How a register gets built, and how it stays true.
A fixed asset register is not produced by walking around with a clipboard. It is built from purchase records, verified against the physical world, priced, condition rated, and then maintained. This is the process we run, and the detail we hold ourselves to on every engagement.
From purchase records to a register that holds
Collect and build
Compile purchases, BOQs and purchase orders into an initial registry before anyone walks a floor.
Count and tag
Survey the site, physically count and RFID tag every asset in scope.
Reconcile and finalise
Match the count to the registry and resolve found, unfound and newly found items.
Cost and value
Agree costing and asset valuation together with the customer.
Condition and life
Rate condition and estimate the percentage of remaining useful life for every asset.
Maintain
Go live in the tracking application and manage additions, disposals and reviews.
Eight steps, in this order, every time
- 01
Define locations
Buildings, floors, areas, apartments and rooms are defined and recorded before the count begins, so every asset has somewhere to belong.
- 02
Survey the site
Teams walk the site to understand access, density and the physical constraints of each area.
- 03
Record in the workbook
Asset name and description are recorded on paper by area, an image is taken, and the asset is classified by category, subcategory and group.
- 04
Clean the data
A site master sheet is assembled from all team members, classification errors are corrected across every field, and names and descriptions are unified for similar assets.
- 05
Prepare the workbook for printing
Asset numbers and RFID codes are assigned, then the data is sorted by floor and room and separated into floor sheets by tag type.
- 06
Tag printing and sorting
Tags are printed per floor or area, room tags are placed in marked envelopes, and envelopes are boxed by floor number or area name.
- 07
Tagging and verification
Tagging runs room by room, each room is scanned after tagging, untagged items are visually verified, and anything not on the system is recorded on paper.
- 08
Upload to the tracking application
Verified data is prepared and uploaded so the register goes live.
Three outcomes, and nothing in between
Found and matched
In the registry, physically located, and tagged. Confirmed and retained in the register.
Unfound
In the registry but not located during the count. Investigated and flagged as missing.
Newly found
Physically present but absent from the registry. Details captured, an asset number assigned, and added to the register.
Where unfound items exceed 50 percent of the register, we complete the count without values and report that finding rather than producing a valuation nobody should rely on.
Finalisation
- Resolve exceptions
- Sign off with the customer
- Lock the baseline register
- Go live in the tracking application
Seven ratings, applied on site
| Rating | Condition | Remaining life | Description |
|---|---|---|---|
| 1 | New | 100% | Not used and recently purchased, less than a year old |
| 2 | Excellent | 90% | Functioning well and not used heavily |
| 3 | Very good | 80% | Moderate usage with superficial deterioration |
| 4 | Good | 60% | Working condition with minor deterioration |
| 5 | Fair | 40% | Needs repairs or spare parts |
| 6 | Poor | 20% | Requires extensive maintenance or overhaul |
| 7 | Failed | 0% | Not performing and needs replacement |
Every asset in an Ossool register carries one of these seven ratings, applied by an inventory specialist on site and checked through three levels of quality review.
How a carrying value is arrived at
Acquisition cost
From purchase records, BOQs and purchase orders. Where no cost record exists, a valuation is agreed with the customer.
Condition factor
The percentage of remaining life taken from the condition rating, from New at 100 percent down to Failed at 0 percent.
Net book value
Cost multiplied by remaining life, carried in the register as the asset's current value.
Depreciation
Net book value is spread over the remaining useful life on a straight line basis, so annual depreciation posts correctly and the register's carrying values stay current.
Maintenance is the whole point
Additions
Capture, cost, tag and add every new purchase as it arrives.
Disposals and write offs
Retire assets from the active register, recording reason and date.
Transfers and movements
Update location and custodian whenever an asset moves.
Re-assessment
Periodically refresh condition ratings and carrying values.
Scheduled RFID scans and physical counts reconcile back to finance on an agreed cycle, with an approved audit trail behind every change.
One accountable structure per project
For each project Ossool assigns a Project Manager to assess objectives, existing business controls, and asset information standards and conventions. From this a project plan is created to govern counting methods, data conventions, schedules and project stages. The methodology builds in three levels of checking for quality assurance.
Fifteen fields, held for every line
- Asset description
- Asset image
- Acquisition cost
- Net book value
- Current value
- Asset location
- Transfer history
- Asset category
- Department or owner
- Cost centre allocation
- Condition rating
- Remaining useful life
- Serial number
- Tag type and code
- Parent and child asset links
Start with a scoping call.
Tell us roughly how many assets you carry, across how many sites, and what shape your current register is in. We will come back with a coverage plan, a timeline, and a fixed scope. No obligation, and no cost for the conversation.
Request a scoping call