Ex2: Completing a Journal Voucher

Property Management Policy & Procedure Manual
Section 000: Introductory Material
Effective: 07/01/1995
Revised: 05/22/2006

Fabricated Assets:

  • 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 40101.
  • If the asset's construction isn’t finished within the first fiscal year, the expenses must be distributed to 40101, but left as a non-complete, non-depreciating record.
  • When finally completed additional invoices are redistributed to 40101 with text to add to the value of the record and provide an in-use date or date of completion.
  • Multiple invoices can be redistributed on one JV, and only two accounting lines are required, one crediting 40199 and one debiting 40101.  The invoices being corrected should be listed in the text.
  • 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 would be ‘OSU Construction’ and there would be no model or serial numbers.  However, if any parts have unique numbers, these can be added as serial numbers for identification of the asset.

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 40101 account code must have text explaining what action is being taken and referencing the inventory number of the asset affected.  If an inventory number has not yet been assigned, the original Invoice number used to purchase the asset should be referenced instead.

Image - Sample Journal Voucher