy of the PO to the vendor, files a copy, sends two copies to Accounts Payable and a copy to the department initiating the requisition.

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