7 Fixed Asset Reports you should be Running for Transaction Purposes
Fixed asset management is critical to the success of your organization, regardless of size. It encompasses all fixed asset tracking, asset accounting, preventive maintenance, and theft deterrence efforts – and that’s a lot.
As such, staying on top of fixed asset management processes is no small undertaking. This becomes especially true during the Operation and Maintenance stage of your asset’s lifecycle.
The “Operation and Maintenance” stage of the asset lifecycle refers to the stage in which your asset is actively in use, providing its intended service to your organization. During this stage, maintenance and repairs should be provided routinely. Depending on the asset, this phase of the lifecycle may last from months to decades.
LEARN MORE ABOUT THE ASSET LIFECYCLE
While ensuring proper stewardship is important throughout every stage of the lifecycle, your assets will likely spend the majority of their life in the Operation and Maintenance stage. As a result, it generally requires the greatest attention.
Based on government regulations, items in place and in use must be tracked and accounted for across the lifecycle using fixed asset reports. In general, you might consider fixed asset reports to fall into one of three categories:
In our first installment of this three-part series, we addressed 5 fixed asset accounting reports that are important to be familiar with.
In this post, we’ll take a look at some helpful fixed asset transaction reports. These reports will help simplify asset management and tracking processes year-round, by giving you easy access to all of the important asset information you need. This can come in handy when you have general questions related to a particular asset, or when you’re undergoing a self-assessment prior to audit season.
Fixed asset transaction reports also provide the information you need to support informed decision making during budgeting and planning processes, and will give you a head start in preparing for your next audit.
Ready, set… [trans]action!
Fixed Asset Transaction 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
In referencing the table above, remember that while there are many elements of fixed asset reporting that have been standardized by government regulation, there are still some elements that may vary from one organization to the next. We always suggest talking to your auditor about which types of reports are most important to them, and which data elements they require.
Whether for internal use throughout the year, or in preparation for your auditor come audit season, remember the importance of format and accuracy. 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 squeaky clean, and accurate!
Creating and implementing a well-planned procedure for fixed asset management may seem taxing, but the reward can be great. Running these transaction reports on a monthly or quarterly basis will help expose gaps and errors in your asset data, which in turn will save you some time (and a lot of stress) come audit season.