Asset Register

Scenario
ABC Suites (Pty) Ltd
The importance of maintaining an accurate fixed asset register is sometimes overlooked by business. It not only assists with ensuring compliance is correctly reported but it can play a very valuable role in assisting businesses with short- and long-term planning. It also allows businesses to keep track of the book value of assets and their depreciation over time – Mead Partners Chartered Accountants

The Challenge:

Asset Manager, Chris Cross, used to keep all records of company assets (movable and fixed) on a spreadsheet. When the asset verification process was performed it was discovered that this asset 'register' had numerous errors which cost the Accounting Department unnecessary loss of time in having to match assets with the relevant purchase documents.

How ABC Suites uses epic:

Chris Cross and his team are now using the Asset Register function in epic. All assets are allocated to Categories (eg Computer Equipment; Furniture & Fittings; Land & Buildings; Printers & Fax etc) with the relevant information pertaining to each asset recorded (model, serial number, date of purchase, supplier, invoice number, cost, warranty & any additional information).

Supporting documents (eg invoice or associated documents) are uploaded and stored against each asset and an up-to-date Asset Report is automatically available for downloading whenever required.

Asset Assessment:

The next step in the process was to assess the assets. This is easily done in epic! Assessment periods are set up (eg 2022) and each asset can be 'assessed' based on customisable criteria. One example is 
1. Condition
2. Usage 
3. Estimated Useful Life (calculated from 1 & 2). 

A comprehensive report, per assessment period, can be produced at the click of a button for control and audit purposes

 
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