When a professor or department within the university decides to build an asset that would eventually exceed the $10,000 threshold for Capital Equipment, please follow the steps below:
Meet within your department, determine an estimate of the cost of the asset that is to be built. Also, a name of the asset or activity and funding sources will need to be determined.
Once this information has been gathered contact General Accounting Plant Funds staff to set up a Workday Miami Specified code that will assist in tracking the expenses associated with building the asset.
Charge all invoices, interdepartmental charges, purchase orders and any other transactions assigned to the specific piece of equipment to the Workday Miami Specified code that was provided by General Accounting Plant Funds staff.
Do not use p-card (credit card) to make any purchase towards building the asset. If normal procurement policies will not work then please contact General Accounting Plant Funds staff prior to the purchase to discuss the transaction prior to completing the purchase.
Track all purchases using the Workday Miami Specified code.
Once the asset build has been completed the asset will be capitalized and a Capital Asset Barcode will be issued to be placed on the physical asset.
Remember when building a capital asset, it is imperative to include General Accounting Plant Funds staff from the beginning of the process so that all expenses can be managed from the start of the build.
As like any capital asset, when it comes time that the build asset is obsolete and will be disposed, the department must contact General Accounting Plant Funds staff of the disposal.
Please contract General Accounting Plant Funds staff with any questions or concerns.
