Fixed Asset Control
Fixed Asset Control
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ANEPSA is a of the pioneers in management of assets in Mexico, Helping to achieve and keep control total over the fixed assets of your company, offering personalized solutions to the measure of your needs. This is thanks to a wide range of tools and a equipment dedicated of experts in domains.
FIXED ASSET CONTROL PROCESS AND FIXED ASSET MANAGEMENT
- Pre-start of the control, where the organization's policies and distribution are physically inspected, information is requested and the policies and distribution of the organization are analyzed in detail, in order to present an action plan and the tools that best adapt to the needs, there are various types and levels of needs, it depends on how detailed control of the assets is required, that is why the packages will be personalized and tailored to the needs of each company, some of the solutions are:
- Fixed asset inventory
- Fixed asset integration
- Fixed Asset Reconciliation
- Fair value fixed assets IFRS – 13/ B – 17 I Property, Plant and Equipment C -6 /IAS-16 I Long-Lived Assets C-15/ IAS-36
- Fixed asset control software
- Start of control, in this step it is started through the control process fixed assets starts with an inventory physical, in which all assets They are physically identified by means of labels, identification plates or other means of marking and identification.
The exact location of the asset must be determined in order to assign it a zone of user and the accounting cost center to the that belongs, youalso will keep a record asset of the physical condition.
This inventory will help create an initial database of the company's assets company and a Once the process has started, it is divided into the following stages:
- Integration and rectification of the financial statement: The list of accounts held by the company must be reviewed to identify each asset separately, without changing its accumulated depreciation and the investment amount, so that we have a broad and reliable accounting base.
- Inventory and registration: Forms are filled out with the brand, model, serial number, among other characteristics of the asset, a label or plate is placed on it and a number is assigned to the fixed asset for identification.
Reconciliation with accounting books: The database created at the beginning of the fixed asset control process must reference the acquisition costs expressed in the accounting documents that have been purchased, the purpose of this step is to assign and verify the book value of each asset identified physically.
Listed Fixed Asset Control Processes
Fixed asset inventory control stage
- Requirement: Review of the distribution of the industry, plants or companies in which the control tasks of fixed assets will be carried out, which will result in a work plan in which, with prior authorization, the process to be carried out, the assets will be reflected. that can be controlled and the assets of the company, as well as the capitalization policy and the plant tour.
- Inventory and registration: Existing inventory or the stock picking process will be taken into account, as well as nameplates and tags placed on company assets, and each asset will be assigned a number.
- Inventory capture: Data is captured on authorized layouts and required data is reviewed and corrected to confirm that all assets are inventoried to create a physical database.
- Closing of stage: The business coordinator will perform a random review of the assets entered into the system to confirm and review that all are in the database.
Documentary integration stage (Modification of accounting lists with Documentary Support
- Gathering: Collection of invoices and encapsulation of financial statements, the invoices are analyzed and coded and a letter is made with ranges of values.
- Analysis and modification of the accounting list: The invoices are searched in the accounting list, the accounting is expanded globally and the accounting list will be complemented with the information obtained from the invoices.
- Comparative table: This table shows the analysis of found inventory items and not found inventory items, which is useful when making decisions with customers about not found items.
- Closing of stage: A final basis must be made with the integration of accounting information, a letter of approval must be signed by the coordinators.
III. Physical Accounting Reconciliation Stage
- Requirements: Based on the big data obtained through the inventory as well as the accounting list.
- The physical/accounting reconciliation process is carried out
- The types of reconciliation are studied: 100%, Simil and Conta
- Fixed assets that have not been reconciled (additions) are taken into account.
- Records that have not been closed are taken into account: cancellations and pending ones.
- The initial reconciliation report is made (with analytical tables)
- Supervision and review of pending issues that remain to be reconciled is carried out.
- Closing of stage: Here important decisions are made regarding the pending items that were left behind and the work is approved or given feedback..
Objective and importance of Fixed Asset Control
Because for no reason should the production of the plant stop for the financial administrator to consider the change or replacement of the asset, this has to be ongoing according to the useful life of the fixed asset, the person responsible for the administration is responsible for taking the necessary necessary measures, you have to frequently evaluate the economic, functional, technological and even fiscal functioning of each of these.
Having personnel with the necessary knowledge to report on the fixed assets of the organization is of utmost importance in order to have both financial incorporation into the books and for decision making, in accordance with what is provided in the final report, the Consequences of poor control of fixed assets can impact both finances with economic, productive and operational losses.
If the investment is not managed correctly, we risk having losses, and on the contrary, the advantage is to measure the performance of the administration that is in place internally, under the fixed asset control policies that were not being complied with correctly. .
- Contact an organized invoice file
- Be able to identify your assets easily
- Register and deregister your assets
- Know the Historical and Current Value of your Assets
- Detailed analysis of the accounting list
- Easy physical identification of your assets
- Register and deregister your assets
- Contact an organized invoice file
What is the Fixed Asset Control System?
At the moment, there are many software that can manage fixed assets including all characteristics pointed out in the organization procedures manual.
Thank you to speed, efficiency and comfort that offers professional software tracking the assets of each company, the administrative managers either accountants will be able update periodically the system so that be convenient in any moment, it is important that the management administrative and accounting reviewed periodically using some or all of the lists of check.
This will give us the ease of carry out the necessary adjustments so that the system remains updated and does not lose its benefits.
Our system has a module for each of the needs that appear before are questions
What should the database of a fixed asset control system contain?
For the system to have the advantages and be optimal, the following points must be contained:
- Broad description of the asset
- Physical identification code of each asset
- Physical identification code of each asset
- Accounting Cost Center to which it belongs
- Equipment Code and Model
- acquisition date
- Broad description of the asset
- Financial Depreciation
- User area to which it belongs
- Acquisition cost
- Acquisition accounting document and accounting registration number
- Responsible Employee
- Actual state
- Net asset value
- MOI
Thanks to this data is it possible to run a system of management of fixed assets, which is generally contained in the cloud, but can also be installed in he development local.
In order to upgrade the asset control system, our team needs have proper records of system activity, although this can also be managed by the client, with the aim of have a gesture real of the assets fixed a company, any movement involving fixed assets must be submitted to the following procedures:
- Information and documentation of the fields to be used for each registration movement by asset.
- Synergy between the modules required by the company (administrative, financial/fiscal or maintenance)
- Adaptation with intermediate software API, or the development of specific requirements by the client.
Since fixed assets remain within the company and many people will use the system, it is essential to have a procedures manual that captures the documents and a flow diagram of each movement of the assets.
Modules to automate Fixed Asset Control processes:
- Inventory Survey: This step visualizes and specifies all the assets the company has and thus captures them in a single document.
- Inputs and Outputs: Provides the advantage of visualizing and having adequate management of inventory inputs and outputs within the platform and thus having adequate control.
- Change History Report: With this system, a specific history can be carried out of all the modifications made regarding the organization's assets so that users are aware of them.
- Maintenance Alerts: When assets require maintenance the system will notify in advance.
- Import and Export of Fixed Asset Bases: If the organization has an old database in a processor, it can be imported, just as if you want to download a database from the software, it can be downloaded and used in the program you prefer.
Products
Fixed Asset Control Software: A comprehensive fixed asset management tool called SAAF was developed to provide various solutions to clients.
Barcode/QR Code Plates: Our customer solutions include metal plates and self-adhesive labels with barcodes and QR codes that help us easily identify any type of green asset.
Readers: A wide range of barcode readers are available to meet the need for easily identifiable assets
Contact an Anepsa Global advisor and learn more about fixed asset appraisals for your company, we also have many others.
