Chart of Accounts - Account Description


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Assets

An asset is recognised when it is probable that the future economic benefits of the asset will eventuate and it has a cost that can be measured reliably.

Non Current Assets are items of future economic benefit which are intended to be retained by the business beyond the current accounting period for the purpose of earning revenue.

For detailed information on Fixed Assets see Chapter 8 of the Financial Management Practice and Procedure Manual.

Unless otherwise stated all Asset Accounts are for the use of Corporate Finance staff only.

NON CURRENT ASSETS

0501 ACCRUED REVENUE NON-CURRENT

This account is used to record a right held by the University to revenue, when the income has not yet been received, it is not expected to be received within the next year and it is not appropriate to raise an invoice. For example established amounts under a royalty agreement covering a number of years.

0555 INVESTMENTS (QIC) > ONE YEAR (AT COST)

The amount transferred from 0556- Investments > One Year-Gain/Loss (Current Year) as part of year end close off.

0556 INVESTMENTS > ONE YEAR - GAIN/LOSS (CURRENT YEAR)

To record the gain or loss, distributions and managed fees incurred in the current year, on long term investments.

0557 INVESTMENTS (QIC) > ONE YEAR - TRANSFERS (CURRENT YEAR)

To record transfers, in the current year, to or from investments which are expected to be held for greater than one year.

0560 INVESTMENT IN GENECO PTY LTD

To record the value of the shareholding in QUT's subsidiary company GeneCo Pty Ltd.

0561 PROVISION FOR DIMINUTION-GENECO PTY LTD

To record the diminution in the value of the shareholding in QUT's subsidiary company GeneCo Pty Ltd.

0562 FUNDS HELD IN ESCROW/DEPOSITS

This account represents financial assets held by third parties due to be repaid to the University.

0565 INVESTMENTS IN COMPANY SHARES (AT COST)

The amount transferred from 0567 Investments in Company Shares (Current Year) as part of year end close off. The balance of the account reflects the University's investment in company shares in prior years.

0566 PROVISION FOR DIMUNITION IN COMPANY SHARES (AT COST)

The amount transferred from 0568 Provision for Diminution in Company Shares (Current Year) as part of year end close off. The balance of the account reflects the total value of investment in company shares required to be diminished in prior years.

0567 INVESTMENTS IN COMPANY SHARES (CURRENT YEAR)

This account represents the value of shares in companies external to the University acquired in the current year.

0568 PROVISION FOR DIMINUTION IN COMPANY SHARES (CURRENT YEAR)

This account represents the diminution in value, in the current year, of shares in companies held by the University.

0571 PLANT & EQUIPMENT UNDER A FINANCE LEASE (GREATER THAN ONE YEAR)

To record plant and equipment held by the University under the terms and conditions of a Finance Lease.

0572 ACCUMULATED AMORTISATION - PLANT & EQUIPMENT UNDER FINANCE LEASE

To take up the total value of amortisation expense over the life of the asset.

0605 LAND (AT COST)

The amount transferred from 0615 Land (Current Year) as part of year end close off. The balance of the account reflects the total cost of land purchased in prior years which has not yet been valued or indexed according to the requirements of Accounting Standards.

0607 LAND AT FAIR VALUE

The amount transferred from 0605 Land (At Cost) plus the increase in value of the land, when the land is valued or indexed according to the requirements of Accounting Standards.

0610 LAND AT UNIMPROVED VALUE

The cost of land purchased which has not been valued or indexed according to the requirements of AIFRS.

0615 LAND (CURRENT YEAR)

Land purchased in the current year.

Account may be used by Division of Administrative Services.

0620 BUILDINGS UNDER CONSTRUCTION (AT COST)

The amount transferred from 0621 Buildings Under Construction (Current Year) as part of year end close off. The balance of the account represents the total value of capitalised construction from prior years and the building is not yet complete.

0621 BUILDINGS UNDER CONSTRUCTION (CURRENT YEAR)

To take up the capitalisation of expenditure incurred in the current year for Buildings under construction.

Account may be used by Division of Administrative Services.

0625 BUILDINGS (AT COST)

The amount transferred from 0650 Buildings (Current Year) as part of year end close off. The balance of the account represents the total value of buildings purchased or completed in prior years that have not yet been valued or indexed according to Accounting Standards.

0626 ACCUMULATED DEPRECIATION BUILDINGS (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0630 HERITAGE BUILDINGS

To take up the total value of buildings owned by the University which have been heritage listed.

0631 ACCUMULATED DEPN HERITAGE BUILDINGS

To take up the total value of depreciation expense over the life of the asset.

0645 BUILDINGS AT INDEPENDENT VALUATION

The amount transferred from 0625 Buildings (At Cost) plus the increase in value of buildings, when buildings are valued or indexed according to the requirements of Accounting Standards.

0646 ACCUMULATED DEPRECIATION BUILDINGS AT IND VALUE

To take up the total value of depreciation expense over the life of the asset.

0650 BUILDINGS (CURRENT YEAR)

The value of buildings purchased or completed construction in the current year.

This account may be used by the Division of Administrative Services.

0651 LEASEHOLD IMPROVEMENTS (CURRENT YEAR)

To take up the value of leasehold improvements under construction, completed in the current year.

0652 LEASEHOLD IMPROVEMENTS (AT COST)

The amount transferred from 0651 Leasehold Improvements (Current Year) as part of year end close off. The balance of the account represents the total value of leasehold improvements which have completed construction in prior years.

0655 BUILDINGS AT VALUATION (COMPLEX)

To take up the total value of a building, when a building has been valued as a complex asset according to the requirements of Accounting Standards.

0656 ACCUMULATED DEPRECIATION BUILDINGS AT VALUATION (COMPLEX)

To take up the total value of depreciation expense over the life of the asset.

0657 LEASEHOLD IMPROVEMENTS UNDER CONSTRUCTION (AT COST)

The amount transferred from 0659 Leasehold Improvements Under Construction (Current Year) as part of year end close off. The balance of the account represents the total value of leasehold improvements capitalised in prior years which have not yet completed construction.

0658 ACCUMULATED DEPRECIATION - LEASEHOLD IMPROVEMENTS (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0659 LEASEHOLD IMPROVEMENTS UNDER CONSTRUCTION (CURRENT YEAR)

The account is used to record the capitalisation of expenditure incurred in the current year to construct leasehold improvements.

Leasehold improvements arise from QUT entering into an external leasehold agreement as a tenant and improvements being undertaken to the rented premises by QUT.

0660 MOTOR VEHICLES (AT COST)

The amount transferred from 0690 Motor Vehicles (Current Year) as part of year end close off. The balance of the account represents expenditure incurred on vehicles purchased in prior years.

0661 ACCUMULATED DEPRECIATION MOTOR VEHICLES (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0665 COMPUTING EQUIPMENT (AT COST)

The amount transferred from 0691 Computing Equipment (Current Year) as part of year end close off. The balance of the account represents expenditure incurred on computing equipment purchased in prior years.

0666 ACCUMULATED DEPRECIATION COMPUTING EQUIP (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0667 SOFTWARE PURCHASED > $100,000 (AT COST)

The amount transferred from 0694 Software Purchased (Current Year) as part of year end close off. The balance of the account represents expenditure incurred on Software Purchased > $100,000 purchased in prior years.

0668 SOFTWARE UNDER CONSTRUCTION (AT COST)

The amount transferred from 0672 Software Under Construction (Current Year). as part of year end close off. The balance of the account represents the capitalisation of the expenditure incurred to construct software in prior years and the Software is not yet complete.

0669 ACCUMULATED DEPRECIATION SOFTWARE PURCHASED (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0672 SOFTWARE UNDER CONSTRUCTION (CURRENT YEAR)

The account is used to record the capitalisation of expenditure incurred in the current year to construct software.

0675 OTHER PLANT & EQUIPMENT (AT COST)

The amount transferred from 0692 Other Plane & Equipment (Current Year) as part of year end close off. The balance of the account represents expenditure incurred on other plant & equipment purchased in prior years.

0676 ACCUMULATED DEPRECIATION PLANT & EQUIP (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0677 OTHER PLANT & EQUIPMENT UNDER CONSTRUCTION (AT COST)

The amount transferred from 0678 Other Plant & Equipment Under Construction (Current Year) as part of year end close off. The balance of the account represents the value of expenditure incurred to construct other plant & equipment capitalised in prior and the other plant and equipment is not yet complete.

0678 OTHER PLANT & EQUIPMENT UNDER CONSTRUCTION (CURRENT YEAR)

To take up the capitalisation of expenditure incurred in the current year to construct other plant & equipment.

0682 SOFTWARE INTERNALLY GENERATED > $100,000 (AT COST)

The amount transferred from 0695 Software Internally Generated (Current Year) as part of year end close off. The balance of the account represents expenditure incurred on Software Internally Generated > $100,000 purchased in prior years.

0683 ACCUMULATED DEPRECIATION SOFTWARE INTERNALLY GENERATED (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0690 MOTOR VEHICLES (CURRENT YEAR)

The total gross value of motor vehicles purchased in the current year for more than $5,000.

Trade-In recoveries are not offset against the purchase price of the motor vehicle but receipted to account code 2507 Trade-In Allowance Plant & Equipment > $5000.

This account may be used by all Faculties, Divisions and Institutes.

0691 COMPUTING EQUIPMENT (CURRENT YEAR)

Computing equipment purchased, in the current year, for more than $5,000 per asset.

This account may be used by all Faculties, Divisions and Institutes.

0692 OTHER PLANT & EQUIPMENT (CURRENT YEAR)

Other plant and equipment purchased, in the current year, for more than $5,000 per asset.

This account may be used by all Faculties, Divisions and Institutes.

0694 SOFTWARE PURCHASED > $100,000 (CURRENT YEAR)

Software purchased, in the current year, for more than $100,000. All software where value is less than $100,000 should be coded to account 4109.

This account should only be used for Single User or Corporate System Licences with the permission of the Senior Finance Officer (Assets) in Corporate Finance.

This account may be used by all Faculties, Divisions and Institutes.

0695 SOFTWARE INTERNALLY GENERATED > $100,000 (CURRENT YEAR)

Software internally generated, in the current year, for more than $100,000. For Purchased Software > $100,000 refer to account 0694. All software where value is less than $100,000 should be coded to account 4109.

0700 LIBRARY COLLECTIONS (CURRENT YEAR)

This account is used to record changes in the library collection in the current year due to growth or withdrawal.

The QUT Library collection consists of monographs, audio-visual items, subscriptions Law Library monographs and periodicals.

0701 LIBRARY COLLECTIONS HERITAGE (CURRENT YEAR)

This account is used to record changes in the QUT Theses (closed stack collections) in the current year.

This account is to be used by the Division of Finance and Resources Planning only.

0704 LIBRARY COLLECTIONS HERITAGE (AT COST)

The amount transferred from 0701 Library Collections Heritage (Current Year) as part of the year end close off. The balance of the account plus the balance in 0701 Library Collections Heritage (Current Year) represents the value of the heritage collection for the Library.

For more detailed information see Chapter 8(D) of the QUT Financial Management Practice and Procedures Manual.

0705 LIBRARY COLLECTIONS (AT COST)

The amount transferred from 0700 Library Collections (Current Year) as part of year end close off. The balance of the account plus the balance in 0700 Library Collections (Current Year) represents the value of library collection.

0706 ACCUMULATED DEPRECIATION LIBRARY COLLECTIONS (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0720 ART COLLECTION (AT COST)

The amount transferred from 0727 Art Collection (Current Year) as part of year end close off. The balance of the account represents the cost of the Art Collection purchased in prior years which have not yet been valued or indexed as per the requirements of Accounting Standards.

0725 ART COLLECTION AT DIRECTORS' VALUATION

The amount transferred from 0720 Art Collection (At Cost) plus the increase in value of the Art Collection, when valued or indexed according to the requirements of Accounting Standards.

0727 ART COLLECTION (CURRENT YEAR)

All individual artworks purchased in the current year.

This account may be used by Division of International and Development.

0730 LAND IMPROVEMENTS UNDER CONSTRUCTION (AT COST)

The amount transferred from 0731 Land Improvements Under Construction (Current Year) as part of year end close off. The balance of the account represents the total value of land improvements under construction capitalised in prior years which have not yet completed construction.

Land Improvements are long-life attachments to parcels of land that increase the land's usefulness or value, have a limited useful life and are depreciated.

0731 LAND IMPROVEMENTS UNDER CONSTRUCTION (CURRENT YEAR)

To take up land improvements constructed in the current year.

0734 LAND IMPROVEMENTS (CURRENT YEAR)

To take up land improvements purchased (as is) in the current year.

0735 LAND IMPROVEMENTS (AT COST)

The amount transferred from 0734 Land Improvements (Current Year) as part of year end close off. The balance of the account represents expenditure incurred on land improvements purchased in prior years.

0736 ACCUMULATED DEPRECIATION LAND IMPROVEMENTS (AT COST)

To take up the total value of depreciation expense over the life of the asset.

0738 LAND IMPROVEMENTS AT VALUATION (COMPLEX)

To take up the total value of land improvements, when the land improvement has been valued as a complex asset according to the requirements of Accounting Standards.

0739 ACCUMULATED DEPRECIATION LAND IMPROVEMENTS AT VALUATION (COMPLEX)

To take up the total value of depreciation expense over the life of the asset.

0740 LAND IMPROVEMENTS AT VALUATION

The cost of land improvements plus the increase/decrease in value of the land improvements, when the land improvement is valued or indexed according to the requirements of AIFRS.

0741 ACCUMULATED DEPRECIATION LAND IMPROVEMENTS AT VALUATION

Accumulated depreciation on land improvements plus the increase/decrease in value of the land improvements, when the land improvement is valued or indexed according to the requirements of AIFRS.