Fixed Assets Control

Fixed Assets Register


Fixed assets are items like leasehold properties, renovation, office equipment, machinery, computers, furniture and fittings. It can be used for more than a year and will wear out over time. 

It is important to record and track the assets, preferably with label tagged to the physical assets, for the following reasons:-

(a) Assets can be located and tracked for proper maintenance;

(b) Prevent theft and loss;

(c) Documentation for insurance purposes;

(d) Enable periodic housekeeping and accounting - write-off of defective assets, provide impairment for assets that are not in use, dispose of obsolete assets as scrap; and

(e) Details to support capital allowances claim when filing the income tax returns.  
 

Depreciation is the process of allocating the asset cost over its economic useful life of the assets. This is good practice to account for depreciation on a monthly basis so that you are able to report a more reflective net income and loss.


Download a fixed assets register template to help you in the recording of your fixed assets and the computation of depreciation charges.