Property Accounting
Effective 10/24/2023 - Property Control (Accounting) Administration has Moved to the RSC
The Controller’s Office partners with the RIT Service Center (RSC) to provide excellent service to our customers. Many self-services requests related to Property Control can now be submitted through the RSC and the dedicated team members are able to provide continuous support to staff, students, and faculty.
- Visiting the RIT Service Center Self-Service Portal
- Calling 585-475-5000
What does this mean for your department?
The inventory process itself is not changing. The RSC is where Property Control request forms and other related documentation will be kept moving forward. These new RSC catalog items include:
- Capital Equipment Additions/Changes/Removal
- Capital Equipment Fabrication Request
- Capital Project Account Request
- Request changes to RIT Physical Inventory Department Inventory Representatives (DIR)
In addition to these catalog forms, Property Control (Accounting) knowledge articles have been created to answer many of your common questions. The Property Accounting webpage has also been updated to direct you towards the appropriate RSC items.
Overview
Property Accounting is responsible for ensuring that the University's property standards are adhered to, and for maintaining RIT's capital equipment and capital project inventory records. In addition, Property Accounting coordinates the University’s annual capital equipment physical inventory, ensuring that its assets are safeguarded.
If you have questions regarding how to account for capital equipment or capital projects, please contact the RIT Service Center by:
- Visiting the RIT Service Center Self-Service Portal
- Calling 585-475-5000
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.
Below are some helpful resources that will assist you.