Dear Senior, Please sugess me any policy to count fixed assets in manifucturing industry. if any of u can help me than i wold be thankful to u. Regards, Narinderjit Kaur
From India, Jalandhar
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From India, Jalandhar
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Hi,
You can do this in the following way:
1. Create company code: for Reliance Infocomm Limited, the code can be - RIL
2. Create Alphabetic codes for assets: for a water cooler, the code may be - WC
for a steel almirah, the code may be - SA
for a steel table, the code may be - ST
for Desktops, the code may be - DPC
for Laptops, the code may be - LPT, etc.
3. Create Deptt Code for departments: for Production, the code may be - PRDN
for Office Administration, the code may be - OA
for accounts, the code may be - AC
for finance, the code may be - FA
for Human Resources, the code may be - HR
for the MD office, the code may be - MD, etc.
4. Enter details in the register: for SL 01 in register 01, a water cooler in the HR dept purchased on 12.01.08 can be coded as RIL/HR/WC/001/12.01.08
5. Unlike accounts ledgers, Asset ledgers to be maintained page-wise. Opening Bal (with date) + Purchased (with date) - Damaged/sold on scrap, etc. = Closing balance of assets (with date).
6. This register has to be maintained by the Admin Dept.
I hope this information will help resolve any queries.
Thank you,
Tarun
From India, Lucknow
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4You can do this in the following way:
1. Create company code: for Reliance Infocomm Limited, the code can be - RIL
2. Create Alphabetic codes for assets: for a water cooler, the code may be - WC
for a steel almirah, the code may be - SA
for a steel table, the code may be - ST
for Desktops, the code may be - DPC
for Laptops, the code may be - LPT, etc.
3. Create Deptt Code for departments: for Production, the code may be - PRDN
for Office Administration, the code may be - OA
for accounts, the code may be - AC
for finance, the code may be - FA
for Human Resources, the code may be - HR
for the MD office, the code may be - MD, etc.
4. Enter details in the register: for SL 01 in register 01, a water cooler in the HR dept purchased on 12.01.08 can be coded as RIL/HR/WC/001/12.01.08
5. Unlike accounts ledgers, Asset ledgers to be maintained page-wise. Opening Bal (with date) + Purchased (with date) - Damaged/sold on scrap, etc. = Closing balance of assets (with date).
6. This register has to be maintained by the Admin Dept.
I hope this information will help resolve any queries.
Thank you,
Tarun
From India, Lucknow
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Hi TARUNAINDIA, Thank you for the explanation. If anyone has a separate format for the Fixed Asset Register for a Manufacturing Company, kindly share. Thank you.
From India, Chennai
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From India, Chennai
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Dear Venkat,
To devise codes, you need to have the Material Codification Policy. This policy includes codes for inventory as well as fixed assets. To devise this policy, you need to form a Material Codification Committee. They should deliberate on the codes extensively, and the codes are devised thereafter. You cannot have codification for fixed assets in isolation.
Thanks,
Dinesh Divekar
From India, Bangalore
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To devise codes, you need to have the Material Codification Policy. This policy includes codes for inventory as well as fixed assets. To devise this policy, you need to form a Material Codification Committee. They should deliberate on the codes extensively, and the codes are devised thereafter. You cannot have codification for fixed assets in isolation.
Thanks,
Dinesh Divekar
From India, Bangalore
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SCHEDULE OF FIXED ASSETS.xls
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