University Accounting and Financial Reporting (UAFR) has updated existing finance purchase (formerly capital leases) 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.
The finance purchase expense account codes should only be used when, the contract terms transfer ownership of an underlying asset and do not contain a termination option.
Updates to Existing Banner Account Codes
169010 - Finance Purchase Office Equipment - Principal - This account code is used to record the principal portion of office equipment finance purchase agreements. A finance purchase agreement conveys equipment ownership rights to the University.
169011 - Finance Purchase Office Equipment - Interest - This account code is used to record the interest portion of office equipment finance purchase agreements. A finance purchase agreement conveys equipment ownership rights to the University.
169020 - Finance Purchase Telecommunication Equipment - Principal - This account code is used to record the principal portion of telecommunication equipment finance purchase agreements. A finance purchase agreement conveys equipment ownership rights to the University.
169021 - Finance Purchase Telecommunication Equipment - Interest - This account code is used to record the interest portion of telecommunication equipment finance purchase agreements. A finance purchase agreement conveys equipment ownership rights to the University.
169030 - Finance Purchase Other Equipment - Principal - This account code is used to record the principal portion of equipment finance purchase agreements not classified under a different code. A finance purchase agreement conveys equipment ownership rights to the University.
169031 - Finance Purchase Other Equipment - Interest - This account code is used to record the interest portion of equipment finance purchase agreements not classified under a different code. A finance purchase agreement conveys equipment ownership rights to the University.
169040 - Finance Purchase Information Technology Equipment - Principal - This account code is used to record the principal portion of IT/EDP equipment finance purchase agreements. A finance purchase agreement conveys equipment ownership rights to the University.
169041 - Finance Purchase Information Technology Equipment - Interest - This account code is used to record the interest portion of IT/EDP equipment finance purchase agreements. A finance purchase agreement conveys equipment ownership rights to the University.
169050 - Finance Purchase Real Property Improvements Principal - This account code is used to record the principal portion of finance purchase agreements for real property improvements other than buildings. A finance purchase agreement conveys ownership rights to the University.
169051 - Finance Purchase Real Property Improvements -Interest - This account code is used to record the interest portion of finance purchase agreements for real property improvements other than buildings. A finance purchase agreement conveys ownership rights to the University.
169060 - Finance Purchase Building - Principal - This account code is used to record the principal portion of building finance purchase agreements. A finance purchase agreement conveys ownership rights to the University.
169061 - Finance Purchase Building - Interest - This account code is used to record the interest portion of building finance purchase agreements. A finance purchase agreement conveys ownership rights to the University.
169070 - Finance Purchase Land - Principal - This account code is used to record the principal portion of land finance purchase agreements. A finance purchase agreement conveys ownership rights to the University.
169071 - Finance Purchase Land - Interest - This account code is used to record the interest portion of land finance purchase agreements. A finance purchase agreement conveys ownership rights to the University.
Contact
If you have any questions, please refer to the Lease Accounting section of UAFR’s Who to Ask list.
