Fixed asset reports are an integral part of all asset management processes. They provide the intelligence needed to facilitate accurate financial records for asset accounting, maintenance and management purposes.
Regardless of whether you’re preparing your reports with an asset management software solution or using spreadsheets, it’s critical to understand the purpose of each report, and the valuable insight it provides.
In general, you might consider fixed asset reports to fall into one of three categories:
Below, we’ve summarized some common financial/accounting fixed asset reports that you’ll need to familiarize yourself with in preparation for your auditor.
Fixed Asset Accounting Reports
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*Note that report titles are not universal, and your organization may call them by names different than those listed above
If you’re charged with the responsibility of preparing fixed asset reports for your auditors, you already understand the importance of format and accuracy. Though government regulation has standardized many elements of fixed asset reporting, some elements may vary from one organization to another.
When preparing fixed asset reports for auditing, remember: Your auditor will expect to find all of your financial reports in summary format, and will then explore and test the details. Your organization’s fixed asset reports serve to build confidence around the data your auditor is looking at, so you want to make sure that the data is clean and accurate.