Fixed Assets Register!!!

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2010 What are the do's and dont's in Fixed Asset Register
For example
Do's - Every asset should be having GRN

Dont's - Without the approval of Finance manager the place of fixed assets should not be altered.

Thanks in advance...

Rahul Gupta

Rahul Gupta (Expert)
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25 May 2010 Some of the contents which are to be included (illustrative only) in Fixed Assets Register are >

1. Purchase Value
2. Special Expenses incurred for Installation and put to use necessary to make the asset ready to use.
2. Date of purchase of asset.
3. Date of put to use.
4. The depreciation value (including accumulated depreciation and yearly depreciation)and method of depreciation.
5. The record of additional purchase of any assets during the year.
6. Any capital expenditure to be incurred on the asset for repair and maintenance of capital nature.
7. The shifts for which the asset is use in order to avail depreciation on assets on which it is available

One important Don;t is that the person maintaing Fixed Asset register and the person having the fixed asset physical access should not be the same.

CA Shiv

CA Shiv (Expert)
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26 May 2010 every asset shoould have some location code in the register so at the time of asset verification it is easy to find the assets..

Take finance manager approval for assets movements... and sell too..

Message likes : 1 times

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