Fixed Asset Control Procedure | INV103

Fixed Asset Control Procedure

The Fixed Asset Control Procedure outlines methods for acquiring, disposing and maintaining control of fixed assets to provide reporting assistance and ensure proper internal controls.

This Fixed Asset Control Procedure applies to all capital equipment with a value of $500 or more and with a useful life greater than one year. It includes the responsibilities of department managers and accounting personnel. (10 pages, 1280 words)

Fixed Asset Control Responsibilities:

Department Managers are responsible and accountable for furniture, equipment, machinery, and any other capital assets in their departments and will maintain some type of control over capital assets.

The Accounting Manager will assist and evaluate any department’s capital asset control procedures.

Fixed Asset Control Procedure Activities

• Asset Acquisition
• Asset Disposition
• Asset Records

Fixed Asset Control Procedure Forms

• Capital Asset Requisition Form
• Asset Disposition Form
• Bill of Sale Form