Leasing IT Equipment from Macuarie Bank

 

Interim Procedures for raising a leased Open Purchase Order in Finance One

 

 

Under Finance One there is a separate ledger purely used for the raising purchase orders for leased IT equipment, this ledger will enable an order to be raised against the vendor and at the same time direct the invoice to be sent to Macquarie for payment. It will also allow Financial Services to pay all quarterly payments to Macquarie on one cheque.

 

When Raising a Requisition/Purchase Order (under Finance One htm this is all one step) note that the equipment is to be leased and state the preferred lease term. In the case of all computers: three years (exception by consultation with Assets and Contracts Manager). To obtain quotes contact the IT Manager who services your Division. The IT Manager will also be able to provide you with standard specifications for the equipment and preferred suppliers. Please make sure your quote states that the Service Agreement and Warranty is three months longer than the term of the lease, in this case 3 years and three months.

 

In the past we asked you to mark the purchase order with a stamp that asked the Supplier to send invoices to Macquarie. This request has now been incorporated into the purchase order so all lease orders will automatically have these instructions. Therefore the need for the stamp will become obsolete.

 

Please note requisitions will be raised by the old book method until sometime next year when the work flow of Finance One is in operation.

 

 

Steps to follow within Finance One to raise an Open Purchase Order for leased IT equipment;

 

  1. Access the Purchasing Officer Transaction screen (select the My Workplaces button, then Purchasing Officer Transactions).
  2. Select the Requisitions tab.
  3. Select Blank AP Supplier Req; from the menu on the left.
  4. Location = UOC
  5. Sub Location must equal LUC or in the case of UC College, the sub location is LUCC.
  6. There is only one supplier on this ledger so far, it is Macquarie, and the supplier code is 500000. More will be added if & when necessary.
  7. While in the Header tab continue to enter appropriate details until you get to the Internal comments field and insert the details stating that it is a leased order and showing the preferred lease term. (Example 3 years for computers)
  8. Then to select the Company which you want to buy goods off, click on the Supplier Address tab & select the company name from the drop down list (please don’t select address 001, as this is Macquarie bank). This will address the purchase order accordingly. If the company you are buying the assets off isn’t on this list, please contact the IT Procurement Section in Financial Services, and they will add the address.
  9. Line Item = Non Stock.
  10. In the Description Field, as well as typing a description of the Assets being purchased, also state that the Invoice needs to show the Service Agreement & Warranty Terms.

To Add a larger Order Description than just the few characters available select the Lines Tab, then at bottom of Text area there is a arrow that once selected shows more lines you can use. By highlighting the line on the order you wish to add text to, you can add more lines to your order.

 

  1. Choose G when asked if this is a service or goods.

 

  1. Enter the quantity and unit amount GST Inclusive

 

  1. Select GL in the Ledger Code

 

  1. Select account number           Entity                           =10      (20 for UCC)

                                                            Cost Centre                 =                                                                                              Activity                       =00000                                                                                    Natural Account          =50925                       

 

  1. Process the remainder of the requisition & Purchase order like a normal Finance One order, and forward a copy of the Purchase/Requisition (Supplier quotation optional) to the IT Procurement Section, Financial Services, once it has been approved.

 

Please note;

If you need to amend a Leased purchase order, make sure that you redo step 8 because when you amend an order in Finance One it defaults the address back to 001 which is Macquarie Bank. If you do not go back to amend step 8 the order will be addressed to Macquarie Bank instead of the Company you want it to go to.

 

 

 

After Order has been raised:

 

1.     Macquarie will forward a copy of the Tax Invoice to Assets and Contracts Manager in Financial Services;

2.     The copy of the invoice will be stamped and forwarded to the area responsible so that the invoice can be checked against the equipment actually received;

3.     If satisfied that the equipment matches the invoice, approval should be authorised and returned to the IT Procurement Section in Financial Services;

4.     On return of the authorised invoice to Financial Services a Rental Agreement will be drawn up between Macquarie and The University of Canberra; and

5.     The control of the Open Order and all quarterly payments will be managed within the IT Procurement Section of Financial Services thereafter.