How Do You Track Employee-Held Assets When Records Are Missing? Seeking Advice!

Dear All, I need no introduction as I keep posting about how to streamline things in my recently joined service organization. Presently, I need to know about your suggestions on tracking and maintaining the fixed register in my organization. We have some assets which are under the possession of certain employees and we have no record of them. For example, a dongle was given to an employee who was paying for it every month regularly. However, it got lost seven months ago, and he did not inform the accounts department or his boss.

I have just shared an instance with you; similar situations exist for other assets as well. I need all your immediate advice on tracking and maintaining the same.

Thank you.

Dear Jayarani, you can start by sending an email to all employees, asking them to report all office assets in their possession (including ones already lost). You must tally them with your fixed assets register to ensure there is no discrepancy. After that, issue them a form in which they should acknowledge the assets owned and lost. Alongside, you should create a spreadsheet of all assets and assign them an asset tag—for example, an IT Equipment bought on May 15, 2017, in the Bhubaneswar Office can be coded as ABC/IT/0517/BBSR. In this list, you should mention which employee has which asset, so you can have a centralized tracker of this. It's also advisable to put a sticker on each asset with a tag—this will help in tracking and avoiding confusion. If you wish, you can set a threshold that assets above Rs. 2500 will be tagged with a sticker.

There are some instances I am unsure if they are applicable to you or not, but when an asset is exchanged or shifted from one employee's possession to another employee, this should also be tracked and acknowledged in the format.

Hope this helps!

Cheers,

Vin