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Fixed Asset tags - Shahzad09 - 07-08-2009 12:05 PM

Dear Experts,

How an identification tag will be placed on such capitalized item when the nature of such asset does not allow anything to be placed on it ?

For example, "large cylinders and bobins" for dyeing machine, when the cylinder is loaded in dyeing machine, the high temperature will melt any tag placed on cylinders.

Further can anyone help out and explain how intangibles can be tagged ?

Thanks !

- faisal_desperado - 07-08-2009 04:58 PM

Dear Shahzad,

When the nature of asset is such that, tagging in not possible( like, in your case or just like an intangible), there must be a way to identify each intangible asset. If nature of asset does not allow to be tagged, then identification number should be posted nearby,
However, If (assume) the software was purchased “off-the-shelf” an invoice number or sticker on the invoice would be an acceptable identification number. For software developed in-house, a property or identification number will need to be assigned once the software has been completed and is operational.

Best Regards,