Fixed assets audit

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RAM LAL (Querist)
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07 December 2011 what is the procedure for numbering of fixed assets for audit by physically verification.

if any specified format for numbering of fixed assets, then provide me that format.

it's urgent.

your frnd
Ram

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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08 December 2011 Labelling Stickers,
Making Sheet in Excel.
Asset name - Asset Number- Owner(Using Responsible Person)

DEEPIKA GOEL

DEEPIKA GOEL (Expert)
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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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