The University of Louisville is required by rules issued by the Governmental Accounting Standards Board to report depreciation on assets with a value of $5,000 and up. In order to fulfill this requirement the University has implemented the Asset Management module of PeopleSoft Financials. Asset Management is an online system that allows departments to check the current status of their assets and generate reports. All assets with a cost of $5,000 and greater must be accounted for annually. The Asset Management module simplifies the process of taking departmental inventories through an online system that allows departments to access their inventory at any time.
Each department is required to designate an Inventory Coordinator. The Inventory Coordinator needs to be authorized to access University Reports > Financials > Asset Management in order to access and print their department inventory. Contact Inventory Control if you need assistance to access your department inventory.
Each department with Capital Assets, greater than $5,000, is responsible annually to send their annual verified inventory report to Inventory Control before December 15th.
Corrections and changes to their inventory can be submitted to Inventory Control as they occur. Only Inventory Control is authorized to make changes on the PeopleSoft Asset Management Data Base.