[CAFR-Contacts-News] OAM Update - Installment Purchase Contracts

[ROSS Kathryn * SCD SARS]

Hello CAFR Accountants,

 

The following updated policies have been posted to the Oregon Accounting
Manual (OAM). The effective date for the updates is March 1, 2010.
These updates involve minor housekeeping changes only.

 

1.       OAM 15.60.10 - Capital Assets (Classification and
Capitalization)

 

*	Paragraph 124 - Added a reference to direct readers to an
example of how to account for an installment purchase contract.

 

2.       OAM 15.60.40 - Intangible Assets

 

*	Paragraph 137 - Added an example with GL accounts and T-codes of
how to account for an installment purchase contract, such as a software
licensing agreement.

 

3.       OAM 60.10.00 - General Ledger Accounts

 

*	Updated the definitions of:

        GL account 1280, Lease-Purchase Contracts Payable-Current

       GL account 1715, Lease-Purchase Contracts Payable-Noncurrent

 

Please contact you SARS analyst if you have any questions.

 

Thanks,
Kathy

 

 

Kathryn Ross

Statewide Accounting & Reporting Manager

Oregon State Controller's Division

155 Cottage Street NE, U-50

Salem, OR 97301

Phone:  (503) 373-7277, ext 253

Fax:  (503) 378-3514

http://oregon.gov/DAS/SCD/SARS <http://oregon.gov/DAS/SCD/SARS> 

 

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