linear_scale How To

Convert a Loan to a Purchase

This page provides information on how to convert a loan to a purchase.

Convert a Loan to a Purchase

Be ready to provide an 8-digit purchase order number to the Department Property Administrator.

In instances when a purchase requisition is already entered for an accepted piece of Capital Equipment, this is how to convert this loan to a purchase:

  1. Inform the Department Property Administrator (DPA) that a loan needs to be converted to a purchase
  2. Provide the 8-digit purchase order number to the DPA

  1. Submit a Support Request, including:
    • Description explaining that a loan exists and the department would now like to purchase the capital equipment
    • The 8-digit PO number for the loan
    • Specify the Stanford-owned capital expenditure type that will replace the previously used expenditure type, if the asset is Stanford-owned
      Please refer to the Stanford-owned expenditure section of the Common Expenditure Types Used for Property and Equipment List.
  2. Select Submit
What Happens Next?
  • The Financial Support Center will forward the request to Procurement – Purchasing Services. A purchasing agent will arrange the purchase of the loaned item from the supplier.
  • The DPA will receive notice that the support request has been completed.
  • The DPA should receive or inform the user to enter receiving information in iProcurement before payment is generated. For more information, refer to How To: Receive Goods.
Last Updated: Sep 25, 2020


Back to Top