Due to the amount invested in certain assets in many companies, there may be a specific person designated in the accounts, finance, or control department to take care of property, plants, and equipment. Here it can be said that the thing can have a specific file, computer property, or other similar title. The primary responsibility of a public accountant is to ensure that good records are maintained in a business or organization. This can be a time of full situation in a company that has a large investment in certain assets and that either has a high volume of activity in certain assets, or in the process of a higher cost of capital. In operations where the tracking of certain assets does not involve sufficient work to obtain a full-time account, this responsibility may be combined with other accounting duties.
The level of responsibility of the person in charge of certain things and the functions performed also depends on the size and nature of the operation, and the way in which the organization is set up to account for and report property, plant, and handling. of weapons A fixed assets system can be more of a clerical function that involves maintaining data and records. Or the position could involve a more financial analytical role, where the person must participate in the financial evaluations of proposed projects. The audit function may also be part of the overall planning, control and reporting function for capital expenditures.
What Makes a Real Asset or Computer Property?
In a rational and administrative capacity, the person who is in charge of certain assets will be required to manage certain assets. This can be an extension of the application, a separate module within the accounting system, or a more detailed system.
Some of the duties of a fixed asset clerk or accountant include:
· Coding of goods sold for specific goods purchases with the appropriate general ledger account number, business unit or cost center.
Running queries on disbursements to identify capital expenditure.
· To examine the general postal accounts, to identify capitalized expenses and to include them in specific assets.
· Measures to complete the forms to establish fixed notches in the asset register, or in the asset system.
· Preparing the uncials of all the vanities.
· Monitoring reports to ensure that assets are correctly entered into the appropriate asset subledger.
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· Reconciling the fixed asset register or subledger, or the management of subsidiary assets to the general account of the principle of control of the account for each of the fixed assets, and analyzing each item by reconciling.
· Preparing cost schedules and making system entries to note cost reductions.
· Keeping records of all supporting documents for specific assets and capital projects.
· Generation of capital records and reports of capital assets, assets and impairments.
· Schedules and boxes of insurance entered into the safekeeping of goods.
· With the information of certain business reports, such as a summary of financial activities for inclusion in the property, plant and equipment section of financial statements.
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· Control of assets that are not capitalized but for which control is maintained, such as tools and small instruments.
· The process of ordering physical inventory for certain goods.
· Reviews of asset activity for compliance with company policy.
If an accountant or analyst is involved in specific asset planning and financial analysis and reporting, the position may include the following duties, either in addition to those described above or as part of a separate role. Many of these duties may be performed as part of a team, including operations managers, safety and environmental specialists, engineers, and others involved in the analysis and planning of capital projects.
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· The order of projects will be replaced, expansion, health and environmental, and others.
· Estimates of useful lives and salvage values of assets.
· Determination of depreciation methods to be used for financial accounting and taxation purposes.
· Auditors of capital affairs.
How are Working conditions?
Certain goods or property accountants and clerks usually work in ordinary office conditions, with occasional work in the field to collect information; to know the existence, position, and condition of things; to put labels on goods; and to take an inventory of the body. This work generally involves normal job schedules, with occasional overtime required during peak periods, such as when closing the accounting books for the month, year-end, and during reporting periods or physical inventories.
Fixed assets accountants and clerks may be assigned to a plant or field location while working on a construction project, or they may be permanently assigned to a plant, manufacturing, mining, or extraction jobsite. In this case, work may be involved, and if accommodations are provided for the location, work may be abstracted. home
Accountants and clerks will spend some time on the computer, working under self-direction, but in close coordination with other members of the accounting department. There will also be contact with members of other working parties, as well as with vendors and suppliers, insurance companies, and potentially with tax or regulatory agencies for reporting and coordination purposes.
Accountants or analysts who are more involved in the accounting and valuation of certain assets and capital assets will work closely with other professionals, often as part of multi-disciplinary teams, and even more contact with the operations and management of the company.
What are the Requirements?
The requirements for a position in a fixed assets and capital account depend on the level of the position and the inherent duties and responsibilities. In general these attributes are required;
· Administrative, organizational and analytical skills.
· Strong initiative and the ability to work independently and in a team atmosphere.
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· Understanding of the organization’s policies and procedures regarding fixed assets and capital expenditures.
· Depreciation methods for financial accounting and tax purposes, such as straight line, accelerated and MACRS.
· As part of the evaluation and planning of capital expenditures and projects, the person must be proficient in technical financial analysis.
Education
A person with strong administrative abilities can assume an entry-level position such as a certain goods clerk. The accounting system is a definite advantage, and a clerical position can be obtained by someone with a partner in the company, or who is pursuing an accounting system. For a higher level position, an accounting degree is usually required, and preference is given to a Certified Public Accountant (CPA). For a position as a financial analyst, an accounting or finance degree, and an MBA or engineering degree may be required.
Experience
A person with the right to personal training can be trained in a certain agreed manner and in a certain way of organizing the association; work as a clerk or entry level accountant. As we gain experience, we can open up opportunities for increased responsibility.
A background in accounting, and especially in property, plant and equipment accounting, is generally required for a senior level accounting or computer management position. The analyst will have experience in fixed income accounting, budgeting and reporting, particularly financial planning and technical analysis. Technical work in operations, such as engineering, and experience in capital affairs may also be required for an analytical position.
What are the possibilities to protect?
An accountant with the right knowledge and experience can make a career in a certain asset or property account. A large organization may have different positions in a department dedicated to property, plant and equipment, with increasing levels of responsibility. They may also have special opportunities in a certain area, such as budgeting, finance or tax reporting. Alternatively, experience in an accounting property may lead to a more senior position in the overall accounting operation.
Knowledge and experience in a specific subject accounting-careers”>accounting-careers”>accounting-careers”>accommodation can lead to an audit career< /a> specifically in this area, whether for independent or internal auditor.
Another career-paths is to move to a position as a financial analyst, working in capital budgeting and forecasting, and capital. policy, advice, control. This can also eventually lead to site management in operations, for a person with the necessary technical skills and abilities.
Report:
- Association of Chartered Certified Accountants – ACCA Global – Publications – Student Accountant – Bookkeeping Basics: Fixed assets and liabilities: www .acca.global.com Government of Oregon – Internal Operations Manual – Safe Account: egov.oregon .gov James Madison University – Financial Services Manual – Fixed Assets: www.jmu.edu
