Need Help with Asset Coding: What Format Should I Use to Get Started?

Hi Seniors, Thanks for the guidance and support I have gained through this site. Now it's time for me to seek all your help. I have been assigned the responsibility of coding the assets of my company. In this regard, please help me out with the suitable format for initiating this activity.

Regards,
Vijay

Asset Coding Guidance

Please first list out all the asset details. Give the asset a numeric sequence. Create a unique identity with the first digit to indicate whether the asset is Minor or Major. For example, use 1 for Minor and 4 for Major assets.

The second digit should indicate whether it is for electrical, mechanical, civil, medical, thermal, or any other category. If there are more than 9 categories, fix the second and third digits for the asset category.

Use the 3 to 5 digits for the identity of the asset such as Tractor, Truck, Jeep, Car, etc. Fix the last 4 or 5 digits for a particular instrument, vehicle, equipment, or any other type of asset.

You can mark this 8 or 10 digit number on all your assets, whether minor or major, to be identified by the relevant personnel. Using alphabetic letters can lead to confusion, and sometimes in urgent situations, you may omit some assets while listing.

I hope this guidance is helpful.

With warm regards,

S. Bhaskar

[Phone Number Removed For Privacy Reasons]

111 for DG Set

112 for Air conditioner

Thank you for your guidance. I would also like to have any format for maintaining or allocating the asset code if available.

Regards,
Vijay

Could you please provide a format for maintaining asset records, including coding as well?

Regards,
Shaina Malhotra
Senior Executive - HR
Nexgen Laminators Pvt. Ltd.

You can create your own format as per your requirement. Normally, you may be maintaining the documents of each equipment/assets. Along with those documents, you can add one more sheet in the name of History Card. In that sheet, you can make entries of the following details:

- 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/percentage for the FY
- Cost of Equipment/Asset after depreciation
- Etc.

Create your own format like that and make it successful.

Wishing you all the best.

Material Codification: A Significant Exercise

Material codification is a significant exercise. First, you need to have a codification policy. Later, you need to establish a codification team. This team comprises technical, procurement, and administrative professionals.

Maintenance of Fixed Assets

Regarding the maintenance of fixed assets, you may refer to this forum for the "Fixed Asset Register." You will find 2-3 formats. However, nowadays, advanced software is available for codification. In fact, any software for the store will have facilities for codification as well.

Frankly speaking, your stores should handle this codification job and the maintenance of fixed assets. As someone from HR, how did you get involved in this?

Nevertheless, let me caution you on codification. Please be careful when designing codes. Incomplete work may result in more work and headaches at a later stage.

Thanks,

Regards,
DVD