Purchasing New Equipment
The Purchasing and Contracting Services
department has established
rules and guidelines that apply to all purchases of equipment and supplies. Click here for
a link to theProcurement/Contractingweb page. When
processing an invoice in the Banner system to pay for the purchase of minor equipment
(unit value is $5,000 or less), use 20200. Invoices for capitalized equipment
(unit value is more than $5,000) should be processed using account codes 4010X
acct code series (service centers and auxiliaries use acct code
series A80XX). Before
completing the invoice, include the necessary information in the text field of the invoice
to assist with the updating of inventory records.
Property Control is responsible for updating the fixed
asset inventory records. On a periodic basis, the Property Control Coordinator runs an extract
program in Banner to identify invoices processed using capital equipment account codes. OUS policy
indicates that all capitalized equipment purchases are to be added to the inventory
records. Property Control uses the information entered in the text field for capital asset
purchases to update the inventory records. Therefore, it is important that all of the
information pertinent to the capitalized asset be included in the text field of the
invoice. The following is a list of the information to be included in the text field of
the invoice for capitalized equipment (Note: There may be additional information required
as part of the regular purchasing process. Refer toPurchasing
- Description of equipment purchased
with the noun, or what the item is, listed first.
- Inventory tag number assigned to asset (or "to be assigned")
- Organization code
- Location code
- $ value of asset
- Serial number
- Model number
- Manufacturer (if different from vendor)
- Information to calculate the percentage of
federal participation in the cost of equipment (if purchased with more than
one fund source) contact SPS for specifics.
- Date that the asset is put into service.
Note:There may be additional steps/approvals required
as part of the purchasing process. These may include, but are not limited to, completing
an Request For Proposal, filing an Invitation To Bid, or obtaining Department of Justice
approval even if purchased on a grant or contract. Be sure to check out the Purchasing link above for the current purchasing
There are various levels of approval that may be required
for the purchase of an asset. For the complete and updated guidelines regarding purchasing
approvals, please refer to theProcurement/Contractingweb page.
Hard Copy Documentation To Maintain
After a department has purchased and paid for capitalized equipment,
there are specific hard copy documents that should be maintained as supporting
documentation. These documents must be retained for inventory purposes:
- Purchase order (electronic copy or hard copy)
- Vendors Invoice
(remember to note the Invoice Document Number assigned by Banner on the vendors invoice)
Adding Assets to Fixed Asset Inventory Records
Property Control is responsible for adding, changing, and deleting
capitalized assets from the inventory system. When an invoice is processed using
capital equipment account
codes, the invoice is routed to an approval queue that is monitored
by Property Control. Each asset item purchased is then added to
the inventory records using the extracted information and the invoice data in Banner.
Government Acquired Property
Property purchased with state funds is considered UO property. Property
purchased with federal grant funds is conditionally UO property subject to the requirements of the specific grant or contract making the purchase, the granting agency and the general federal requirements of OMB Circular A-110 and FAR. It is important that we properly account for and track
government acquired property. Failure to do so could prevent the University from receiving
future grant funding.
When an asset, regardless of value, is purchased using grant funds, the
department must include in the text field the granting agency (supplier of grant funds),
and the grant or contract ID number.
After the vendor invoice for the item is paid, Property Control will apply the UO Inventory Tag and take a photogragh of the asset.