Fixed Assets (Acquire to Retire Process)
Every company must take actions to safeguard, control, and manage the assets it owns. Every employee is responsible to follow policies and procedures to safeguard the company's assets. Cash Assets needs to be managed effectively to safeguard and utilize them efficiently. In this section, we will start with understanding what are assets, what are various classification of assets and then we will focus on Asset Management.
Asset management refers to the system of monitoring and maintaining assets effectively and efficiently. It applies to both tangible assets and intangible assets. Asset management is a systematic process of operating, maintaining, and upgrading assets cost-effectively. In this section you will learn about assets, asset management, asset classification, investment management and enterprise asset management. Enterprise asset management refers to the business processes that support management of an organization's assets. We will cover physical asset management as well as fixed assets management.
We will also learn about “IT Asset Management” and asset life cycle management and strategic decision making in the IT environment. This section will conclude with a brief discussion about digital asset management. These lessons will also provide you with the knowledge and skills you require to apply internal control principles and to effectively manage assets.
This video is part of series to gain process expertise. These videos provide the fundamental understanding, of business processes. In this video, we will explore the business process area known as; Fixed Assets; Also known as FA. Learning objectives for this lesson are: Meaning of Fixed Assets Process; Sub Processes under Fixed Assets; Process Flow for Fixed Assets; Key Transactions Fields & Key Roles; Key Setups & Master Data Requirements.
Learn the definition of fixed assets and the classification of assets as tangible and intangible assets. Understand the importance of current assets, histrical cost, matching principle and why assets are depreciated.