Fixed asset inventory guide

A complete inventory of all fixed assets must be conducted on an annual basis.

Each fiscal year you will receive a memo from Fixed Asset Accounting asking you to sign the certification letter stating that you have completed an inventory for the fiscal year. Have your Fiscal Administrator sign the certification letter stating that the inventory has been conducted according to University policies and procedures and forward the signed certification letter to the Fixed Asset Accounting Department. Your inventory can be conducted when Fixed Assets has loaded the Wasp database for the current fiscal year.

To complete your inventory:

  1. Run your inventory list from the VCU Reporting Center through MyVCU.
  2. Save and sort your report by building, floor and room. (This makes it easier to conduct your inventory).
  3. Gather all pertinent information from all persons in your department about any asset(s) that has been lost, stolen, traded in, cannibalized, moved from one place to another or given to another department.
  4. Check out a Wasp Barcode Scanner from your Group Leader. (Refer to your Wasp Barcode Scanner Training Information).
  5. Conduct a walk thru of each building, floor and room on your list making changes directly on your report. You must check every asset on your list.
  6. Scan the VCU fixed asset barcode for all assets that have a barcode. Any assets without a barcode must be checked and noted on your list as one of the following:
    • Not tagged but still in service. (software, etc.)
    • Tagged but does not have a barcode.
    • Offsite-you must have the paperwork.
    • Disposed-you must record the disposal in Banner.
    • Stolen-you must submit a police report and dispose in Banner
    • Cannot locate.
  7. After you have completed this task, try to locate any assets you did not find or any corresponding paperwork to substantiate the asset's location. (Off-site, lost, surplus, stolen, etc.)
  8. If you find assets that are not included on your list, please note the tag numbers and contact the Fixed Asset Department ( for assistance.
  9. Once you have gathered all of your information, sign in to Banner and make changes to all assets that need to be updated (disposals, transfers, correct location, etc). Disposals of HEETF assets with a cost less than $5,000 must be sent to Connie Jefferson,, for entry into Banner. See Banner Fixed Asset Aid
  10. Once your inventory is completed, return the Wasp Barcode Scanner to your Group Leader, who will upload your inventory data. You can request a scanned list on Wasp from
  11. Send a list of the assets you were unable to scan with the reasons noted to
  12. Sign and date the Inventory Certification and have your Fiscal Administrator sign and date the form as well.
  13. Send the Inventory Certification to the Fixed Assets Department ( as requested in the memo you received from Fixed Asset Accounting.
  14. During your walk thru you should ask for any and all forms that you need for your file:
    • Police report for stolen assets (Keep a copy for your file and mail or fax Fixed Assets Accounting a copy)
    • Surplus property form (Keep this for your file)
    • Offsite form for any asset used away from campus. We should receive a copy of this form as soon as the person takes the asset offsite
    • Addition to equipment inventory

If you have a large number of assets you are responsible for you should send out an email asking everyone if they have made any changes to any assets under their watch, this can be keyed into Banner as the changes take place. This should be done at least quarterly. Also, you may want to ask if anyone has ordered any assets with a cost of $5,000 or greater.  Keep in mind some areas have charge cards and these should be reconciled monthly. Any asset(s) with a cost of $5,000 or greater should be reported to Fixed Asset Accounting.