When processing an invoice in the Banner system to pay for the purchase of minor equipment (unit value is less than $5,000), use the minor equipment account code series, 202XX. Invoices for capitalized equipment (unit value equal to or more than $5,000) should be processed using account codes in the 4010X series.
Property Control is responsible for updating the fixed asset inventory records.After the payment is approved, the Property Control Department runs an extract program in Banner to identify invoices processed using capital equipment account codes. Information entered into the invoice text field is used to create 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. Please refer to Purchasing and Contracting Services.)
- Description of equipment purchased
- Responsible organization code
- Building and room number where equipment will be located
- Cost of asset
- Model number
- Manufacturer (if different from vendor)
- Date the asset is put into service
Trade-ins include, but are not limited to:
- Capitalized equipment for capitalized equipment.
- Minor equipment for capitalized equipment.
- Capitalized equipment for minor equipment.
- Minor equipment for minor equipment.
Before trading-in equipment, please note:
- Sponsored Project Services approval must be obtained when trading-in equipment purchased with sponsored funds.
- Gifted equipment must be researched to ensure no restrictions for trade-in exist.
- Perform a cost-benefit analysis of asset(s) to be traded-in. Things to consider:
- Would the use of the equipment by a UO department outweigh the trade-in value?
- Would another UO department be willing to purchase the equipment?
- Is trading in the equipment the most efficient and effective method of disposal?
After trading-in equipment:
- In addition to the standard document text in the Banner invoice please list:
- The description and asset number (if applicable) of the equipment being traded in.
- Amount of trade-in value for each piece of equipment.
- Please complete and submit a Property Disposition Report (PDR) to the Property Control Department.
PCard Use and Capital Equipment
Gifts and Donations
Because Banner invoices are not generated by the receipt of a gift-in-kind, the receiving department must notify Business Affairs. Please click here for more information.
Transfers from other Universities or Institutions
When a department receives a piece of capital equipment from another institution, the Property Control Department needs to be notified in order to record the asset information in Banner. The original cost and accumulated depreciation will be used.
Departments should use the Asset Maintenance Form (AMF) to notify the Property Control Department of most transfers of equipment. Transfers include but are not limited to:
- A move or transfer from one department to another department (with or without a financial transaction)
- A move from one location (building or room) to another
- A move off-campus for University business
- Cannibalization (parting out) of obsolete or broken equipment
- Lost or stolen equipment
When a transfer of equipment between departments includes financial compensation, PCD can assist departments with the completion of a Journal Voucher (JV) in Banner.
- If the equipment is fully depreciated capital equipment or minor equipment:
- Debit: Purchasing departments index, account code 20200 (Minor Equipment)
- Credit: Selling departments index, account code 09350 (Resale of Equipment Internal Sales)
- If the equipment is capitalized and not fully depreciated:
- Debit: Purchasing departments index, account code 4010X*
- Credit: Selling departments index, account code 4010X*
- *Capital expense codes:
- 40101 Equipment
- 40104 Vehicles
- 40201 Vessels
Loaned and Non-Owned
In general, the UO does not accept responsibility for non-University owned property that is damaged, lost, or stolen.
University insurance coverage is generally provided for non-University owned property that meets all of the following requirements:
- Is reported to and is tagged by the BA Property Control Department.
- Is used for official University business.
- Its use has been approved by UO Department Head or Director.
- Is not for personal use (ex. personal refrigerators, fans, pictures, paintings, plants, radios, etc.).
- Is referenced in a properly executed Personal Property Loan Agreement.
- The loss claim meets the minimum deductible per occurrence and any other applicable policy requirements.
Please note, University Departments may be held responsible for the difference in the insurance proceeds and the repair or replacement cost per the Personal Property Loan Agreement.
The BA Property Control Department suggests that individuals who have personally owned property on campus take the following precautions to avoid the possibility of its being mistaken for University owned property:
- Mark the equipment for identification of ownership.
- Provide the department head with a list of personally owned property being used on University premises.
Should confusion arise, proof of ownership will rest with the individual, not with UO.