Asset procurement

Procurement and Payment Services (PPS) manages the purchase of assets, especially laboratory equipment. Terms generally cover:

  • buying forward cover to reduce risk of currency fluctuations
  • down payments for high-value equipment
  • retaining a percentage of payment until commissioning is complete
  • for foreign vendors, arranging freight and customs clearance.

How to procure an asset

Purchasing an asset over the value of R15 000 involves the following steps:

  1. The procuring UCT department completes an asset form. (See 'Download' on the right.)
  2. The financial manager signs the asset form (if the equipment is being purchased from a local vendor, the signatories must sign the asset form).
  3. The assets department creates an asset on register. A payment order (PO) is also created.
  4. PPS negotiates the terms and conditions of the procurement, and sends the PO with these terms and conditions.
  5. The UCT department who placed the order receives the asset and enters the goods receipt on SAP.

Guidelines for asset procurement

For assistance in sourcing specific products, please contact the staff listed on the right.

Ensure that quotes are current and valid.

Ensure that all quotation information, especially the vendor's terms and conditions, is sent to the Assets Office.

Supply all relevant information in good time. Delays in forwarding documentation, both by departments and finance signatories, can delay the process due to an invalid quotation date, requiring renegotiation, or changes in exchange rate, impacting on the price of the equipment and often resulting in budget shortfalls.