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Effective: 1/27/1993

Revised: 3/1/2004

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[ASU logo] PCS 408: Receiving Lease/Purchase Equipment

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Purpose
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To properly receive lease/purchase equipment

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Sources
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Arizona Board of Regents Policy Manual - 3-607
Property Control
Purchasing and Business Services

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Policy
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Lease/purchase equipment is tagged and added to the university property control system. The installment payments are added to the asset record as they are made.

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ProcedureD
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Responsibility
Action
When lease/purchase equipment is received:
Property Control
  1. Tag the equipment and add it to the property control system.
  2. Provide documentation of ASU property control numbers (ASU PC#s) to the Purchasing and Business Services buyer.
  3. Add the equipment to the property control system.
When the fiscal year ends:
Purchasing and Business Services
  1. Prepare a new purchase order to extend the lease purchase.
  2. Record in the PTEX table the ASU PC#s or the prior year purchase order number, using the new purchase order document.
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Cross-Reference
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For more information on lease and purchase methods, see the Purchasing and Business Services Policies and Procedures Manual—PUR 602–01, “Lease vs. Buy Considerations.”

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