Fixed asset register definition
/What is a Fixed Asset Register?
The fixed asset register is a detailed listing of every fixed asset that has been acquired or built by a business. It is usually based on information contained within the fixed assets module of the accounting software used by a business. The information contained within this register typically includes the following items:
Asset name
Unique asset identification number
Asset cost
Asset location
Responsible manager or department
Asset class assigned to the asset
Useful life assigned to the asset
Salvage value assigned to the asset
Accumulated impairment charges
Current carrying amount
Accumulated depreciation associated with the asset
Depreciation method used to depreciate the asset
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In addition, the register may contain other information that is not needed for accounting purposes, but which is applicable to company operations, such as the following:
Insurance applied to the asset
Asset condition
Asset usage level
A fixed asset register is the best source of detailed fixed asset information when conducting a fixed asset physical count, answering auditor inquiries relating to fixed assets, and compiling asset totals for property tax and insurance reporting.