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Process Flow
Steps
Depreciating/Appreciating Assets
Maintain - Registering/Adding an asset
Dispose & Retire – Transfer/ Adjust/ Dispose
Acquire - Procuring an asset
Initiate
Report
Definition
six-step process and starts with initiating and approving the request to acquire the asset and after maintaining and depreciating for useful life ends with the final disposal of the fixed asset.
https://www.technofunc.com/index.php/functional-skills/fixed-assets/item/fixed-assets-process-flow
Fixed Asset Life Cycle
Definition
sequence of stages an asset goes through from acquisition to disposal. It typically includes four key phases:
https://www.assetcues.com/blog/fixed-asset-life-cycle/
Steps
Useful Life & Depreciation:
Maintenance & Tracking
Acquisition & Capitalization:
Disposal (Retirement):
Sources
Sarabnes Oxley
ISO 55000
IFRS
Asset Lifecycle Management (ALM)
Definition
ALM
system or process facilities leaders follow to optimize their assets’ useful lives through means of planning and maintenance to increase productivity, maximize the asset lifespan, and reduce costs.
Asset Lifecyle
process by which facilities managers purchase, utilize, monitor, maintain, and replace or dispose of a given asset
https://www.gofmx.com/blog/asset-life-cycle-management/
Fixed Asset Management
Definitions
fixed asset life cycle
sequence of stages an asset goes through from acquisition to disposal. It typically includes four key phases:
Fixed Asset Management
Process of recording, controlling, and accounting for an organization’s long-term tangible assets equipment, machinery, IT hardware, vehicles, buildings, and furniture across their whole fixed asset life cycle:
Source
https://www.assetcues.com/blog/fixed-asset-management/
Steps
Deploy, Assign, and Tag
Operate: Move, maintain, and verify
Capitalize on Readiness
Reconcile and resolve
Acquire and Recieve
Dispose and Recognize
Fixed Asset Accounting
Steps
Depreciation
Cost Review
CWIP
Record transfers
Capitalize
Review and dispose
Set Policy
Period close
Definition
Process of recording, depreciating, tracking and reporting a company’s long-term tangible assets property, plant and equipment from acquisition to disposal.
https://www.assetcues.com/blog/fixed-asset-accounting/
Fixed Asset Accounting
Definition
https://www.microsoft.com/en-us/dynamics-365/topics/small-and-mid-sized-business/what-is-fixed-asset-accounting
precise recordkeeping of your business’s financial records about your capital assets.
Stages
Revaluation
Depreciation
Impairment
Disposal
Acquisition
Odoo
https://www.odoo.com/documentation/19.0/applications/finance/accounting/vendor_bills/assets.html
https://www.linkedin.com/posts/sheharyar696_fixed-assets-management-in-odoo-18-complete-share-7412925383391600641-JG21/
Organizational Structure
Ideal Fixed Assets Team Architecture
Key Segregation of Duties (SoD) for Robustness
Sources
https://www.assetivity.com.au/articles/asset-management/what-is-the-optimum-organisation-structure-for-asset-management-in-asset-intensive-organisations/?srsltid=AU7gw4UcL7DCRyGbpXbuj0bGZDAcTSe5-Bjy4nyLMFg-isjeHdJGcNs7
centralized vs decentralized
https://www.linkedin.com/pulse/how-structure-your-asset-management-team-optimal-/
Asset Manager
https://www.assetcues.com/glossary/asset-manager/
Fixed Asset Checklist
https://www.manifest.ly/use-cases/accounting/fixed-assets-management-checklist
