From Financial Accounting: Capitalization of Moveable Equipment
- October 10th, 2024
- in Uncategorized
Effective October 1, 2024, and in accordance with federal regulations, the threshold for capitalization of moveable equipment will increase from an acquisition value of $5,000 to an acquisition value of $10,000. In Banner and Concur, account names will change to reflect the increased threshold. Please be aware of this change and use the correct account codes in Concur or when processing a journal entry. For example, if previously your department purchased a piece of furniture for $7,500 you would have coded to 791205 Furniture over $5,000, now this purchase will be coded to 71230 Furniture under $10,000.