New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 20 - ACCOUNTING BY GOVERNMENTAL ENTITIES
Part 1 - ACCOUNTING AND CONTROL OF FIXED ASSETS OF STATE GOVERNMENT, ACCOUNTING FOR ACQUISITIONS AND ESTABLISHING CONTROLS
Section 2.20.1.8 - FIXED ASSET ACCOUNTING SYSTEM
Universal Citation: 2 NM Admin Code 2.20.1.8
Current through Register Vol. 35, No. 18, September 24, 2024
A. Agencies should implement systematic and well-documented methods for accounting for their fixed assets. A computerized system is recommended, with appropriate controls on access and authorization of transactions.
B. The information to be recorded and maintained on its fixed assets, must include at a minimum the following:
(1) agency name or commonly used initials
used to identify the agency;
(2)
fixed asset number or fixed asset number plus component number;
(3) a description using words meaningful for
identification;
(4) location,
specifically a building and room number. If the asset is movable, the name and
location of the fixed asset coordinator should be used;
(5) manufacturer name (NOT the vendor's name,
unless vendor is the manufacturer);
(6) model number or model name;
(7) serial number, or vehicle identification
number (VIN) for vehicles in agency's use & possession. If the fixed asset
has no serial number, e.g., a custom-built asset, absence should be
acknowledged by coding this as "none";
(8) estimated useful life or units expected
to be produced;
(9) date acquired
(month and year);
(10) cost
(according to the valuation methods described in Section
2.20.1.10
NMAC;
(11) fund and organization
that purchased the asset, or to which it was transferred.
C. The system must be capable of generating lists of fixed assets in sequences useful for managing them. It must track all transactions including acquisitions, depreciation (if needed), betterments and dispositions. It must generate all necessary accounting entries to the agency's general ledger.
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