Does your unit sell supplies, merchandise, or some other type of tangible property through a self-supporting or service plan fund?
If so, remember to use account code 187100: Purchase of Goods for Resale when making purchases to restock your inventory for resale. This will help ensure that the expense is properly reported for financial statement purposes.
- For example, if a unit has a storeroom operation where they sell scientific and laboratory supplies to other university units, then the 187100: Purchase of Goods for Resale account code needs to be used when purchasing additional supplies 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.
