Thursday, 15 March 2012

Fixed Assets Register

Hi Platinum,
1) I am doing fixed asset register, On mannual step 1 is ENTER PURCHASE OF 5 DESIGNER CHAIRS (1/1/10)
[ AP procedures]

My question is where to find this information ( price of chairs etc).

2) I did prepayments last saturday. But at the end Prepayment bal on B/S is not matching with total remaining b/c om prep. SS 31/1/11.

I tried to find my mistake but I couldn’t. How can I go through with this problem? Please help.

Thanks for support.


1 comment:

  1. Hi Jas,

    Thanks for your question.

    • Fixed Assets Register – The manual simply tells you what to do when you receive fixed asset tax invoices as an AP clerk. Once the company purchases new assets, the items should be updated on the company’s Fixed Assets Register;

    • If your Prepayment ending on the balance on Balance Sheet does not match the total assets level on the Fixed Asset Register. It could be due to one of the below causes:

    1. Firstly, you might have forgotten to update the newly purchased item;

    2. Secondly, you probably didn’t update the formula contained in the FAR excel sheet correctly for the remaining balance and expense/month;

    3. Finally, you probably didn’t transfer the exact amounts from FAR to MYOB. Make sure you use your attention to detail.

    If you still have any queries when you perform Month End tasks, please feel free to approach your accountant or team leader for assistance.