This procedure outlines the process for accounting for equipment trade ins.
All Georgia Tech equipment traded in must be deleted from Workday, 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 via ServiceNow prior to submitting a requisition when a piece of equipment is to be traded in. Purchasing will forward a copy of the completed form to Property Control for approval. Once approved, the Cost Center will attache the form to the Workday Requisition. 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 Cost Center 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 Cost Center Head or his/her designee.
- Send the completed form to Purchasing via ServiceNow.
|11-2020||Property Control||Editorial updates to align with Workday|
|08-2013||Property Control||Update to policy|