Fixed Asset Register
All schools should maintain an asset register, which contains details of significant equipment and capital items. The register should be kept up to date and should include all items acquired by the school which is intended for use on a continuing basis for more than one year. This list should be checked and updated regularly, with the addition of any item once it has been invoiced to the school.
It is good practice for a physical count be carried out at least once a year and that someone other than the person maintaining the register should do this. Discrepancies between the physical count and the amount recorded in the register should be investigated promptly.
A fixed asset register will help the school to manage the effective utilisation of its assets and to plan for their replacement. However, it will also:
- form an important part of the school’s procedures for ensuring that staff take responsibility for the safe custody of assets
- enable school management to undertake independent checks on the safe custody of assets, as a deterrent against theft or misuse
- help the external auditors to draw conclusions on the financial statements and the school’s financial systems
- support insurance claims in the event of fire, theft or other losses
If you need any further information please email firstname.lastname@example.org or phone (01) 9104020.
NOTE: The FSSU have developed these templates for internal use for monitoring monthly income, expenditure, budget management, cash flow etc. The use of the FSSU internal templates is optional for schools who may wish to continue to use the IPPN Airgead Bunscoile/Financial Template, CPSMA Accounts templates etc. for their internal use.