Do NOT Use Account 581020 – New Account Purpose

Effective immediately, account 581020 should NOT be used to record transactions in UND Marketplace or directly in PeopleSoft Finance. The purpose of this account code was changed by NDUS and should now only be used by the UND Controller’s Office in transactions.

Account 581020 Account Names:

Prior to 7/1/2023: Equipment Rental

Starting 7/1/2023: Variable Pmnts-GASB 87 Leases

We recognize that departments will need to use an alternate account in substitution of account 581020. The Controller’s Office recommends the following options:

• 581005 Aircraft Rental Short-Term
• 581015 Equipment Rental Short Term
• 581045 IT Equipment Rental Short Term
• 581055 OfficeEquip Rental-ShortTerm
• 581060 Other Rental – Short Term

We use the term “short-term” for any contract with a contract term of 12 months or less OR that will have total contract spend of less than $25,000 over the term of the contract. Short term could also refer to a rental scenario where there IS NOT a formal contract in place and the rental is a month-to-month rental fee that is charged.

For any equipment lease/rental contract where the contract term is greater than 12 months AND the total contract spend will be $25,000 or greater over the term of the contract, the following account codes should be used to record the expense:

• 581030 Equipment Lease Principal
• 581040 IT Equipment Lease Principal

If anyone has any questions related to the change in the purpose of account 581020, please contact the Controller’s Office at und.assetmanagement@und.edu.