600.1 Objectives of Fixed Asset System

Owned by Chad
May 20, 2021

BANNER FIXED ASSET SYSTEM: PSU's capital assets are recorded in the Banner Fixed Assets system. Banner Fixed Assets is a module of the Banner Financial Information System (FIS), which contains PSU's official accounting records. This system provides information for:

  • Safeguarding Capital Assets (recording location and disposition)
  • Financial and Managerial Reporting (recording capitalized cost and depreciation)
  • Insurance Coverage (recording replacement and insurance values)
  • Facilities and Administration Rate Proposals (recording use, location, funding source, and depreciation)

Distribution of Insurance Assessments (recording the funding source)

Banner Fixed Assets includes records of all capital assets (except land). For insurance coverage, Banner Fixed Assets also includes records of certain non-capitalized personal and real property (e.g., property used but not owned by PSU such as rental and operating leases).

ITEMS NOT TRACKED IN BANNER FIXED ASSET SYSTEM: The following information about capital assets is not tracked by the Banner Fixed Assets System and is the responsibility of various departments to track and maintain. Departments maintaining supplemental databases of capital assets are responsible for reconciling those databases to Banner Fixed Assets.

  • Detail of grouped assets. For example, Banner Fixed Assets records the total cost of library books so a separate database of the detail must be kept by the library.
  • Building space inventories used for preparing facilities and administration rate proposals.
  • Maintenance records.
  • Information regarding the condition of real property. PSU Facilities Division maintains real property records pertaining to deferred maintenance, seismic studies, etc.