"Commodity Codes" are broad categories of expenditures types that are tied to a specific account. The accounts provide important information regarding the nature of the item being recorded. For example, if a requisition is created to hire a consultant, the commodity code CONSULT should be entered in the commodity field then the specific account will automatically be populated when you move to the accounting information block. You can always add more specific information in the description field.
In order to comply with existing accounting pronouncements and various laws, the university must be able to sort and report expenses by classification. The use of "commodity codes" and "accounts" provides compliance with these requirements
Below is a list of the most commonly used object codes (for a complete list please contact
Ken Johnston in the Controller's Office at
johnston@iit.edu).
| |
Category |
|
|
| |
Title |
Account |
Commodity Code |
| |
Supplies |
| |
Office Supplies |
7151 |
OFFSUP |
| |
Computer Supplies |
7152 |
COMPSUP |
| |
Paper |
7153 |
PAPER |
| |
Custodial Supplies |
7154 |
CUSTSUP |
| |
Lab supplies |
7156 |
LABSUP |
| |
Athletic supplies |
7157 |
ATHLSUP |
| |
Paint and Painting Supplies |
7158 |
PAINTSUP |
| |
Small Office Machines |
7159 |
SMOFFICE |
| |
Mailing Services |
| |
Postage |
7171 |
POSTAGE |
| |
Shipping |
7172 |
SHIPPING |
| |
Messenger Service |
7173 |
MESSENGER |
| |
Telecomunications |
| |
Telephone Equipment Maintenance |
7181 |
TELEQMNT |
| |
Teleconferencing |
7182 |
TELECONF |
| |
Line Charges |
7183 |
LINE |
| |
Local Calls |
7184 |
LOCALCALL |
| |
Long Distance |
7185 |
LONGCALL |
| |
Beeper Charges |
7187 |
BEEPER |
| |
Cell Phone charges |
7189 |
CELL |
| |
Wiring |
7190 |
WIRING |
| |
Equipment and Maintenance |
| |
Office Equipment < $2,500 |
7251 |
OFFEQUIP |
| |
Equipment Maintenance Agreements |
7253 |
EQUIPMNTCE |
| |
Equipment Leases |
7254 |
EQUIPLEAS |
| |
Copier Program |
7255 |
COPIER |
| |
Grant and Contract Specific |
| |
Subcontracts |
7271 |
SUBCONT |
| |
Participant Support |
7283 |
PARTIC |
| |
Administrative Services |
| |
Insurance |
7301 |
INSUR |
| |
Real Estate Taxes |
7305 |
RETAX |
 |
Events |
| |
Catering |
7331 |
CATER |
| |
Rental Event Equipment |
7332 |
EVEEQUIP |
| |
Rental Event Space |
7333 |
EVESPACE |
| |
Service and Recognition
Awards |
7334 |
AWARD |
| |
Professional Development |
| |
Memberships and Associations Dues |
7361 |
DUES |
| |
Training Materials |
7362 |
TRNGMAT |
| |
Subscriptions |
7363 |
SUBSCR |
| |
Bookstore |
7364 |
BKSTR |
| |
Software |
| |
Software < $25,000 |
7381 |
SOFTWR |
| |
Software Licenses |
7382 |
SOFTLIC |
| |
Travel and Conferences |
| |
Domestic Airfare |
7401 |
DOMAIR |
| |
Car Rental |
7402 |
CARRENT |
| |
Hotel |
7403 |
HOTEL |
| |
Meals |
7404 |
MEALS |
| |
Mileage Reimbursement and Tolls |
7405 |
MILEAGE |
| |
Parking and Train,Taxi or Limo Fare |
7406 |
LOCTVL |
| |
Conference Registation fees |
7407 |
REGISTER |
| |
Foreign Airfare |
7408 |
FORAIR |
| |
Business Entertainment |
7409 |
ENTERTAIN |
| |
Printing and Reproductions |
| |
Printing Services |
7451 |
PRNTNG |
| |
Print Production |
7453 |
PRNTPROD |
| |
Design and Layout |
7454 |
DESIGN |
| |
Operations and Maintenance |
| |
Building Repairs and maintenance |
7106 |
BLDGREP |
| |
Elevator Maintenance |
7107 |
ELEVMNTCE |
| |
Grounds and Landscaping |
7108 |
GROUNDS |
| |
Facilitity Rental Expense |
7110 |
FACRENT |
| |
Janitorial Services |
7111 |
JANITOR |
| |
Painting Services |
7112 |
PAINTING |
| |
Plumbing Services |
7113 |
PLUMB |
| |
Campus Security Services |
7114 |
SECSERV |
| |
Transportation Services |
7115 |
TRANSPORT |
| |
Mechanical Services |
7116 |
MECHSVC |
| |
Disposal Services |
7117 |
DISPSVC |
| |
Exterminating Services |
7118 |
EXTERMIN |
|
Library Materials |
| |
Books |
7461 |
BOOKS |
| |
Journals |
7462 |
JOURNALS |
| |
Binding |
7463 |
BINDNG |
| |
Professional Fees and Adverstising |
| |
Consultants |
7506 |
CONSULT |
| |
Accounting Fees |
7507 |
ACCFEES |
| |
Legal Fees |
7508 |
LEGAL |
| |
Temporary Agencies |
7509 |
TEMPAGNCY |
| |
Professional Fund Raising |
7510 |
FUNDRAIS |
| |
Other Professional Services |
7511 |
OTHSVCS |
| |
Lobbyist Expense |
7515 |
LOBBY |
| |
Advertising: Recruitment |
7512 |
RECRUIT |
| |
Advertisement Placement |
7513 |
ADPLACE |
| |
Used for Fix Assets Only |
Capital Equipment > $2,500 |
| |
Automobiles |
7256 |
AUTO |
| |
Audio Visual Equipment |
7256 |
AVEQUIP |
| |
Classroom Equipment |
7256 |
CLRMEQUIP |
| |
Computer Equipment |
7256 |
COMPEQUIP |
| |
Electronic Equipment |
7256 |
ELECTRONIC |
| |
Furniture |
7256 |
FURN |
| |
Farm/Lawn/Garden Equipment |
7256 |
GRDSEQUIP |
| |
Graphic Arts Equipment |
7256 |
GREQUIP |
| |
Kitchen Equipment |
7256 |
KITCHEQUIP |
| |
Laboratory Equipment 10 yrs |
7256 |
LABEQUIP10 |
| |
Laboratory Equipment 5 yrs |
7256 |
LABEQUIP5 |
| |
Library Equipment |
7256 |
LIBEQUIP |
| |
Maintenance Equipment |
7256 |
MAINTEQUIP |
| |
Metalworking Equipment |
7256 |
METALEQUIP |
| |
Photographic Equipment |
7256 |
PHOTEQUIP |
| |
Recreational Equipment |
7256 |
RECREQUIP |
| |
Computer Servers |
7256 |
SERVERS |
| |
Woodworking Equipment |
7256 |
WWEQUIP |
| |
X-Ray Equipment |
7256 |
XRAYEQUIP |
| |
|
|
Capital Software > $25,000 |
| |
Capital Software |
7383 |
CAPSOFT |
| |
Equipment and Maintenance |
| |
Art Gift |
7256 |
ART |
| |
Athletic/Physical Ed Equipment |
7256 |
ATHLEQUIP |
| |
Capital Buidling Improvements |
| |
Capital Buidling Improvements |
7257 |
BLDGIMPR |
| |
|
| |
|
| |
|
