Types of Equipment and Account Codes
Capital Equipment Account Codes >=$5,000
Accounting Range | Description / Short Description | Definitions | Inventory Tag NOT Using RFTrack | Inventory Tag Using RFTrack |
---|---|---|---|---|
61000-61021 | EQUIPMENT OVER $5000 – EQUIP>5000 |
The cost of equipment having an anticipated life of at least one year and a value of $5,000 or more. The value of the equipment includes the cost of the equipment, freight charges, and any installation charges. | RED Tag Required | RED RFID Tag Required |
61100-61119 | FABRICATED EQUIPMENT – FAB EQUIP |
The cost of materials used in fabrication projects where the completed cost will be greater than $5,000. Upon completion for the project, these costs will be journalized to account 61000 by the Property Accounting Department. | RED Tag Required | RED RFID Tag Required |
61200 | EQUIPMENT TRANSFERS – EQUIP TRF |
The amount agreed upon by the departments involved in an interdepartmental purchase of University equipment. Both the debit and credit amounts should be recorded in these accounts. A fully completed Retirement/Transfer Form should be forwarded to the Property Accounting Department to properly record the transfer of ownership of the equipment. | ||
61300-61303 | EQUIPMENT CREDITS – EQUIP CRED |
The amount credited to a department for the sale of capital equipment. This account range is used exclusively by University Surplus & Salvage. | ||
61310 | EQUIPMENT TRADE-IN – EQUIP-TRAD |
For use of Property Accounting only. |
RED Tag Required | RED RFID Tag Required |
61390 | AGENCY DEFINED EQUIP <$5,000 – AGCY EQUIP |
To be used when the awarding agency of a Contract or Grant defines equipment as anything less than $5,000. (e.g. if the awarding agency defined equipment as anything with anticipated life of at least one year and costing over $500. All items between $500 to $4,999 would be charged to this account). | RED Tag Required | RED RFID Tag Required |
Noncapital Equipment Account Codes < $5,000
Accounting Range | Description / Short Description | Definitions | Inventory Tag NOT Using RFTrack | Inventory Tag Using RFTrack |
---|---|---|---|---|
61400-61409 | EQUIP-NON CAPITL $3,000-$4,999 – EQUIP-NCAP |
MANDATORY: Noncapital equipment with an acquisition cost greater than or equal to $3,000 but less than $5,000. | Black Barcode Tag | YELLOW RFID Tag Required |
61410-61416 | EQUIP-COMPUTERS<$5K – EQUIP-NCAP |
MANDATORY: All university-owned computers, laptops, tablets and cell phones of any value less than $5,000 that may contain Personally Identifiable Information (PII) at any point during the university’s ownership of the asset. | IT Inventory Tag or Black Barcode Tag | IT Inventory Tag or Black Barcode Tag or YELLOW RFID Tag |
61417-61419 | EQUIP-NON CAPITL $1,000-$2,999 – EQUIP-NCAP |
OPTIONAL: Noncapital equipment having an acquisition cost or donated value less than $3,000 and having a useful life in excess of one year. Assets in this category are to be inventoried at the discretion or option of the departments or units, but not required. | BLACK Barcode Tag Optional | BLACK Barcode Tag Optional |
Software Purchase > $100,000
Accounting Range | Description / Short Description | Definitions | Inventory Tag NOT Using RFTrack | Inventory Tag Using RFTrack |
---|---|---|---|---|
61500 | SOFTWARE PURCHASE > $100,000 – SFTWR PURC |
Purchased cost must be at least $100,000 and have a useful life of at least five years, or Internally developed software as a project with an estimated budget of at least $1,000,000 and an expected useful life in excess of ten years. | RED Tag Required | RED RFID Tag Required |
*University-owned computers and related equipment that are inventoried and tagged in systems such as UIT’s ServiceNow, Fishbowl, etc., will not need a BLACK Barcode Tag from Property Accounting. Departments whose IT assets that are not inventoried in systems such as UIT’s ServiceNow, can be inventoried in RFTrack using a Black Barcode Tag or Yellow RFID Tag.
Due to COVID, the RFTrack inventory system will take time to implement to all university organizations. Please continue to track your noncapital assets using an excel spreadsheet from the Property Accounting website.