The fixed asset register contains a listing of fixed assets owned by an organization. This register includes details of cost and depreciation pertaining to fixed assets along-with relevant particulars of purchase date, description and category of fix asset.
Since the company has invested an ample amount of funds in fixed assets, therefore maintenance of fixed assets is an integral part of an entity’s accounting records to obtain information about the current status of fixed assets whenever required.
In terms of the physical state of fixed assets, periodic physical verification of fixed assets becomes a critical function to ensure the fixed assets are appropriately valued in fix asset register. In the case of non-periodic physical verification, fixed assets can be either overvalued or undervalued in the company’s statement of financial position. Independent confirmation on fixed assets valuation is also crucial when external auditors need assurance that the assets are physically existing and accurately valued.
What can we offer
Our accounting and bookkeeping experts are well versed in the compilation and maintenance of the fixed asset register. We also physically verify fixed assets to check their physical existence and state. We ensure that fixed assets are appropriately classified under relevant categories and updated details of fixed assets are available each time the client management needs to check the status of fixed assets. We make sure that the fixed asset register that we maintain is flawlessly integrated with the client’s existing accounting software to make it align with the company’s financial records.