Originally published: 20/10/2021 07:49
Publication number: ELQ-91370-1
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Tap the power of automation to digitize your Fixed Asset accounting!

The Automated Fixed Assets Register is designed to automate a crucial part of Financial Reporting: Fixed Asset Accounting. I believe accountants and finance professionals can relate with the challenge there is in maintaining a fixed asset register. The risk of error increases as the quantity of asset due to the manual procedures even with Account departments that have an Excel template for Asset accounting purpose.

However for the Automated Fixed Assets Register, here's the value proposition:
1. Daily depreciation is computed automatically,
2.Addition and Derecognition of assets is just a button press away,
3. Your Fixed Assets schedule is automatically updated with movements in Fixed Assets. 4. The user guide is in the first page and it is easy to follow as there is not much manual procedure to follow.
5.The template can be enlarged to cater to any amount of assets.
6.With this template, all you need is just regular data entry, where necessary, and the Template does the rest!
7. What's more? The built-in navigation buttons make moving from sheet to sheet easier and hassle-free: no need to scroll from left to right to get to a sheet.
8. The template is presented as another work tool in your arsenal: not much aesthetics but effective.

Moreover, you may want to link the figures in the Fixed Asset Schedule to your Management Accounts Excel templates. This relieves you of the need to manually update the figures for depreciation. The Template can also be reproduced to cater for new accounting years.

This Best Practice includes
The Template/Register has 7 sheets: A Welcome page, the Fixed Asset Schedule and the Data entry sheets for each category

Femi Brown offers you this Best Practice for free!

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