07-20-2010, 05:22 PM
Following steps should be taken in order to record assets in the best way
*Formulate a policy defining the amount that should be capitalised as asset and the amount below which i would not be capitalised rather than expensed out.( a monetary thereshold)
*tag all assets
*maintain perpetual record of all assets.
*Invoices shall documentation of alll assets shall be adequetely preserved.
*On regular Basis checking shall be done some on the basis of floor to tag and others from Tag to floor and difference if any shall be written off.
*if u follow all the above steps you wont have issues at the time of disposal
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Omeir</i>
<br />What is the best way to record the fixed assets? Some assets are easy to differentiate, for e.g Motor Vehicles because every car can be uniquely identified. However, for other assets such as computers, monitors, cupboards and assets like these, how can we uniquely record these. The problem shall arise at the time of disposal of such assets. Then it will not reflect the true and fair picture of the assets.
Would really appreciate if any one can guide me on how to uniquely record the assets.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
*Formulate a policy defining the amount that should be capitalised as asset and the amount below which i would not be capitalised rather than expensed out.( a monetary thereshold)
*tag all assets
*maintain perpetual record of all assets.
*Invoices shall documentation of alll assets shall be adequetely preserved.
*On regular Basis checking shall be done some on the basis of floor to tag and others from Tag to floor and difference if any shall be written off.
*if u follow all the above steps you wont have issues at the time of disposal
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Omeir</i>
<br />What is the best way to record the fixed assets? Some assets are easy to differentiate, for e.g Motor Vehicles because every car can be uniquely identified. However, for other assets such as computers, monitors, cupboards and assets like these, how can we uniquely record these. The problem shall arise at the time of disposal of such assets. Then it will not reflect the true and fair picture of the assets.
Would really appreciate if any one can guide me on how to uniquely record the assets.
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