{"id":86,"date":"2019-12-13T05:40:14","date_gmt":"2019-12-13T05:40:14","guid":{"rendered":"https:\/\/www.cac.net.in\/blog\/?p=86"},"modified":"2019-12-21T07:47:34","modified_gmt":"2019-12-21T07:47:34","slug":"how-to-manage-the-companys-fixed-assets","status":"publish","type":"post","link":"https:\/\/www.cac.net.in\/blog\/how-to-manage-the-companys-fixed-assets\/","title":{"rendered":"How To Manage The Company&#8217;s Fixed Assets"},"content":{"rendered":"\n<p>When carrying out the accounting of a company, both fixed assets and current assets must be taken into account, you can do this by consulting fixed asset management companies in India. The latter are the assets, rights, and credits that can be converted into liquid immediately or, at least, within a period of less than twelve months. On the contrary, fixed or non-current are the most durable. They could be defined as those goods or rights that have been acquired to be used by the company in the normal development of its activities and not to be commercialized.<\/p>\n\n\n\n<p>Examples would be the ship where the\nproducts are manufactured, the tools used to do it or the truck used to\ndistribute them. However, the same asset can be a fixed-type asset for one\ncompany, while for another it is circulating. In the example of the truck, for\na business that sells heavy vehicles, that truck would be a commercial product\nand not a fixed-type asset.<\/p>\n\n\n\n<p><strong>Types\nof fixed assets<\/strong><\/p>\n\n\n\n<p>On the other hand, there are basically two\nkinds of fixed-rate assets and both have value for the company, in addition to\nhaving to be reflected in their accounting with the corresponding\namortizations. They are the following:<\/p>\n\n\n\n<ul class=\"wp-block-gallery columns-1 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"900\" src=\"https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/68238533_353269708947744_3830502707907526656_n-3.jpg\" alt=\"\" data-id=\"88\" data-link=\"https:\/\/www.cac.net.in\/blog\/how-to-manage-the-companys-fixed-assets\/68238533_353269708947744_3830502707907526656_n-3\/\" class=\"wp-image-88\" srcset=\"https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/68238533_353269708947744_3830502707907526656_n-3.jpg 900w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/68238533_353269708947744_3830502707907526656_n-3-150x150.jpg 150w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/68238533_353269708947744_3830502707907526656_n-3-300x300.jpg 300w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/68238533_353269708947744_3830502707907526656_n-3-768x768.jpg 768w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/68238533_353269708947744_3830502707907526656_n-3-230x230.jpg 230w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure><\/li><\/ul>\n\n\n\n<p><strong>Tangible<\/strong><\/p>\n\n\n\n<p>It is the material goods, which can be touched,\nby the company. The General Accounting Plan itself establishes tangible lands\nand natural assets, for example, a plot; the buildings, such as the\naforementioned case of the ship where the company carries out its production;\nthe machinery used for it (it includes, not only the machines themselves, but\nalso the vehicles and tools); technical facilities, such as assembly lines; the\nfurniture of their offices; the equipment for computer processes, or computers,\nprinters, etc.; the transport elements and, finally, other goods.<\/p>\n\n\n\n<p><strong>Not\ntangible<\/strong><\/p>\n\n\n\n<p>They are the most difficult to quantify\nbecause they lack materiality, but they also have an economic value. Among them\nare the brands of the company itself, that is, the names of products that it\nhas registered. Also patents, or articles created by it (for example, software\nof its creation), and copyright. Likewise, the permits, licenses, and\nfranchises, through which the company has acquired the right to use one good or\nbrand of another.<\/p>\n\n\n\n<p><strong>Inventory\nof fixed assets<\/strong><\/p>\n\n\n\n<p>Therefore, these assets have an important\npatrimonial and financial value for the company. Hence the importance of having\na good inventory of them. This should include its main data: code, physical\nsituation, description, value and depreciation, status and useful life.<\/p>\n\n\n\n<p>The correct registration of these assets by <strong><a href=\"https:\/\/www.cac.net.in\/fixed-asset-management.php\">fixed asset management companies<\/a><\/strong> allows the company to make decisions in financial and fiscal matters. As for the first, it reflects in its accounts both the depreciation and the expenses and income that these assets generate and, with respect to the second, that inventory helps it to optimize its taxes in accordance with the laws in force. It also allows you to save costs, by reducing your investments in unnecessary goods.<\/p>\n\n\n\n<p>Therefore, all companies must carry out, at\nleast once a year that inventory of fixed-rate assets and permanently keep\ntrack of those that are operating in them. Likewise, you have to correctly\ncalculate the amortization of each of these assets and keep track of those that\nhave been depreciated to decide what to do with them.<\/p>\n\n\n\n<p>In conclusion, fixed assets are a very\nimportant part of the company&#8217;s balance sheet and must be well controlled.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When carrying out the accounting of a company, both fixed assets and current assets must be taken into account, you can do this by consulting fixed asset management companies in India. The latter are the assets, rights, and credits that can be converted into liquid immediately or, at least, within a period of less than&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[18,15,16,19,14,17,35],"class_list":["post-86","post","type-post","status-publish","format-standard","hentry","category-fixed-asset-management","tag-asset-management-solutions","tag-asset-management-system-in-india","tag-fixed-asset-management-best-practices","tag-fixed-asset-management-solutions","tag-fixed-asset-management-system","tag-internal-control-risk-assessment","tag-risk-assessment-and-internal-controls"],"_links":{"self":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts\/86","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/comments?post=86"}],"version-history":[{"count":4,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts\/86\/revisions"}],"predecessor-version":[{"id":94,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts\/86\/revisions\/94"}],"wp:attachment":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/media?parent=86"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/categories?post=86"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/tags?post=86"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}