University Accounting and Financial Reporting (UAFR) has updated existing lease account codes to ensure compliance with requirements set by the Governmental Accounting Standards Board (GASB) that will go 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.
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 that 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.
