Georgia Institute of Technology
9/16/11
Equipment Account Code Guide
In order to minimize the number of Cost Transfers (Journal Entries), re-posting, and reconciliation due to
incorrect account code usage, please utilize this document supplied by Property Control.
Equipment Classification:
To be classified as State-owned equipment an item must meet the following requirements:
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Equipment purchases with an acquisition cost of $3,000 or more. (Individual equipment items costing more
than $5,000 will be budgeted as capitalized equipment, with no overhead charges).
Item has a life expectancy of more than 1 year
Item is owned by Georgia Tech, not the sponsor
Item is not permanently attached to a building
Firearms, vehicles and art objects that appreciate are still to be tagged regardless of their value.
As an additional note: PCard purchases - NO EQUIPMENT over $3,000 is to be purchased via the PCARD
Equipment Account Codes:
Small Valued Equipment – (equipment valued between $3,000-$4,999)
Account
Property Control Long Description
743200
Equipment Purchased Inventory (Stand alone or main item)
744200
Equipment IT Inventory
Lease/Purchase Equipment - (Select if GT is leasing the equipment)
Account
Property Control Long Description
818250
Lease Purch Interest Expense
818290
GSFIC Payback Bond Int Exp
818300
Equip Lease/Purchase Computer
818400
Equip Lease/Purchase Other
Capitalized Equipment (equipment > $4,999)
Account
Property Control Long Description
841000
Motor Vehicle Equip Purchases
843200
Equipment w/ title retained by GT
843210
Computer Equipment w/title retained by GT
843390
IT Equipment Other Than Computers
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Georgia Institute of Technology
9/16/11
Equipment Account Code Guide
Sponsored Equipment Account Codes
Account
Property Control Long Description
743300
Equipment Purchased (between $3,000-$4,999) Sponsor Retain Title
818420
Equipment Lease/Purchased Sponsor Retain Title
843300
843360
Equipment w/Title Retained By Sponsor (>$4999)
Sponsored Equipment Purchased by GT for Delivery to Sponsor
Proper Account Code Examples
Description HP Proliant BL460c G7 Server
Dell Poweredge R310 Cisco 2960 switches Unit Price $2,975.44 $5,498.25 $3,798.00 Quantity
7 3 4 Ext. Price $20,828.08 $16,494.75 $15,192.00 Account Code 714100 843210 744200 1) Please make sure that you look at the quantity column to determine the proper account code.
2) Freight charges should be added to the value of the equipment.
3) You are allowed to use multiple account codes for a Campus Requisition in Buzzmart.
An asset may have multiple parts
Sometimes an asset is not a single item but is comprised of several items. This configuration, known as a Host and
Components, is considered as one asset. For example, a CPU, monitor, and keyboard are considered to be a
“computer” and it is added to the inventory records as one asset. The CPU is considered the Host, and the monitor
and keyboard are considered components. Other components, such as memory boards or chips may be purchased
later for this asset that increases its value. These items are recorded in Asset Management as component parts using
the tag number of the host item.
Following is a glossary of terms commonly used when discussing a host/component asset.
Host Equipment:
A stand-alone, independent item is called a host (the “main” item). This includes an
existing piece of equipment with a tag.
Component:
Any item(s) that goes into or belongs to a host. Components are considered to be part of
the host, and their value is added to the host’s value. Components are not issued a
separate tag number; they are referenced by the tag number of the host.
Add-To:
A component that is purchased after the host has been tagged. (If an item is an Add-To
contact Property Control and provide the host information. Property Control will add
the component value to the host.)
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Georgia Institute of Technology
9/16/11
Equipment Account Code Guide
Component scenarios to consider:
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If a new component will be integrated into an existing tagged piece of equipment, the new component
needs to have the same account code as the tagged equipment. To know the value of the existing piece,
you may contact your Property Coordinator or you can gain a VIEW ONLY role by attending the Asset
Management training class (go to OOD Website to sign up for class). Requesters should train their staff
to alert them of component additions for an existing piece at the time of ordering. If they forget to
provide the info, be sure to ask before processing the order. Also before submitting the new requisition
in BuzzMart, be sure to add a comment that says something like: "this purchase is for a component that
will be integrated into existing equipment with GT tag # xxxxx whose current value is $xxxxx." This
comment alone will minimize research for approvers, for RM, and for Property Control.
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If it is determined that the new component addition will increase the value of an existing piece of
equipment previously coded as 74xxxx to exceed $4,999, use an 84xxxx acct code for the new
component. Then make a note in Buzzmart to alert Property Control about the new total value of the
equipment. Property Control will adjust the data in their system to match the new component’s account
code.
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