Fixed Assets Management System

Fixed Assets Accounting and Management information Systems. 

Fixed assets are properties owned by an organization whose use are for economic gain to the organization. They should therefore be managed in systematized manner if this objective is to be realized.

When we make reference to system we mean a structure of coordinated and synchronized activities comprising of People, processes, Procedures and Technology.

There are many software application and various kinds of technology created to help an organization manage its Fixed assets and associated cost effectively with good returns on investments.

It will be disastrous at this point for an organization to imagine that there is this piece of technology that will solve all its fixed assets management problems.

A fixed assets management manual should be designed. This will not only help the organization properly account for its fixed assets in the financial statement but also help management make proper decisions for the organization concerning its fixed assets.

Fixed Assets Policy and Procedures Manual.

The fixed Assets system is a subsystem of the entity’s accounting system that can be sub divided further into fixed asset accounting system and a fixed assets management system.

Fixed asset Accounting system is a system of policies, procedures and methods for recording and reporting monetary amounts associated with fixed assets’ transactions.

Fixed asset management system is a system of methods, policies and procedures which address the acquisition, use, control, protection, maintenance and disposal of assets.

A fixed asset management manual is not for the large organization. It is a necessary tool for an organization that wants to clearly relate its Fixed assets to its economic advantages or disadvantages.

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PLEASE NOTE; Even when your fixed Assets system is working perfectly it is good practice to have the system reviewed to get assurance…Read Fixed Assets system Review…