System Formation For Asset Auditing - CiteHR
Dinesh Divekar
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Partner - Risk Management
Gopinath Varahamurthi
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Dear Frens,
Iam an newly joined employee in MNC, my boss given me the task that to form a system for total assets in entire group. i need to form system for almost 50 sites and i need to coordinate and see work should get into the track.
please help me in this regard.
Thanks
NANI
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Dear Nani,
Your requirement is huge i.e. to track the assets at 50 sites. For this if you buy the software on Asset Management the better. Manual work will be too tedious and it will take a whole lot of time.
What kind of work goes on in the sites? If the similar work goes on then you may customise the format according to your requirement so that tracking becomes similar.
In this forum "Fixed Asset Register" forms are available. These are in MS Excel but I doubt whether these will suffice your purpose. MS Excel format is suitable for the stand alone location and not for where requirement is to track the assets at multiple locations.
Thanks,
Dinesh Divekar
Your request to the site is vague.
You have only said: help me.
But what help are you asking for?
Are you asking somebody to design it for you?
Or are you asking to solve a specific problem you have? Because you have not stated any problem other than that you have to do this work. I hope you do not expect somebody to do this work for you. At best, if you specify what problem you are not able to solve, somebody may have an answer.
If you want help on commercial basis, then please be specific. There are people on the forum (including myself) Who are capable of doing work on this project.
Dear NANI,

Your question is more account related requires deep knowledge of accounting principles. You have not mentioned your educational qualification in your post. OK never mind, if you have commerce background pl recall the format of Balance Sheet. Broadly there are two of Assets namely Fixed Assets & Current Assets. Current Assets comprise of those assets which can be easily converted in cash and those assets are 1) Cash on Hand 2) Cash at Bank 3) Finish Goods 4) Debtors-not more than 90 days 5) Prepaid Insurance Etc. Fixed Assets comprise of those assets which cannot be easily converted in to cash and are necessary for the company to retain till itís existence and those assets are 1) Land & Building 2) Plant & Machinery 3) Other Tangible Assets. Goodwill, Trademark of the company is also one type of assets and it is an intangible (non visible) asset.

Further for your convenience, you may adopt one simple way i.e. ask question to yourself whether particular Asset can be liquidated easily in Cash? Then those assets are Current Assets and all other assets which are necessary for the company to carry its business are Fixed Assets.

Usually asset accounts will have debit balances.

You may collect all information through mail and compile it.

With Regards,

A. Prakash
Dear Friend,

hopefully, your boss might have decided to know the assets, the entire assets at one place. Are you at the senior level or otherwise, this is a co-ordinating work unless you have free hand to asses you can never achieve the result :..

1) First get the 50 sites at your table, their location etc.,

2) Find out common purchases in the sites

3) Some sites differ from the others in a particular way, Find out the difference

4) Draw the asset table (Either excel sheet or the way your company have for the sites), in case there is absence better go for excel program the simplest or accounting tables..

5) Draw a planned excel sheet .. Deliver the sheet to the all 50 sites to fill the form for the assets on the ground..

6) If some materials moved to the other sites ask them fill in separate sheet, you have to monitor the movement of asset materials and its availability

7) On receiving all asset materials, compile it(separate headings/specifications/no of items/value etc.,)

8) Draw for a single sheet, you will find all the asset of your MNC with reliable datas on your table, appendices will give you the availability of the asset materials in the different sites.

9) There will always anomalies never get panicked, some times physical verification will sort out the issue

10) This asset materials need be compared with the financial statement of asset of the MNC

11) If you want get the asset materials with their monetary value on the date of purchase and provided to the site for functioning(the excel sheet be framed accordingly).

Any other information if you need please put it here, I do if time permits help you out...
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