Frequently Asked Questions
What happens to the funds from a sale or a vendor returned credit?
It is important that departments follow these procedures, when depositing funds from the sale of a piece of equipment:
- When a department sells an Asset directly and NOT through Surplus Sales the money should be deposit to the department operation account and credit the M&S object code. If the Asset was procured on a sponsored account (e.g. 53xxx) the Account MUST be terminated at the time of sale. The person responsible for the equipment, should log into CAMS and retire the item as “SOLD” and enter all the required information.
- Assets acquired with non sponsored account (s) (e.g. 11xxx, 12xxx accounts).
- Departments cannot sell equipment acquired with sponsored funds prior to the account terminating. Please contact Equipment Management for guidance prior to selling any equipment.
It is important that departments follow this procedure, when depositing funds obtained from a credit given by the vendor:
- When a credit is received from a vendor on a returned item, the refund should be deposited back to the same account and object code used on the original Purchase order. Departments cannot deposit the refund into the M&S object code, as the expenditure needs to be reconciled.
See Equipment Management Policy, page 17: Disposal.