Asset Coding

Hi Seniors,

Thanks for the guidance and support gained by my thru this site.

Now its time for me to seek all your help. I have been assigned a responsiblity of coding the assets of my company.

In this regard, please help me out with the suitable format for initiating this activity.

Regards
Vijay

Dear Vijay

Please firsrt of all list out all the asset details.

Give the asset some numeric sequence

create a unique identity with first 1 digit for notify whether the asset of Minor or Major. i.e. 1 for Minor & 4 for Major asset

Second digit for whether it is for electrical, mechanical, civil, medical, thermal and whatever if you can. If you can segregate into more than 9 categories fix the digit as second and third for category of asset.

3 to 5 digit for the identity of the asset like Tractor, Truck, Jeep, Car,

Fix last 4 or 5 digits for particular instrument, vehicle, equipment or whatever it may be.

You can mark this 8 or 10 digit number in all your assets either minor or major which can only be identified by the concerned dealing personnels.

If you use alphabetic letters it will give confussion and sometimes in urgency you may omit some assets while listing.

Hope this will be sufficient for your guidance.

With warm regards

S. Bhaskar

9099024667

111 for DG Set

112 for Airconditioner

Hi Baskar,
Thx for your guidance also wish to have any format for maintaining or alloting the asset code if any.
Regards,
Vijay

Dear Mr. S Bhascar,
Can u pls provide any format for maintaining of asset records include coding also.
Regards:
Shaina Malhotra
(Sr. Executive - HR)
Nexgen Laminators Pvt. Ltd.

Dear Shaina Malhotra
You can create your own format as per your requirement.
Normally you may be maintaining the documents of each equipment/assets. Alongwith that documents you can add one more sheet in the name of History Card and in that you can make entry of the below
Name of equipment,
Asset Code,
Date of Purchase
Date of Last Calibration
Date of Last Maintenance
Maintenance Next due on
Calibration Next due on
Cost of equipment/Asset
Expenditure on Repair/Maintenance
Spare Parts Replaced details & Cost
Depreciation amount/%age for the FY
Cost of Equipment/Asset after depreciation.
etc...
like that you create your own and make it successful
Wish you all the best.

Dear Shaina,
Material codification is a big exercise. For this first you need to have codification policy. Later you need to make codification team. This team comprises technical, procurement, admin professionals.
As far as maintaining fixed assets is concerned, you may refer this forum for "Fixed Asset Register". You will get some 2-3 formats. However, now a days advance software are available for codification. In fact any software for store will have facility for codification as well.
Frankly speaking your stores should handle this codification job and also maintenance of fixed assets. Being from HR, how come you got into this?
Nevertheless, let me caution to on codification. Please be careful while designing codes. Any half job may give you more work and headache at later stage.
Thanks,
DVD