Fixed Asset Procedures

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.

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

Author: Lie Dharma Putra

Putra is a CPA. His last position, in the corporate world, was a controller for a corporation in Costa Mesa, CA. After spending 15 years as a nine-to-five employee, he decided to serve more companies, families and even individuals, as a trusted business advisor. He blogs about accounting, finance and tax, during his spare time, and helps accounting students (around the globe) to understand the subject matter easier , faster. Follow him on twitter @LieDharmaPutra or add him to your circle at Google Plus Lie+

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