09 December 2011
Now-a-days, fixed asset register can be maintained in the system or software itself. While uploading/entering the information first time on the software, it is required to make manual entries in the software along with the department to whom it has been issued. Later on, at the time of acquisition, the company would enter the information of the fixed asset in the software, the software would automatically generate a number to that asset. Further, you can specify the department to whom it has been issued along with the name of person responsible for that asset.
For labelling, you can print the stickers of that particular code and paste on the specific asset.
For small and medium enterprises, not maintaining fixed asset register in software, they can prepare the same on excel sheet, but in case of manual records, the chances of human error are high. Still, if we consider from the cost benefit point of view, those companies cannot afford to maintain fixed asset register in the software.
Rest of procedure would remain even in case of small and medium enterprises.
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