What are the basic steps for setting up and maintaining Fixed Asset Records?
1. Identify your fixed assets 2. Determine the current value for each asset 3. Build individual asset records 4. Input (record) changes in asset values Identify your fixed assets In order to identify your fixed assets, it is usually necessary to take a physical inventory and conduct a fixed assets survey on a regular basis. Fixed assets, as mentioned previously, can range in size from something as small as a computer monitor to something as big as a public library. Each asset owned by your entity needs to be fully identified. As a minimum you should record an identifying description for each asset, as well as the approximate year of acquisition. You should also determine a useful life for each asset item, and record that as well. Initially, the process of identifying fixed assets fully may require a substantial investment of time. Subsequent years should require significantly less time and effort.
