Not for Profits – Do You Keep An Asset Register?

Asset register

An Asset Register is an important part of a not-for-profit’s financial records.

It’s used to record the details of all the fixed assets that your organisation owns or leases.  This can include assets you bought new, second hand or were given.  The types of assets you might include are:

  • office equipment
  • motor vehicles
  • furniture
  • computers
  • communications systems
  • equipment

So by fixed assets I mean assets that you use in your organisation over the longer term to produce income, but not assets that you would sell as part of your day to day operations (eg inventory).

A simple Asset Register may look as follows:

Asset register table

Include all costs incurred in making the asset usable – for example installation costs, computer cabling and delivery/transportation.

Don’t forget to review your fixed assets annually

Your accounting software may have a feature that enables you to enter these asset details, or you can draw up a simple spreadsheet using Excel.

An up to date Asset Register will help with depreciation, insurance, statutory obligations and assist with decision-making in regard to further investment in assets. Furthermore, an auditor may request to see your Asset Register as part of your annual audit.

 More tips and info on not-for-profit bookkeeping:

 

Happy bookkeeping…

 

 

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6 comments

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