Asset Register & Fixed Assets

Purpose

To keep an accurate record of all assets and their condition.

Scope

Covers furniture, equipment, fixtures and electronics.

Responsibility

Admin Manager keeps the register; HODs are custodians; Accounts verifies.

Detailed procedure

1. Tag each asset with a unique number.
2. Record the description, location, cost and custodian.
3. Update the register when assets are moved, repaired or disposed of.
4. Verify assets physically each year.
5. Investigate any missing or damaged asset.
6. Obtain approval for write-offs and disposals.

Standards and guidelines

• Assets are tagged within seven days of receipt.
• Movements need a transfer form.
• Disposals need written approval.

Required records and documentation

• Asset register
• Transfer form
• Annual verification report

Related images

Document control