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Fixed Asset Coding by gentle12: 9:20am On Aug 06, 2015 |
Could anyone Please describe to me how to code fixed assets in an organization,I am asked to go and take inventory of our fixed assets and ,code them and create a fixed asset register for proper fixed asset management. I shall appreciate a genuine advice in this regard. Thank You |
Re: Fixed Asset Coding by ahabue83: 9:38am On Aug 06, 2015 |
U can code by using numbers, guess u were not showed d technical methods. Just generate numbers eg if d company name is aa location is vi department is Admin it would be AA/Vi/admin/001. |
Re: Fixed Asset Coding by gentle12: 10:07am On Aug 06, 2015 |
God Bless You for this clue,it will give further insights into my approach. |
Re: Fixed Asset Coding by ahabue83: 10:14am On Aug 06, 2015 |
Welcome |
Re: Fixed Asset Coding by osasboy(m): 11:01am On Aug 06, 2015 |
You can also use the asset category abdication.. E.g Furniture and Fittings could be coded FF, plant and machinery could be coded PM....This makes your job easier when doing referencing. I will also advise that if your company does not have too many branches ,you may not need to include branch code. Too many codes is not advisable. you may decide to code physical and also on the system. Physical coding is when you write the code on the asset and it becomes visible and permanent . On the other hand you can decide to generate codes on the system alone by attaching a unique code to each of the asset just to know the number of assets and their categories. |
Re: Fixed Asset Coding by gentle12: 11:38am On Aug 06, 2015 |
@Osasboy! I'm equally grateful for your contribution which is highly valuable as well,honestly I owe you guys a debt of gratitude. |
Re: Fixed Asset Coding by osasboy(m): 12:58pm On Aug 06, 2015 |
gentle12: You are welcome bro..... It is what I enjoy doing... Please feel free to contact me for further discussions on Finance and Accounts. I also have materials that you may need to enhance your job. I am currently on transit ,'i would have sent you an example file of assets coding in excel i did for a company. Example of Typical and Easy codes of asset for Emmanuel Engineering Ltd. When coding ,start with company's name .e.g EE for( Emmanuel Engineering) Then the asset category e.g MV for ( Motor Vehicle ) You may not need branch or dept code for small firms with just one branch. Coding ...... EE/MV/001 Then if you have more than one vehicle ,the number will continue e,.g EE/MV/002 Same applies to the rest assets. Please it also important to note that you can not start coding of assets WITHOUT doing physical asset verification. You MUST see and confirm that all the assets are still useful to the company. Hope you find this helpful 1 Like 1 Share |
Re: Fixed Asset Coding by Nobody: 10:35pm On Aug 21, 2015 |
Osasboy I sent you a pm. It is urgent. |
Re: Fixed Asset Coding by osasboy(m): 11:24pm On Aug 21, 2015 |
GoldenDr:I have replied u |
Re: Fixed Asset Coding by julyb(m): 12:57pm On Aug 22, 2015 |
PLS HELP WITH THE CALCULATION OF PAYEE TAX.HOW IS IT COMPUTED/DERIVED?THANKS |
Re: Fixed Asset Coding by julyb(m): 12:59pm On Aug 22, 2015 |
SUPPOSE MY SALARY IS 50,000. HOW MUCH IS MY PAYEE |
Re: Fixed Asset Coding by obajoey(m): 2:24pm On Aug 22, 2015 |
learning new thngs here.. |
Re: Fixed Asset Coding by Nobody: 10:12pm On Aug 22, 2015 |
julyb:it should be in the range of 1800-1900. |
Re: Fixed Asset Coding by Nobody: 10:15pm On Aug 22, 2015 |
julyb:Using your Consolidated Relief Allowance (CRA) Gross pay-(200,000/12+20% of Gross pay) 50,000-(16,667+20%*50,000) Figure me. |
Re: Fixed Asset Coding by osasboy(m): 4:00pm On Aug 23, 2015 |
GoldenDr: I am sure the N50k is monthly. This is what you need to do first. Take your monthly pay to yearly (N50kX12)=600k Secondly,here is the new tax rating (1)First 300k @ 7% (2) Second 300k @11% Then deduct consolidated relief Allowance from what you get from the addition of 1and 2 above And finally divide your answer by 12 months ,you will arrive at your monthly PAYE. But this is applicable where there is no NHIS and pension.(if there is,deduct the amount from your gross income of N600k before you apply 1 and 2 above. Hope this helps. 2 Likes 2 Shares |
Re: Fixed Asset Coding by julyb(m): 2:57pm On Aug 24, 2015 |
THANKS FOR THE BREAKDOWN.BY UR EXPLANATION ABOVE .THIS IS WHAT AM ABLE TO GET. 600K-(200K+120)=280K. CAN U PLS TELL ME HOW TO GO ABOUT CALCULATING THE 7% ON FIRST 300K AND 11% ON NEXT 300K.CAN I SAY MY PAYEE IS (7/100*280K)/12? |
Re: Fixed Asset Coding by julyb(m): 3:09pm On Aug 24, 2015 |
CAN U PLS EXPAIN TO ME HOW THE FIGURES PAINTED IN YELLOW IS DERIVED FROM THE ATTACHED FILE.AM A BIT CONFUSED
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Re: Fixed Asset Coding by Nobody: 4:09pm On Aug 24, 2015 |
julyb:280 falls under the first 300k. Then, from you last post (7/100*280k)/12 is correct. Class work. Solve for 95k, what is your payee? |
Re: Fixed Asset Coding by Nobody: 4:11pm On Aug 24, 2015 |
julyb:I can't open the file. |
Re: Fixed Asset Coding by julyb(m): 4:51pm On Aug 24, 2015 |
GoldenDr:my payee will be 1,140k-(200k+228k)=712k payee=(7/100*300k)+(11/100*300k)+(15/100*500k) = 21k+33k+75k =129000/12 =10750 if this is right,it shows I now understand it. thanks for ur quick response.hope to hear from u soon |
Re: Fixed Asset Coding by Nobody: 8:56pm On Sep 05, 2015 |
julyb:You are wrong. |
Re: Fixed Asset Coding by julyb(m): 2:59pm On Sep 07, 2015 |
pls where did I miss it.pls help with the clue.thanks |
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