This procedure outlines the process for accounting for equipment trade ins.
All Georgia Tech equipment traded in must be deleted from the Asset Management System, and the replacement item must be valued correctly within the system. To accomplish this, follow the procedure outlined below.
A Trade-In Authorization Request, must be completed and forwarded to Purchasing at Mail Code 0300 when a piece of equipment is to be traded in. (Note: If a computer upgrade involves sending the existing Computer Central Processing Unit back to the vendor in exchange for another Central Processing Unit, this IS considered a trade-in.) Purchasing will forward a copy of the form to Property Control for approval. Once approved, the form will be returned to Purchasing, and a Purchase Order will be issued to the selected vendor. No further action is required by the requesting department except to coordinate the transfer of the old item and the receipt of the new item.
Instructions for completion of the form:
- Enter the name of the department initiating the trade-in.
- Enter the Georgia Tech asset tag number of the equipment.
- Enter a short description of the equipment, the serial number and the model number.
- Enter the condition of the equipment.
- Enter the acquisition date and original cost of the equipment, if known.
- Enter the amount the vendor is deducting from the cost of the new equipment for the equipment traded in.
- Enter a short description of the equipment being purchased, and the price of the new equipment.
- Enter the Document Number and Account Number used for the purchase of the new equipment.
- The form must be signed and dated by the Department Head or his/her designee. Also enter the Department requesting the trade-in.
- Mail the completed form to Purchasing at Mail Code 0300.
|08-2013||Property Control||Update to policy|