What is a fixed asset register format?

There is no fixed format or template for maintaining a fixed asset register. The extent of details depends on the requirement of the management. There is some primary list of things that should be maintained when maintaining this register is as follows: Serial Number: It will show the count of entries.

How do you maintain a fixed asset register format?

The fixed assets register will be maintained on an excel spreadsheet or a book and should have the following details:

  1. Identification or serial number.
  2. Acquisition date.
  3. Description of asset.
  4. Location.
  5. Class of asset.
  6. Cost of acquisition.
  7. Accumulated depreciation.
  8. Net book value.

How do I set up a fixed assets register?

If all the required information is entered for a group of draft assets, you can register them in one go.

  1. In the Accounting menu, select Advanced, then click Fixed assets.
  2. On the Draft tab, select the checkbox for each asset you want to register.
  3. Click Register, then click Register Assets.
  4. Review the Register Summary.

Is fixed asset register mandatory as per Companies Act 2013 Excel?

It is mandatory to maintain a fixed asset register as per the companies act 2013 and by the income tax act.

What is fixed asset register PDF?

A Fixed Assets Register (FA Register) is a register which shows all the permanent assets owned by an organization. The register shows the quantity and value of things like chairs, tables, fans, furniture, vehicles, land, buildings etc. It may also show where these assets are kept or used.

How do I make an asset list?

Make an asset list with the following steps:

  1. Decide on a management system to keep a record of all the assets.
  2. List out all your physical assets.
  3. Create a list of the financial assets.
  4. Document all personal information.
  5. Description of the items in detail.
  6. Attach proof of ownership and other required documents.

How do you draw up an asset register?

In creating a register, you may want to assign:

  1. a unique identifier code or numbering system.
  2. name of the asset and description.
  3. purchase cost and date and capitalisation dates.
  4. departmental cost or cost centre.
  5. asset life and depreciation value.

What should be in an asset register?

What Should Be Included in an Asset Register?

  1. What is the asset.
  2. The exact location of each asset.
  3. Procurement details including purchase date and price.
  4. Estimated life expectancy.
  5. Depreciation value.
  6. Insurance and compliance details.
  7. Maintenance history including repairs and downtime.

What should a fixed asset register include?

Typical information captured on a fixed asset register includes a unique identifier code, asset name, description, purchase and capitalisation dates, purchase cost, department, cost centre, residual value and asset life and depreciation rule.

What details are recorded in an asset register?

It includes details on assets such as location, condition, and owner. The purpose of an asset register is to enable businesses to know the status, procurement date, location, price, depreciation, and the current value of each asset.

Is it mandatory to maintain fixed asset register?

11 October 2010 As per companies act maintenance of fixes assets register is not at all mandatory and there is no penalty or imprisonment.

What are the statutory registers under Companies Act 2013?

Registers to be maintained under the Companies Act, 2013

  • Register of the Company.
  • Register of Members.
  • Register of Directors and Key Managerial Personnel.
  • Register of Charges.
  • Register of Renewed and Duplicate Share Certificates.
  • Register of Employee Stock Options.
  • Register of Shares/Other Securities Bought Back.