I understand that equipment purchases require certain general ledger account assignments. How do I know if my requisition is considered to be equipment?
Any item that will last more than a year, is operationally complete and can be identified as stand-alone is considered equipment. Purchases from the following product categories are normally considered equipment: furniture, computer, laboratory, scientific and test equipment, office and service equipment. The difference between Capital and Minor equipment is determined by cost. Computer equipment at MIT is controlled by property record beginning at a cost of $1000 or greater. All Captial equipment is controllered by a property record.
Related Questions
- I understand that equipment purchases require certain general ledger account assignments. How do I know if my requisition is considered to be equipment?
- I’m sure my requisition is equipment, but I’m still confused about which general ledger account to assign to an item. What is the rule?
- What natural account (object code) should be used for equipment purchases?
