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- General Ledger Account Definitions
- 68xxxx: Plant and Equipment Maintenance and Repair
68xxxx: Plant and Equipment Maintenance and Repair
This series of G/L accounts should be used to record expenses of preventative maintenance or routine repairs incurred for Plant and Equipment items which were charged to the 66xxxx or 67xxxx series of G/L accounts when purchased.
These G/L accounts should also be used to record renovations, alterations and rebuilding projects if such work does not significantly extend the useful life or enhance the original value of the facility. For more information on when such work should be capitalized, refer to GAP 200.050, Plant & Equipment Capitalization.
II. G/L ACCOUNT DEFINITIONS
- The cost of general repairs and maintenance to machinery and equipment.
- Rearrangement costs, i.e., replacement foundations and reinstallation costs.
- Costs of attachments, fixtures and auxiliary devices which have a comparatively short period of effective life or which are purchased for repair or replacement purposes.
This G/L account should be charged with the cost of a hosting arrangement where Duke does not take possession of the software. The software application resides on a third-party's hardware, and Duke accesses and uses the software over the internet.