Events to include on your asset register

A fixed asset register should provide five types of asset events.  These are designed to cope with any changes during an asset’s life time.  The five events include:

1. Asset acquisitions – to capitalize new assets in the register
2. Asset transfers – to move assets into, out of, and within the register
3. Asset relifes – to restate an asset’s expected useful life
4. Asset revaluations – to restate an asset’s book values
5. Asset disposals – to remove the value of an asset from the register before the end of its stated useful life

Having these events available on your fixed asset register will enable your organization to effectively deal with expected and unexpected changes to your fixed assets.  Whether an asset has to be removed from the register because it is sold, scrapped or stolen or the asset is simply transferred to a different area of responsibility, the five events above will help maintain the accuracy of your asset register.