Property Control System Manual (PCS)

Effective: 1/27/1993

Revised: 3/1/2004

PCS 408: Receiving Lease/Purchase Equipment

Purpose

To properly receive lease/purchase equipment

Sources

Arizona Board of Regents Policy Manual - 3-607

Property Control

Purchasing and Business Services

Policy

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.

Procedure

When lease/purchase equipment is received, Property Control:

1. tags the equipment and adds it to the property control system
2. provides documentation of ASU property control numbers (ASU PC#s) to the Purchasing and Business Services buyer

   and

3. adds the equipment to the property control system.

When the fiscal year ends, Purchasing and Business Services:

1. prepares a new purchase order to extend the lease/purchase

   and

2. records in the PTEX table the ASU PC#s or the prior year purchase order number, using the new purchase order document.

Cross-Reference

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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