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UCR - Instructions for Correcting Transactions


INSTRUCTIONS FOR CORRECTING TRANSACTIONS SUBJECT TO THE NEW EQUIPMENT THRESHOLD

  1. Effective July 1, 2004, the University of California’s capitalization threshold for equipment is increasing from $1,500 to $5,000.   The new threshold will be applied to equipment items receivedon or after July 1, 2004. 
  2. If an equipment type item is received on or after July 1, 2004 and the payment is appearing on the ledgers (i.e. Financial Transaction Detail Report):
    1. Verify the account number used is correct (see account descriptions listed below).
    2. If a correction is required and the correct account number falls under the same budget category as the posted expense, utilize the NCT (or FCT if federal funds are involved) application to prepare a correction.
    3. If a correction is required and the correct account number is in a different budget category as the posted expense:
      1. Complete the paper NCT (or FCT if federal funds are involved) form.  The paper forms are available on the Accounting Office website under “forms”.
      2. Submit to Emma Odegard in the Accounting Office.
      3. Accounting will process the correction and coordinate with Equipment Management to adjust the equipment inventory.
      4. If a property tag is received erroneously, please return to Equipment Management, Attention:  Dennis Bailey.
  3. Equipment type accounts numbers established for the implementation of the new equipment threshold.
    1. Account 720200 Equipment Non-Inv, Non-Comp $200-$1499: Purchases related to non-inventorial, equipment items costing between $200- $1,499.99 with a useful life of more than one year.  This account does not include computer type items.  Use account #770200 for non-inventorial computer equipment costing between $200-$1499.99.  Use account #720205 for non-inventorial, non-computer equipment costing between $1,500-$4,999.99.  See accounts listed under BC60 for inventorial equipment purchases of $5,000 or more.  Please see UCRPP 750-12.
    2. Account 770200-Computer Equipment Non-Inv $200-$1499: Purchases related to non-inventorial, computer equipment items costing between $200- $1,499.99 with a useful life of more than one year, such as printers and disk drives. Use account #720200 for non-inventorial, non-computer equipment costing between $200-$1499.99; use account #770205 for non-inventorial computer equipment costing between $1,500-$4,999.99. See accounts listed under BC60 for inventorial equipment purchases of $5,000 or more.   Please see UCRPP 750-12.
    3. Account 720205 Equipment Non-Inv, Non-Comp $1500-$4999: Purchases related to non-inventorial, equipment items costing between $1,500- $4,999.99 with a useful life of more than one year.  This account does not include computer type items. This account will be used to exclude these expenditures from the assessment of indirect costs during FY2004-05 and FY2005-06. Use account #770205 for non-inventorial computer equipment costing between $1,500-$4,999.99.  Use account 720200 for non-inventorial, non-computer equipment costing between $200-$1,499.99.  See accounts listed under BC60 for inventorial equipment purchases of $5,000 or more.  Please see UCRPP 750-12.
    4. Account 770205-Computer Equipment Non-Inv $1500-$4999: Purchases related to non-inventorial, computer equipment items costing between $1,500- $4,999.99 with a useful life of more than one year, such as PCs and laptops.  This account will be used to exclude these expenditures from the assessment of indirect costs during FY2004-05 and FY2005-06. Use account #720205 for non-inventorial, non-computer equipment costing between $1,500-$4,999.99.  Use account #770200 for non-inventorial computer equipment costingbetween $200-$1499.99.  See accounts listed under BC60 for inventorial equipment purchases of $5,000 or more.  Please see UCRPP 750-12.
    5. Accounts 803000-803999 (under Budget Category BC60), effective July 1, 2004 all minimum thresholds will be raised from $1,500 to $5,000.  Items recorded under these accounts (and received on or after July 1, 2004), must cost at least $5,000 and appear on the equipment inventory.
  4. Additional information on the equipment threshold change is available at the following website: http://www.ucop.edu/irc/campus_specs/efa/final_qa_june2004.doc

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University of California, Riverside
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