Fixed Asset Readiness

Fixed Asset Readiness teaches asset teams how to control linking operational asset records to finance, depreciation set-up, and controls. In AWRA, assets are accountable objects: they have identity, condition, custodian, location, movement history, and evidence.

The practical habit is to avoid treating assets like anonymous stock. Once an item becomes accountable equipment, every assignment, movement, condition change, or audit result should explain who had custody and why.

In practice, finance reviews a vehicle asset with purchase cost, acquisition date, location, custodian, and condition, then sets up its depreciation in the Asset Register under Accounting — capitalised cost, in-service date, method and salvage — so each month is charged from there. The flow below shows the core asset path users should understand before acting.

A strong asset routine has a clear owner, permission boundary, evidence requirement, and review point. For this workflow, users should identify finance-relevant assets, gather acquisition evidence, review cost and useful-life data, and preserve custody context.

Before acting, check asset cost, acquisition date, invoice, category, useful life, location, custodian, condition, and finance approval. Those checks prevent tool loss, unclear custody, duplicate asset records, and weak audit evidence.

In practice, an accountant sends back an asset record because purchase evidence is missing even though custody is clear, then checks the Net Book Value panel on the Assets dashboard: it shows cost less the depreciation the monthly run has posted (plus any opening accumulated depreciation), excludes disposed and retired assets, and counts every asset with no depreciation set up as carried at cost, with a Set up depreciation link — readiness is done when that count is zero. Use the table below to choose the right action from the signal in front of you.

Asset control becomes trustworthy when it leaves proof. Useful evidence includes invoice, purchase order, acquisition date, cost, category, custodian, location, condition, and finance review notes, tied back to the exact asset, custodian, movement, or audit record.

Managers should review patterns. Repeated late returns, missing labels, damaged tools, or unclear custodians usually point to policy, training, site discipline, or approval design.

In practice, finance and operations agree the asset record is complete and its depreciation is set up, or it has a clear gap owner. Use the checklist below before calling the asset workflow controlled.