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- General Ledger Account Definitions
- 67xxxx: Plant and Equipment - Minor Acquisitions
67xxxx: Plant and Equipment - Minor Acquisitions
Plant and equipment refers to tangible property which has an estimated life of at least two years. If the cost of a piece of movable equipment is less than $5,000, it is considered a "Minor Acquisition" and should be charged to this series of G/L accounts.
If the item cost $5,000 or more, charge a G/L account in the 66xxxx, Plant and Equipment Acquisitions to be Capitalized series.
For the guidelines on the capitalization criteria of fixed assets, refer to GAP 200.050, Plant & Equipment Capitalization.
For additional guidance on the most appropriate G/L account to use for expenses within this range, please review the Recommended G/L Accounts for Common Purchases Matrix.
II. G/L ACCOUNT DEFINITIONS
- Roads, sidewalks, bridges, tunnels, trestles, parking lots, guard railings, etc. intended for pedestrian, vehicle or storage use; also, the first cost of metal standards, poles, brackets, fixtures and wiring for outside lighting of these facilities
- Fences, including lighting fixtures and wiring which are an integral part thereof
- Applicable architectural engineering, drafting and other expert services; and the cost of clearing, excavating, filling and grading applicable to the construction of facilities charged to this G/L account
- Expenditures for initial landscaping - including initial seeding and top soil; initial sodding, trees and shrubs; and artificial lakes, dams, dikes and retaining walls.
- Expenditures for reseeding or resodding (charge G/L account 680200)
- Expenditures for repairing or repaving roads, sidewalks, etc. (charge G/L account 680200)
- Expenditures for parking apparatus such as ticket gates (charge G/L account 672500)
- Extraordinary cost incidental to the erection of a building, such as those due to strike, flood, fire or other casualty (charge appropriate expense G/L account)
- Cost of incomplete construction that is subsequently abandoned, including cost of demolition of such partially completed construction and related clean up
- Expenditures for demolishing a building or structure or removing the facility from the property tax roll (charge appropriate G/L account)
- The cost of license and registration fees, batteries, tires, or other repair/replacement parts purchased other than as an initial part of the vehicle (charge appropriate expense G/L account)
- Any expenditures made after the initial purchase of the vehicle such as toolboxes, large racks, etc. (charge G/L account 665000 or 675700).