The asset accountant is responsible for the overall management and control of the property records system. This person establishes procedures for assisting all department custodians in accomplishing their responsibilities.
The updating of the asset accounting manual is the responsibility of the asset accountant, as are the reports periodically sent to the departmental asset custodians, regarding any changes to the assets under their control.
The overall management of the annual inventory, including verification of the existence, location, and proper utilization and assessment of maintenance requirements for all property, plant, and equipment will be directed to the asset accountant. When a department manager or custodian is reassigned, the asset accountant issues new reports to the replacment custodian to verify the status of all property, plant, and equipment. Specific duties of the asset accountant are as follows:
- Verify purchase authority for each asset requisition
- Review the capital budget to ensure that large purchase items were previously included
- Review capital budget overruns
- Manage the accounting for internally constructed items
- Report on any abandoned assets or construction
- Report on asset utilization, maintenance expenses by asset, and cumulative deferred maintenance by asset
- Forecast replacements based on age, past maintenance experience, and an assessment of future maintenance needs