Procurement and Payment Services (PPS), together with the Assets Office, manages the purchase of assets, especially laboratory and other large pieces of equipment. An item is regarded as an asset when it exceeds R28 750 (incl VAT).
The following conditions normally apply when procuring an asset of high value:
- An upfront payment not exceeding 50% of the value of the piece of equipment
- Retaining a percentage of payment until commissioning is complete
In the instance of a purchase of equipment via a Foreign Vendor:
- The Foreign section (PPS) will facilitate the freight and customs clearance.
Procedures when procuring / purchasing an asset
Purchasing an asset over the value of R28 750 (incl VAT) involves the following steps:
- The requesting UCT department completes an asset form AS001.
- The Finance manager signs the asset form (Section 2) and the authorised signatories (depending on the value) sign the asset form under Section 3.
- PPS receives the signed AS001 including all the supporting documentation and vets in terms of the Threshold Policy, etc and signs off.
- The Assets Office then creates an asset on the register. A purchase order (PO) is also created.
- PPS negotiates the terms and conditions of the procurement and approves the PO with these terms and conditions.
- The Assets Office sends the PO to the Vendor.
- The Vendor delivers the asset to the requesting UCT department, who then captures the goods receipt on SAP.
Other important notes 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, forms part of the supporting documentation sent to the Assets Office and PPS.
- 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.