IACT Usage

Definitions

Capital Equipment: Items with an individual dollar value of $5000 or more and a life expectancy of at least one year.

Upgrade: Used to describe an addition to a piece of equipment that would allow it to perform a function that the original equipment could not. (Capital Equipment, IACT 6730)

Replacement: Used to describe the replacing of an existing asset for a like asset. The original asset still performs the same function. (Non Capital, IACT 6085)

Repair: Used to describe a fix applied to an asset that will make it function again. This could include both parts and labor. (Non Capital Equipment, IACT 6265)

Trade-In: Used to describe the trading of an existing asset on the purchase of a new asset. Under the Actual’s model it is critical that the tag number(s), or mfg. serial number of the asset being traded is noted on the requisition at the time of ordering.

Computer Systems: These consist of a processor (CPU), monitor, keyboard, mouse and any operating system software. Printers are not considered part of a computer system.

Furniture: These items must have an individual cost of $5000 or more to be capital equipment. Probably not many furniture items will end up being capital equipment.

Maintenance Contracts: These are the contracts with companies to keep the equipment repaired and in good working order. This is usually an annual agreement and is not considered part of the capital equipment purchase. (Non Capital Equipment, use IACT 6265)

IACT 6730/6731/6741 Equipment Purchases on PReqs

PReq has a Description field to be used in the purchase of equipment and software. Requestors have an area to communicate purchase of an item with the vendor. This area may include vendor catalog numbers that are not relevant for asset description.

Because the vendor description may not be useful in describing the resulting asset, a second Description field was added within the asset information area to allow Requestors to communicate asset descriptions to the Property Management Office. General guidelines for this new Description field are:

• Enter “Noun” “Manufacturer or Model” “Description” where
  • “Noun” is the item being purchased
  • “Manufacturer” or “Model” – based on which is more relevant to identifying the asset.
  • “Description” provides additional specifics concerning what type of item is being purchased
• If there are multiple line items associated with an asset or quantities of the same asset, enter the same description in the Asset Information area for all associated line items.
• Freight does not need a description in the Asset Information Area.

Example: Requestor is purchasing two types of pumps on a Preq:

• Line 1: Ordering 615 Model 8015 PC unit with guardrails wireless software.
• Line 2: Ordering 100 Syringe and software
• Line 3: Ordering 615 Auto-ID module; software
• Line 4: Ordering 615 Auto-ID module handheld scanner
• Line 5: Implementation charge associated with Model 8015

Line items 1, 3, 4, and 5 are associated, so the asset description for all 4 lines should be the same. In this case, both types of assets are pumps, so additional information concerning model and/or type is necessary to differentiate the two types of assets.
Result:

• Lines 1, 3, and 4 are described as “Pump Control Unit 8015”.
• Line 2 is described as “Pump Syringe 8110”.