Oracle Automated Capital Equipment Physical Inventory

All departments are required to perform a complete inventory of their capital equipment once per year. This process is an important control activity designed to safeguard the assets of the University. In addition, when all assets are correctly recorded in the University’s record keeping system, the accuracy of the University’s financial statements is enhanced.

RIT utilizes Oracle to facilitate the annual capital equipment physical inventory function. Oracle fixed asset Parent Departments are being used for physical inventory purposes. The Parent Department drives the issuance of inventory worksheets, inventory group names, as well as the Oracle alerts related to inventory. Each Fixed Asset Parent Department has designated representatives who are responsible for completing the capital equipment physical inventory and ensuring the completed inventory worksheets are provided to the person responsible for certifying the inventory and the certification is approved timely.

Contact Information

Property Accounting
Phone: 585-475-4933
Email: propertyacctg@rit.edu