Recent Articles

Tennessee man pleads guilty to government fixed asset theft

Fixed asset management software is useful for preventing theft, a crime that occurs frequently. Luckily, with the right tools, companies can determine the whereabouts of all pieces of property and track down thefts, should one occur. Recently, Tennessee resident John Morefield pled guilty to aiding and abetting government property theft, according to a release from the Western District of Virginia Department of Justice. Morefield concealed a motor vehicle and backhoe, which he stole from a contractor working on Virginia Creeper Trail. He also admitted to stealing several license plates from a Department of Agriculture vehicle, local Virginia news source WCYB…

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Creating a fixed asset inventory

Every organization should have a fixed asset inventory. The ability to know in detail what they have on hand in terms of property, technology, even furniture  – all of it is vital when analyzing the growth and success of a business. Creating a fixed asset inventory can be complex, as it takes more than just counting the number of boxes in a warehouse. Here are some keys to starting and managing one correctly: 1. Have a place to store it Whether it is through a software program or a traditional filing system with cabinets and folders, a business needs to have…

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How asset accounting can help following a problem

Asset accounting is of great importance to every business, but even more so in the wake of a problem. Companies must determine what they have and how they can improve business after taking a major hit. That is especially the case when the problem is the result of a crime committed by somebody inside the company. The most recent example occurred on July 21, when Japanese technology giant Toshiba announced that company President Hisao Tanaka, along with two of his close assistants, were resigning after investigators found discrepancies in the company's accounting. Over the course of six years, Tanaka led…

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Defunct California agency continues fixed asset sales

Fixed asset management software is helpful for companies that deal with property sales. Government agencies, for instance, often purchase and sell land to meet their needs and strategic decisions. The Community Redevelopment Agency of Los Angeles was dismantled in 2011 to deal with the state's budget crisis. Previously, the organization partnered with developers to inspire building initiatives in blighted areas. They would accomplish this by purchasing land and the selling it to other companies or obtaining it through eminent domain. According to the San Francisco Gate, there were roughly 400 of these agencies across the state. A number of years later,…

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What goes into a fixed asset entry?

Any business with a significant number of fixed assets should utilize fixed asset accounting practices. Improper fixed asset management leads to compliance issues, and companies may end up paying more than necessary for their property taxes if they account for assets that no longer exist. Fixed asset management helps organizations ensure they properly track and depreciate property on the register. To ensure best accounting practices, businesses need to record everything about their fixed assets that they can. Here are the attributes that you might consider including in your fixed asset register: Purchase information Information regarding the initial purchase of the item is…

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