My company needs to implement fixed asset register in a hotel?

Question

Pls. suggest some good sites through which I support this initiative? It should include on how to organize ourselves counting the various assets? Valuing them? and reconciling the valuation with the parent company?

Answer 1

The valuation should just be what you paid for them, unless your company was purchased (instead of created) by the parent company, in which case they will have to re-value all of the assets as of the date of acquisition. In that case, they should hire certified valuation analysts (CVA), probably through a CPA firm. These values should be "pushed down" to your general ledger, so the parent and subsidiary books will match. The change in value of your fixed assets will go to the equity account on your books.

I would basically rely on the outside valuation specialists to organize all of this, they do it all the time. They will likely also have fixed asset software to sell you. Work with their software before you agree to buy it to be sure you like it, and make sure they have tech support specifically devoted to that program.

Answer 2

Almost everyone has fixed assets. From the humblest self employed person to the largest corporation, you can’t get away without owning something of a capital nature, even if it’s only the office PC.And, as a matter of fact, if you do own a fixed asset you aren’t keeping proper books and records if you haven’t got a fixed asset register that shows:

what you own
what it cost
when you bought it
how much you have depreciated it
what its net book value is
when you sold it
what profit or loss you got on it on sale

The attached Fixed assets audit program may be of help to you. Just click on the 1st link.

The other article Fixed Assets Instructions is also helpful (2nd link)