At a minimum, the following data elements should be accurately recorded and maintained: A unique means to identify each asset, such as a manufacturer Serial Number or an affixed Asset Tag Number Costs- both Purchase and Installed Costs Depreciation– current and accumulated Useful Life Location and/or Custodian of the asset In order to better understand […]
While information can take many forms and be used for many reasons, our focus will be placed on the bare minimum required to track, manage and report on capitalized fixed assets. It is equally important to identify several terms we will use. These include purchase and installed costs, accumulated and current depreciation, useful life and […]
Within this series, we will follow the flow of two practices: Purchasing and Shipping/Receiving, within the typical fixed asset life cycle. The procedural focus will be deliberately narrow. We are using these two stages within the life cycle as they represent control points. By definition, a control point represents an area where audit control is […]
As we begin to look at the fixed asset life cycle, it makes sense to define it. The asset life cycle represents the varying stages that an asset is processed through, from planning a purchase through retirement from service. Along the life cycle, business practices (procedures) are employed. For example, budgeting would one, purchasing would […]
Throughout 2014, Verasset will publish a series of blog posts that will offer education and advice related to tracking and managing capital assets. The series of blog entries will be drafted as building blocks. Each one will offer information that builds upon the latter. The objective is to ease the amount of information and how […]