Accounting Processes

Process Owner: Department Head 2.6

Selling Inventory to Third Parties
The business process “Selling Inventory to Third Parties” describes the structured transfer, for consideration, of assets that are no longer needed to external parties, such as through sale or auction. As part of this process, market value, legal requirements, and internal approvals are reviewed before the transfer is documented and the inventory is removed from the university’s fixed assets.

Removing Inventory Items
The “Removing Inventory Items” business process describes the removal from inventory of items that are leaving the university. This usually occurs due to obsolescence, but there may also be other reasons, including the transfer of equipment to another institution, sale, trade-in, etc. During this process, a review is conducted to determine whether the item still has a residual book value and how it is properly written off from the university’s fixed assets. This process helps ensure that the fixed assets are always accurately reflected and remain in compliance with regulations.