ENTRY NO. A–7, ADJUST CAPITAL ASSET ACCOUNTS FOR UNSOLD SURVEYED EQUIPMENT - 10606

(Revised: 06/2023)

Purpose: To accrue the estimated sales value of surveyed capital assets as an abatement to the appropriation expenditures account of the fiscal year just ended and to dispose of the capital asset. This entry is made only for those capital assets that were budgeted to be traded-in during the fiscal year and have been surveyed but are still on hand pending sale in lieu of trade-in. This entry is semi-reversed in the new fiscal year. See SAM Section 10607.

 

References: SAM Sections 8366, 8640, 8641, and 10538

 

Record Equipment Surveyed and Held for Sale

Debit/ Credit	Account	Legacy Account	Account Description	Note
Debit	1904000	2740	Inventory of Surveyed Equipment	a
Credit	5xxxxxx	9000	Appropriation Expenditures	a

 

Note:

1. Estimated amount of sales proceeds for surveyed equipment not yet sold by June 30.

Remove Surveyed Equipment

Debit/ Credit	Account	Legacy Account	Account Description	Note
Debit	3200000	5200	Investment in Capital Assets	a
Credit	16xxxxx	2xxx	Capital Assets	a

 

Note:

Agencies/Departments deferred/exempt from using FI$Cal will adjust the accounts in the Capital Assets Group of Accounts. Agencies/Departments using FI$Cal will adjust the accounts in the Departmental Adjustment Ledger.