Asset Recovery Receiving Receipt - Employee Of My Company is Holding The Company's Asset (Laptop)

Hi friends,

One of the employees of my company is holding the company's asset (laptop) and has not returned it despite many calls and follow-ups. He has agreed to return the asset but is asking for a receiving receipt in return.

My sincere request is for your assistance in drafting an appropriate letter to acknowledge the receipt of the asset.

Thank you.

As the employee is holding company assets, company management can very well demand compliance, first through a request, then through advice, and finally through a warning. You may prepare a warning letter indicating that non-compliance with instructions may lead to consequences for which the employee shall be solely responsible. After the employee returns the asset, please issue an acknowledgment slip with a seal and signature.

The best option is to collect all the assets issued before the last working day of the employee. In case that was not possible, then follow these 3 basic steps: The first step is verbal communication. The second step is to give written warnings. The third step is to deduct the value of assets from FnF amount. As per the law, any company cannot hold the full and final payment for any good reason beyond the mentioned deadline. Although few companies follow this practice in case the employee does not return the assets. In such cases, the company is liable to deduct the applicable amount from FnF total amount and release the due amount. Thus, make sure you have the undertaking signed by the employee before assigning any asset to him/her, which states the complete details of assets given and the consequences if they are not returned in exactly the same condition.

In our Company Employee Contract, on the date of the employee’s termination of employment with the Company for any reason (or at any time prior thereto at the Company’s request), the employee shall return all property belonging to the Company or its affiliates (including any Company-provided laptops, desk computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company). The employee could only be retaining the team colleagues address book that such items only include contact information.
The supervisor will complete the Termination Notice and forward this Notice of Termination Form to the HR Department.
The HR Representative will arrange the supervisor to meet with the employee together to explain the situation & perform exit SOP.
The supervisor will be responsible for preceeding the Termination Check-out List and collect Company property back accordingly.
Best regards,
John Chiang

If a former employee is returning the asset that was with him, there is nothing wrong with giving him a receipt to show he has returned it. However, you should issue it after the asset is in your custody and you have verified that it is working properly and not damaged.

If you wish, you can issue a receipt clearly stating that the asset is not checked and verified as to damage and working condition. His request for the receipt is not wrong by itself.

@sasmumbai Thank you. I need a proper format for receiving. If you could help me with the format, it would be a great favor for me.

Dear [Recipient's Name],

We acknowledge the receipt of the following assets that were earlier assigned to you by the company. Please note that the assets will need to be examined to ensure they are working properly. In case they are not in good condition (as they were when issued to you), we reserve the right to recover the cost of the asset/repair from you.

Subject to the above, with the receipt of the assets by us, your liability to the company comes to an end.

Yours sincerely,

[Your Name]