Compilation and Maintenance of Fixed Asset Register

“Significant resources are invested in fixed assets whether they be buildings, plant and equipment, Information Technology or office interiors. Confirming that these assets physically exist, that they have not been impaired and still continue to perform their intended functions forms an integral part of an entity’s accounting for its assets.”

“Creation of and maintaining a fixed asset register together with periodic physical verification of fixed assets becomes a critical function for asset intensive entities. Failure to do this often results in over or understatement of assets in the entity’s balance sheet. Physical verification also becomes crucial when external auditors need some assurance that the assets included in the balance sheet do exist and an independent confirmation can assist in providing such assurance.”

We can create a fixed asset register based on invoices and proof of purchase, physically verify the existence of such assets, classify them into various categories, tag them for easier identification and reconcile their value with the balance sheet. We can also assist with their coding for seamless integration into the accounting records. The details can be captured in MS Excel and then imported into the accounting records of the entity.