Does your unit purchase goods for resale purposes? Examples could include merchandise, supplies, books, publications, or some other type of tangible property that is purchased for resale to customers as a part of a self-supporting or service plan operation.
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 purchasing these resale items.
- However, if that same unit is purchasing scientific and laboratory supplies to consume 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.
