Fixed asset register definition
/What is a Fixed Asset Register?
The fixed asset register is a detailed listing of every fixed asset that has been acquired or built by a business. It is usually based on information contained within the fixed assets module of the accounting software used by a business. The information contained within this register typically includes the following items:
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Asset name
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Unique asset identification number
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Asset cost
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Asset location
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Responsible manager or department
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Asset class assigned to the asset
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Useful life assigned to the asset
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Salvage value assigned to the asset
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Accumulated impairment charges
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Current carrying amount
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Accumulated depreciation associated with the asset
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Depreciation method used to depreciate the asset
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In addition, the register may contain other information that is not needed for accounting purposes, but which is applicable to company operations, such as the following:
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Insurance applied to the asset
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Asset condition
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Asset usage level
A fixed asset register is the best source of detailed fixed asset information when conducting a fixed asset physical count , answering auditor inquiries relating to fixed assets, and compiling asset totals for property tax and insurance reporting.