Property Management Policy & Procedure Manual
Section 000: Introductory Material
- Fabricated equipment meeting the capital asset definition for OSU, or the threshold of the research sponsor funding the fabrication, must be recorded on inventory. See PRO 210: Fabrication.
- During fabrication, costs are accumulated under 40199. When the asset is completed and put into use, costs are redistributed to the appropriate account code.
- 40101 Equipment
- 40103 Art/Museum Collections
- 40104 Vehicles
- 40201 Vessels
- If the asset's construction isn’t finished within the first fiscal year, the expenses must be distributed to 4010X, but left as a non-complete, non-depreciating record and noted as Work-in-Progress in the JV text.
- When finally completed additional invoices are redistributed to 4010X with text to add to the value of the asset record and provide an in-use date or date of completion and any other missing information for the asset tag.
- Multiple invoices can be redistributed on one JV, crediting each invoice from 40199 with the invoice number listed in the document reference and one accounting line debiting 4010X.
- The text field must contain all the necessary information to create the asset record, including the start date of construction (this may not precede the start date of the grant or contract funding the fabrication.) See PRO-Ex1 for required text.
- On a constructed asset, the manufacturer and model number would be ‘OSU Constructed’ and there would be no serial number.
- Note: Account code 40199 should be used any time there will be multiple payments for a single asset. Situations may include:
- A vendor requires a prepayment,
- Parts may be back-ordered and invoiced separately,
- Freight may be invoiced separately.
Other Journal Voucher Entries on Account Code 40101:
Any journal voucher crediting or debiting the 4010X account code must have text explaining what action is being taken and reference the inventory number of the asset affected. If an inventory number has not yet been assigned, text must be added that contains all the necessary information to create the asset record. See PRO-Ex1 for required text.
If a journal voucher is being done for an Index change, the original Invoice number used to purchase the asset should be referenced. Text should include the reason for the Index change.
Service Centers and Auxiliaries
The Journal Voucher process is a little more complex for service centers and auxiliaries. Please see the instructions in PRO 202 Purchases for the correct method.