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UNIVERSITY COLLEGE CORK Fixed Asset Policy & Procedures June 2012 Issued by the Finance Office 7/08/2012 Fixed Asset Policy & Procedures June 2012 Issued by the Finance Office Table of Contents.

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A fixed asset accounting system is a system of policies, procedures, and methods for recording and reporting monetary amounts associated with fixed asset transactions. A fixed asset policy is a system of procedures that address the acquisition, use, control, protection, maintenance and disposal of assets.

Regardless of the process used to dispose of an asset, all asset disposals must be authorized by the Controller. Disposed assets should be sold at market value of the asset at the time of the sale.

Generally accepted accounting principles (GAAP) generally requires fixed assets to be recorded at their cost, including all normal expenditures to bring the asset to a location and condition for its intended use.

The custodian is responsible for confirming their fixed assets on an annual basis.

Authorisation & Disposal The initial decision to dispose of an asset should come from the third tier manager responsible for the asset. This should occur when the manager becomes aware that the asset is redundant, obsolete, replaced, damaged, stolen or surplus to requirements.

It is the responsibility of the Finance/Accounts manager to maintain a complete and accurate fixed asset register. The fixed assets register will be maintained on an excel spreadsheet or a book and should have the following details: Identification or serial number.

Acquisition: Accounting for Purchase of Fixed Assets To record the purchase of a fixed asset, debit the asset account for the purchase price, and credit the cash account for the same amount.

How to record disposal of assets Calculate the asset's depreciation amount. The first step is to ensure you have the accurate value of the asset recorded at the time of its disposal. ... Record the sale amount of the asset. ... Credit the asset. ... Remove all instances of the asset from other books. ... Confirm the accuracy of your work.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232