A fixed asset register is a comprehensive record that lists all the fixed assets owned or controlled by a business, such as machinery, buildings, vehicles, and office equipment. This register contains crucial details about each asset, including its unique identification number, description, purchase date, purchase cost, current location, responsible department, depreciation method, accumulated depreciation, and remaining useful life.

Purpose and Benefits

• The primary purpose of a fixed asset register is to maintain an accurate, up-to-date record of company assets to support effective asset management, financial reporting, and regulatory compliance.

• It helps in tracking the asset’s value over time, calculating depreciation, preventing loss or theft, facilitating audits, and supporting informed decision-making regarding maintenance, replacement, or disposal of assets.

Typical Information Included

• Unique asset ID or serial number
• Asset name and detailed description
• Acquisition date and purchase cost
• Current location and department
• Asset classification and useful life
• Depreciation method and accumulated depreciation
• Salvage or residual value
• Maintenance, repair, and insurance history

Maintaining a fixed asset register is considered best practice for both operational and financial reasons, and it is especially crucial for larger organizations or those subject to regulatory requirements.