Any business has fixed assets that need to be managed. However, not all businesses have a specialized accountant in charge of fixed asset management; this task is often concurrently performed by another accounting position. In this article, LawFirm.Vn will help readers learn about the characteristics and tasks of fixed asset accounting.
1. Duties of fixed asset accounting
Record and summarize accurately and promptly the quantity and value of existing tangible and intangible fixed assets
Monitor the increase or decrease and current status of tangible and intangible fixed assets throughout the unit. As well as in each department using fixed assets. Facilitate the provision of information to regularly check and monitor the preservation, preservation and maintenance of fixed assets.
Make investment plans to innovate fixed assets in each unit.
Calculate and accurately allocate depreciation of tangible and intangible fixed assets to production and business costs according to the level of depreciation of the assets and the prescribed regime.
Participate in repair planning and cost estimates for fixed asset repairs. Monitor the repair of tangible fixed assets in terms of costs and results of the repair work.
Calculation reflects promptly and accurately the situation of construction, retrofitting, renovation, upgrading or dismantling that increases or decreases the original price of tangible fixed assets as well as the management and sale of tangible fixed assets.
Guide and inspect units and affiliated departments in enterprises to fully implement the initial recording regime on fixed assets.
Open necessary accounting books and cards and account for fixed assets according to the prescribed regime.
2. Responsibilities of fixed asset accountants
Receive and update documents on fixed assets. Check and confirm fixed assets when entering.
Prepare handover records and hand over assets to the company unit (department).
Prepare and hand over minutes of handover of responsibility for asset use.
Gather capital construction costs, fixed asset repair costs, factory repair costs, prepare capital construction final accounts, and completed repair costs.
Update increase or decrease in fixed assets. Make a list of increases and decreases in fixed assets each month and year.
Determine the depreciation period of fixed assets (according to the state regulatory framework). Calculate depreciation of fixed assets. Transfer monthly depreciation data to each department for accounting
Prepare a record of liquidation of fixed assets.
Create fixed asset cards, fixed asset books, and fixed asset records.
Make a list of records and asset documents, arrange and save fixed asset records.
Inventory of fixed assets every 6 months or at the end of the year.
Provide data and documents related to fixed assets when requested by the accounting department.
3. Principles of fixed asset management
Fixed assets in the enterprise must have their own set of records, must be classified, numbered and have their own tags, tracked in detail according to each fixed asset recorder and reflected in the fixed asset monitoring book.
Fixed assets must be managed according to their original cost, accumulated depreciation and remaining value in accounting books.
Enterprises must manage fixed assets that have been fully depreciated but still participate in business activities like normal fixed assets.
For fixed assets that are not needed, waiting for liquidation but have not yet been fully depreciated, enterprises must manage, monitor, preserve according to current regulations and deduct depreciation.
