A fixed asset register is a list of the physical things your organization owns that last longer than a year: computers, furniture, vehicles, machines, buildings. For each one it records what it is, where it is, who is accountable, what it cost and what it is worth.
Registers fail in two ways. Some record too little, so they cannot answer an auditor. Others record so much that nobody keeps them up to date. This guide is the middle path: the fields a register needs, why each one earns its place, and a template you can use today.
What a register is for
A register has four jobs, and the fields follow from them.
- Identify each asset so it can be told apart from its neighbour.
- Locate it, and say who is responsible.
- Value it, so the accounts and depreciation are right.
- Prove it, with the documents and the dates that back the record.
If a field does not serve one of these, it is a candidate to leave out.
The fields, in groups
Identity
| Field | Why it matters |
|---|---|
| Asset number | The unique identity of the asset, printed on its tag. It never changes after it is issued. |
| Name | What it is, in words people will search for. |
| Description | What tells two similar assets apart. |
| Category | Groups assets for reports, numbering and depreciation. |
| Manufacturer and model | Lets you find, service and replace it. |
| Serial number | The maker’s identity for the item. The best defence against a swapped or ghost asset. |
Place and people
| Field | Why it matters |
|---|---|
| Location | A place a person could walk to. Use a hierarchy: site, building, floor, room. |
| Department | Who is accountable for it in the organization. |
| Custodian | The person who holds it, when it is assigned to someone. |
| Condition | New, good, fair, poor, damaged. Feeds repair and disposal decisions. |
| Status | Where it is in its life: available, in use, under repair, retired, disposed. |
Acquisition
| Field | Why it matters |
|---|---|
| Supplier | Who sold it, and who to call about it. |
| Purchase order and invoice | The documents that prove the purchase. |
| Purchase date | When it was bought. |
| In-service date | When it started being used. Depreciation normally starts here. |
| Purchase cost and currency | The value the accounts start from. |
Warranty and support
| Field | Why it matters |
|---|---|
| Warranty start and end | Lets you act before it lapses, and claim while it is valid. |
Evidence
Photos, the invoice, the warranty certificate and the disposal approval do not need columns in a spreadsheet, but a register should say where they are kept. In software, they attach to the record.
Fields worth adding only if you will use them
- Project or grant, if donors fund assets, so you can report by funder.
- Fund or cost centre, if your accounts split by them.
- Insured value, if it differs from book value.
- Registration number, for vehicles.
- Next service date or meter reading, for equipment that is maintained.
Each extra field costs time to fill and keep right. Add a field when a named person will use it.
Rules that keep a register useful
One number per asset, forever
The asset number is the most important cell in the sheet. Issue numbers from a single source, in a pattern, and never reuse or change one. A pattern such as company, category and sequence, for example ABC/FA/000214, makes the number readable and unique.
Locations as a list, not free text
If anyone can type any location, you will have “Main store”, “main store”, “MS” and “Stores” in a month. Keep a list and choose from it. In Excel, a drop-down column does this.
One row, one asset
Do not put a group of identical chairs on one row with a quantity, if you need to track them individually, and do not split a single asset across rows. Decide at the start which items are individual assets and which are bulk consumables.
Dates as dates
Store dates as real dates, in one format, so you can sort and filter by them. Text such as “Jan 23” is lost the first time someone changes the sheet.
Never delete
When an asset is disposed of, change its status and record the disposal, rather than deleting the row. The register is a history, and an auditor may ask about an asset that is long gone.
Common mistakes
- Starting with 40 columns. A register nobody can finish filling is worse than a short one nobody argues with. Begin with the fields above and add only what is used.
- Mixing assets and consumables. A box of pens is not a fixed asset. Decide a value threshold and a life threshold, write them down, and keep below-threshold items in a separate stock list.
- Using the supplier’s description as the name. “HP 840 G10 14in i7 16GB” is hard to search. “Laptop, HP EliteBook 840 G10” is easy.
- Leaving custodian empty for portable items. The assets most likely to go missing are the ones that travel. Record who holds them.
- Recording cost without the currency. A column of numbers means nothing the day you buy something in dollars.
- No owner. A register belongs to a named person, with time set aside, or it decays.
How often to review
A register is a living record. A rhythm that works for most organizations:
| When | What |
|---|---|
| On receipt | Record the new asset and tag it, before it is issued |
| When something moves | Update the location or custodian that day |
| Monthly | Review additions, transfers and disposals against the paperwork |
| Yearly | Verify physically, and settle every difference |
The template
We have made the template we would want ourselves. It has:
- an Assets sheet with the columns above, three example rows, and a drop-down for condition;
- a What each column means sheet that explains every column;
- a How to use sheet, including how to import the file.
The column headers match the VexCloud AMS import, so you can load the file without mapping each column. If you are not using VexCloud AMS, it is an ordinary Excel file and works on its own.
Taking it further
A spreadsheet register works for a small organization with one person looking after it. It begins to strain when:
- more than one person edits it;
- assets are in more than one place;
- you need to count them against the floor;
- depreciation has to be reproducible.
At that point the same fields move into software. Importing your Excel register lets you keep what you have built, find the duplicates and unknown locations before they cause trouble, and then scan to verify. See our guide to moving your asset register from Excel to asset management software for how that goes.
Questions
How many fields does a register need?
Fewer than most organizations think. Identity, place, accountability, acquisition and value cover the register's job. Add fields only when somebody will use them in a report or a decision.
Should the asset number mean something?
It can include a company, category or year if that helps people read it, but it must never change once issued. The number is printed on tags and quoted on documents, so it has to be permanent.
Can I use this template if I do not use VexCloud AMS?
Yes. It is an ordinary Excel file. The only thing tied to VexCloud AMS is that the column headers match its import, so the file can be loaded without remapping.
What is the difference between purchase date and in-service date?
Purchase date is when you bought it. In-service date is when it started being used. Depreciation normally starts from the in-service date, so recording both matters.