Connect with us

Accounting

Fixed Asset Procedures

Published

on

To be able to control fixed assets, it requires a proper, yet clear procedures to define on how the fixed assets are valued and recorded. Such procedures should contains at least: (1) what steps are required to both value and record certain fixed assets; (2) who conducts the steps; (3) who reviews and confirm that all steps have been performed properly; and (4) who approve all those final records.

Advertisement

Here are fixed assets procedures to be created and maintained:

(1) Fixed Asset Purchase (Capital Used) Procedure; (2) Fixed Asset Payment Procedure; (3) Depreciation Procedure; (4) Fixed Assets Impairment Procedure; and (5) Fixed Asset Audit Procedure

Read also: Fixed Asset Policies

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *




Are you looking for easy accounting tutorial? Established since 2007, Accounting-Financial-Tax.com hosts more than 1300 articles (still growing), and has helped millions accounting student, teacher, junior accountants and small business owners, worldwide.

Trending