University Accounting and Financial Reporting (UAFR) have created a series of new lease account codes in addition to updating existing lease account codes to ensure compliance with requirements set by the Governmental Accounting Standards Board (GASB) that went into effect on July 1, 2021. These updates have been integrated into both Banner and the Account Code Search application.
These lease expense account codes should only be used when all of the following conditions are met:
- The lease terms do not convey ownership rights;
- The lease term, including renewal options, is greater than one year; and
- The total payments over the term of the lease agreement sum to a value greater than or equal to $5,000.
New Account Codes
157101 - Lease Interest - Scientific and Laboratory Equipment - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of scientific and/or laboratory equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157201 - Lease Interest - Office Equipment and Furniture - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of office equipment and/or office furniture (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157301 - Lease Interest - Real Property - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of real property (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157401 - Lease Interest - Machinery and Mechanical Equipment - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of machinery and mechanical equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157501 - Lease Interest - Information Technology Equipment - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of information technology and enterprise data processing equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157701 - Lease Interest - Motor Vehicles - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of motor vehicles (including services for repair and maintenance if included in the lease agreement and if not separately billed).
157711 - Lease Interest Motor Vehicles Payment from AFS or Hospital to University Carpool Vendor - This account code is used to record lease interest payments to University Carpool for leases of motor vehicles (including services for repair and maintenance if included in the lease agreement and if not separately billed).
157801 - Lease Interest - Other Equipment Not Elsewhere Classified - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of other types of equipment which cannot be better classified under a more specific lease interest expense account code (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158301 - Lease Interest - Telecommunication Equipment - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of telecommunications equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158401 - Lease Interest - Data Communications Equipment - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of data communications equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158501 - Lease Interest - Radio Communications Equipment - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of radio communications equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158601 - Lease Interest - Other Communications Equipment Not Elsewhere Classified - Payment to Vendor - This account code is used to record lease interest payments to external vendors or other University units for leases of other types of communications equipment which cannot be better classified under a more specific lease interest expense account code (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
Updates to Existing Banner Account Codes
157100 - Lease Principal - Scientific and Laboratory Equipment - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of scientific and/or laboratory equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157200 - Lease Principal - Office Equipment and Furniture - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of office equipment and/or office furniture (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157300 - Lease Principal - Real Property - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of real property (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157400 - Lease Principal - Machinery and Mechanical Equipment - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of machinery and mechanical equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157500 - Lease Principal - Information Technology Equipment - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of information technology and enterprise data processing equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
157700 - Lease Principal - Motor Vehicles - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of motor vehicles (including services for repair and maintenance if included in the lease agreement and if not separately billed).
157710 - Lease Principal Motor Vehicles Payment from AFS or Hospital to University Carpool Vendor - This account code is used to record lease principal payments to a University carpool for leases of motor vehicles (including services for repair and maintenance if included in the lease agreement and if not separately billed).
157800 - Lease Principal - Other Equipment Not Elsewhere Classified - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of other types of equipment which cannot be better classified under a more specific lease principal expense account code (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158300 - Lease Principal - Telecommunication Equipment - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of telecommunication equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158400 - Lease Principal - Data Communications Equipment - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of data communication equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158500 - Lease Principal - Radio Communications Equipment - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of radio communication equipment (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
158600 - Lease Principal - Other Communications Equipment Not Elsewhere Classified - Payment to Vendor - This account code is used to record lease principal payments to external vendors or other University units for leases of other types of communications equipment which cannot be better classified under a more specific lease principal expense account code (including services for installation, repair/maintenance, and removal if included in the lease agreement and if not separately billed).
Contact
If you have any questions, please refer to the Lease Accounting section of UAFR's Who to Ask list.
