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State Property Accounting (SPA) Core Training

Lesson 3: SPA Asset Tagging Transcript

Introduction

Welcome to the Fiscal Management training video for State Property Accounting Asset Tagging and Annual Physical Inventory. State Property Accounting is also referred to as SPA.

After viewing this training, you should have a thorough understanding of:

  • How to tag assets
  • The requirements for the annual physical inventory that must be performed for each agency

Asset Tagging

All property capitalized or designated as a controlled asset in SPA must be marked or tagged as property owned by the agency with the exception of real property. Marking is considered acceptable when a tag can be removed only through considerable or intentional means.

Each item of property, capitalized or controlled, must be assigned a unique property number. Agencies may not reuse a previously assigned property number.

Asset Tagging

Agencies may choose to track property using appropriate labeling methods as long as they meet guidelines established by the Comptroller’s office. Property number labels must be highly visible and easily accessible during the annual physical inventory.

The Comptroller requires only two items on the asset tag:

  • The name or number of the agency that owns the property
  • The Asset ID or property number

All other information on an asset tag is optional.

Asset Tag Examples

Here are two different examples of asset tags.

The first one is more advanced and includes the required data of agency name and property number, as well as several pieces of additional useful information including a help desk number, barcode and RFID technology.

The second asset tag sticks to the basics and includes only the required information — agency name and property number.

Both of these examples are acceptable asset tags.

Annual Physical Inventory

Each year, every state agency must conduct an annual physical inventory of the trust, capitalized and controlled personal property assets in the agency’s possession (excluding libraries, historical arts and treasures and leasehold improvements).

Each agency must submit the Certification of Physical Inventory Conducted by Agency form (73-283) to the Comptroller’s office by September 20th of each year. Note that only personal property is required on the inventory, not real property. This is because real property is not moveable and is not subjected to the same risk of loss as personal property.

Inventory Methods

Agencies must use accepted practices to conduct their annual inventory. There are multiple methods available to conduct an inventory. Some examples are:

  • Verified human count
  • Bar-code scan
  • RFID scan
  • GPS locators
  • Network identification system

You should use the Certification of Physical Inventory report to conduct your physical inventory. This report is available in the set of daily FTP reports received by your agency. The report lists asset detail in property number order and includes capital, controlled and trust property.

Annual Inventory: Documentation

There are several things that must be documented during the annual inventory process.

Each agency must ensure that:

  • Each property item is still within the agency’s possession
  • The property’s location can be identified
  • The name of the person responsible for the property can be provided

In addition, the condition of each property item must be evaluated during the annual physical inventory. Condition of all property must be reported to SPA no less than once annually.

An agency should assign two or more individuals to conduct the inventory who do not have responsibilities for entering or reporting personal property. Any discrepancies in property information detected during the physical inventory must be corrected in the SPA system immediately.

Certification of Physical Inventory Form

Let’s go over the timeline of the physical inventory and the certification form.

First, each agency completes their physical inventory any time during the current fiscal year. Upon completion of the inventory, the head of each agency must submit the Certification of Physical Inventory Conducted by Agency form (73-283) to the Comptroller’s office.

The deadline to turn in this form is no later than 20 days after the last day of the fiscal year — Sept. 20 of each year.

Conclusion

Thank you for viewing this presentation. You should now have a thorough understanding of:

  • The asset tagging requirements for state property
  • The annual inventory certification process and timeline

This concludes the SPA Asset Tagging and Annual Physical Inventory training.

For more SPA training and other Fiscal Management training opportunities, please log on to Training Center on FMX.


Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
Comptroller.Texas.Gov | FMX
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