Fixed Asset Register and Depreciation Schedule Guide
Track additions, depreciation, disposals and closing values.
Track additions, depreciation, disposals and closing values. Use the sections below to understand the practical decisions, records and compliance points before taking action.
Create an asset master
Record description, location, custodian, invoice, date ready for use and useful-life data.
Verify additions
Separate capital items from repairs and link invoices, approvals and payment.
Calculate depreciation consistently
Apply the selected accounting and statutory framework from the correct commencement date.
Control disposals
Document sale, scrapping, proceeds, approval and removal from the register.
Reconcile four totals
Asset register, general ledger, depreciation charge and financial statement note should agree.
Preserve physical evidence
Use tagging, verification and exception reports for missing or idle assets.
Official References
Rules and portal requirements can change. Review the current official material relevant to the proposed company.
This article provides general information and is not a substitute for legal, tax or investment advice. Applicability should be reviewed for the proposed entity and current law.