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Capitalization Policy. (See also Determining Costs.)
General Ledger (GL) Account Coding. Although there are many capital equipment GL Account codes available, most capital property and equipment with an acquisition value of $5,000 or more may be classified using the following accounts:
Lease/Rental Expenses. Documentation. Included with the documentation for the first rent payment should be a copy of the rental agreement detailing the terms of that agreement. Each time there is a change in a rental agreement or a renewal negotiated, a copy of the agreement should be forwarded to Accounts Payable.
Major Equipment. Some agreements for the lease of major equipment (equipment value = $5,000 or more) actually constitute an installment purchase of that equipment called a "capital lease." Copies of all new lease agreements for major equipment should be forwarded to Accounts Payable so that a determination may be made whether to treat the acquisition as capital outlay, which must be added to the fixed asset inventory and the acquisition value depreciated over the life of the equipment.