Archive: Jan 2012

Save Money with Inventory Tracking Tools

Implementing tools such as barcode labels can help organizations save money while streamlining their fixed asset management systems. Purchasing inventory asset tracking tools to save money may seem counterintuitive, but using barcodes in conjunction with inventory barcode scanners can deliver more comprehensive inventory tracking that reduces the chance of items getting lost or stolen. Fixed assets thought to be lost or stolen cost organizations money to replace. These expenditures are unnecessary if the items are in fact still in the possession of the company, but merely fell off the grid in terms of location tracking. Items that aren’t on the books despite being present and…

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How Schools Can Benefit From Fixed Asset Management Software

At any given time, schools have thousands of fixed assets on their books, ranging from classroom computers and science lab microscopes to desks and chairs. Without an adequate asset tracking program in place, it can be easy to lose track of which items are where. This can lead to replacements being unnecessarily purchased, the last thing a school needs in the grip of the ongoing economic turbulence that’s resulted in many districts having to absorb budget cuts. Instating a comprehensive fixed asset management system can help schools keep tighter control of their fixed asset holdings. Affixing barcode labels to pieces of equipment provides a way…

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Your Fixed Asset Register and You

Setting up a fixed asset register is a crucial part of a successful fixed asset management process. To facilitate easy reporting and expediteasset tracking, it’s important to include several types of information on each asset record, such as: – Specific identification details (those differentiate each item from others of its type, as well as those in its location) – Purchase costs - Depreciation and amortization information (such as depreciation type and depreciation schedule) – The asset’s expected life span – Maintenance history – Insurance information – Warranty details – The dates the item was acquired and put into service (this will sometimes be the…

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Implementing a Construction in Progress Account

In the case of some fixed assets, the length of time between acquisition and implementation is extremely short. For example, it usually doesn’t take very long to set up a computer or a piece of office furniture. For other types of fixed assets – such as buildings – the period of time between the acquisition of materials and the completion of the finished product is considerably longer. While construction is going on, expenses associated with it must be recorded in a special ledger known as a construction in progress account. Records of these costs – including vendor invoices, transportation expenditures and any…

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Fixed Asset Management in 2012

January is traditionally a time for reflection. The month was even named after Janus, the Roman god of beginnings and transitions, who is traditionally depicted as having two heads – one turning to regard the past, the other looking forward to the future. With that in mind, think about the way your company approached fixed asset management in 2011. If you used a manual fixed asset trackingsystem and haven’t yet upgraded to asset management software, examining how long it took to put together end-of-year records may be a powerful persuasive indicator that it’s time to make a change. Companies that don’t keep…

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