banner, flashcart and equipment purchases or what now!?

Banner, Flashcart and Equipment Purchases

OR WHAT NOW!?

Fixed Asset Policy

• Equipment over $2,500 with an expected useful life > 1 year

• Maintain an inventory with information regarding acquisition, book value and depreciation

Departmental Involvement

• Ordering of equipment• Assist with tagging the equipment• Notify the Comptroller’s Office when

equipment is disposed, lost or stolen. • Confirm equipment inventory on a periodic

basis

New Banner Module

• Works with Flashcart to create new inventory items

• Replaces the current Access DB for inventory maintenance and reporting purposes

• Automatically capitalizes purchases to account codes 78011 and 78013 that are $2,500 and over.

What changes

• Review by the Comptroller’s Office of all requisitions using account codes 78011, 78013, 78012, 72024, 72023

• A renewed emphasis on using the correct account codes and line information on requisitions in Flashcart

• A renewed emphasis on ordering equipment by complete units (many parts make up one unit)

Many Parts – One UnitMany times you are ordering a mix and match set of options

to make up one unit.

Wrong way:

Many Parts – One UnitRight Way: General description and

attachment

Commodity, aka Line Accounting

To avoid problems with payment going to the wrong account code for the equipment, if you mix equipment over $2,500 (78011/78013) with equipment under $2,500 (72024/72023) on the same requisition, you must use commodity level or line accounting.

What that looks like:

Questions?

• Mary Richards 2-0834

mrichard@kent.edu• Larry McWilliams 2-9196

lmcwilli@kent.edu