Fixed Assets
Processes around enterprise asset management
Your guide to business processes supporting the management of an organization's assets
TechnoFunc brings to you detailed learning resources on assets, asset management, asset classification, investment management, and enterprise asset management. Build your foundation around asset definition, classification of assets, asset lifecycle, and management. Learn the systematic process of operating, maintaining, and upgrading assets cost-effectively. Get the knowledge and skills required to apply internal control principles to manage assets effectively. Quickly upgrade your knowledge on the latest business processes and industry best practices!
Fixed Asset Barcoding
Physical assets are frequently out in the field for use; undergo repairs, sold, updated, removed or stolen. From purchase to disposal and all of the steps in between, an asset’s history can be easily traced and reviewed using an asset management system that utilizes asset tags or asset labels.
Costs subsequent to acquisition of fixed assets
Costs related to plant assets that are incurred after the asset is placed in use are either added to the fixed asset account (capitalized) or charged against operations (expensed) when incurred. In this article, we will discuss underlying principles for this accounting event.
Need for Fixed Asset Register
A fixed asset register (FAR) is accounting book with a list of fixed assets belonging to particular entity. Traditionally the fixed asset register was maintained in written form by the accountant using a book that was set aside specifically for tracking fixed assets. Now with the advent of IT systems for bookkeeping it is more often held in electronic format. Learn the importance of maintaining a FAR.
