There are many details you can record on the asset register.  The intention of listing all these details is to make it easier to manage and maintain the assets.  The list below highlights some important information you can include.

  • Date of purchase, purchase price and the description of the asset.
  • Suppliers name, their address and contact details.
  • How it was acquired such as from a funding agreement, loan, donated or under a lease arrangement.
  • Estimate of their useful life and when they may need to be replaced.
  • The serial number or other identifying tags.  Many assets don’t have serial number so you can prepare customised labels that are placed on the asset.
  • Location of the asset and for larger organisation the department or section.  If the asset is for an actual employee such as a mobile then include their details.
  • The method of depreciation and the depreciation rate applicable to that asset.
  • Details of any operation policies or procedures that relate to the asset.  For example, if you have motor vehicles then there should be a policy that relates to its use.
  • Confirmation and details of the insurance policy that covers the asset.
  • Details of any repairs, upgrades or improvements made to the asset.
  • If the asset is disposed of then relevant details need to be recorded.

There are other records, details and documents that you should try to maintain for each asset and these include:

  • Details of any warranties or guarantees
  • Whether there are any safety or risk management issues.
  • Whether staff need to be trained before they can use or operate the asset.
  • Operating manuals
  • Maintenance schedule and records that are part of the maintenance program of the organisation.

As noted in the previous post the asset register should also be used to track other items and equipment that may not be included in the financial report. For example, if you a running a kindergarten you see a need to track the games, art equipment, furniture or toys.  You can prepare a simple label or tag that identifies that item so you can record on the assets register and be able to track it.

The important issue with the asset register is that you have recorded the assets that are of value to the organisation which should make it easier to manage and maintain.

At least once a year but ideally on a more regular basis there should be and audit of the asset register to ensure the assets still exist, are in good condition and still operating correctly.