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  4. 8630

ACCOUNTING FOR PROPERTY ACQUISITIONS - 8630

(Revised: 10/2020)

There are seven ways to acquire capital assets/property:

 

  1. Purchase
  2. Installment purchase/capital lease
  3. Transfer
  4. Gift
  5. Internally generate
  6. Internally construct
  7. Warranty replacement

Accounting for each method is explained in SAM sections 8631-8637.

All additions to capital assets/property, except transfers, should be recorded in the year of acquisition as current year additions. Capital assets transferred to governmental funds are recorded as adjustments to the beginning balance of the year. The information needed for the property register should be collected in the process of recording each addition. The property register should provide information such as the description, cost (including related charges), and the date of acquisition.

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