Fixed Asset Register
Fixed Asset Register
This involves the design of a coding system and the fixing of the codes on properties. Codes are fixed by freehand, stencil, Dymo print or Computerized Electronic Bar Codes according to client’s financial capacity. It involves inventory control by verifying, listing and preparation of inventory cards to control fixed assets movements.
Moreover, it involves the preparation of a fixed assets register using an existing or designing a customized Fixed Assets Register Software. The Fixed Asset Register prepared by normally has the following entries:
- Asset description/details
- Asset Quantity
- Asset Existing Reference/Code Number
- Asset New Reference /Code number
- Asset location,
- Assets Observed Condition
- Asset Historical Cost
- Feasibility studies
- Asset Current Replacement Cost
- Asset Depreciated Replacement Cost
- Asset Useful Life Span
- Annual Depreciation Rate
- Annual Depreciation Expense
- Ownership Status
- General Remarks
We understand that, reconciling fixed assets with client’s financial records is critical to improving financial performance, maintaining the integrity of client’s asset information, and improving asset management initiatives.