Does your unit purchase goods (such as merchandise, supplies, books, publications, or some other type of tangible property) which are intended for resale purposes and which will not be consumed in University of Illinois System operations?
If so, remember to use account code 187100: Purchase of Goods for Resale when making these purchases. This will help ensure that the related expense is properly classified for financial statement reporting purposes.
- For example, if a unit has a storeroom operation where they sell scientific and laboratory supplies to other UI System units, then the 187100: Purchase of Goods for Resale account code should be used when making additional purchases of these items held for resale.
- However, if that same unit is purchasing scientific and laboratory supplies to utilize in their daily research operations, then a consumable supplies account code would need to be used instead, such as 124000: Scientific and Laboratory Supplies .
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For questions related to this topic, refer to the Account Codes section of UAFR’s Who to Ask list.
