Fixed asset register
In one sentenceA detailed register of every fixed asset the business owns: its description, location, the person responsible, purchase date, cost and accumulated depreciation. It is reconciled with the accounts.
Simply put
The asset register is the detail behind the assets balance in the trial balance: its total must equal the balance in the books.
The auditor picks assets from the register and checks they actually exist, picks assets that exist and checks they are in the register, and agrees the total with the accounts.
Worked example
A contracting business's net book value of assets in the asset register is 850,000 SAR, and the balance in the trial balance is 870,000 SAR.
Balance in General accounts870,000
Total of the asset register850,000
870,000 − 850,00020,000
Difference needing an explanation (for example, a disposed asset not recorded)20,000 SAR
in FullScreen ERP
The asset register in the system has a card for each asset with its category, location, person responsible, purchase date and cost, and the depreciation entry posts to the accounts automatically. Fixed assets