Quote from bsdinsight on 12 April 2025, 10:21

Abdulhase spent most of my career managing fixed assets in various capacities.

No matter what position he assumed, fixed assets management found its way to his list of responsibilities.

Managing Fixed Assets is a tedious and cumbersome area of accounting, especially if you have an extensive fixed asset database.

It takes time and effort to keep your fixed asset register clean and reconciled, and it also requires continuous physical effort to conduct physical verifications and tagging projects.

Nevertheless, you need a sound system to reconcile your fixed assets register (FAR) and prevent errors in managing your fixed assets.

Abdul has included the system functionalities and equipment you need to manage the fixed assets’ life cycle and conduct physical verification and tagging exercises.

He has provided everything you need to manage your fixed assets, from FAR setup to the equipment you need to conduct physical verification.

He used the same list when we implemented a new ERP system.

Here’s what you need to set it up:

1- Must-Have System Functionalities
2- Mandatory Fields
3- Reports that you must be able to generate
4- Must Have Options
5- Nice to Have Options
6- Equipment for Physical Verification & Tagging
Two options:
a) Barcode Tagging
b) RFID Tagging