How do we record the reduction in inventory value for FY 1998-99?
Beginning FY 1998-99, items below the $1,500 threshold that were formerly considered capital equipment will no longer be considered capital equipment. The value of these items ordered prior to July 1, 1998 will be recorded in the campus general ledger as a reduction of Investment in Plant for the year ending June 30, 1999. The entry will be as follows: Dr. 101990-01999 Investment in Plant Cr. 1018XX-XXXXX Equipment This amount will be reported as a separate line item in Exhibit E, page 3, and in the Statement of Changes in Fund Balances for FY 1998-99. The additions to Investment in Plant for FY 1998-99 should exclude the value of items below the $1,500 threshold that were ordered during FY 1998-99. For questions about this section, please contact Nick Johnston, x44736.
