For academies using the Schools Choice fixed asset register, below are some hints and tips on the best way to use your fixed asset register:
- Asset cost, accumulated depreciation and net book value in your register should agree to your accounts at the end of the year.
- For academies which have completed at least one year end already, it is advisable to ensure that your register agrees or can be reconciled to your previous accounts before any depreciation journals are posted. The Reconciliation Control tab will support academies in this task.
- Possible year on year variances may occur e.g. a difference in cost may arise if a best estimate of the cost of an asset is capitalised at the year-end but a final invoice differs to the estimate and the value of the asset is corrected.
- The date that an asset starts to be depreciated (column headed Date the Asset will Depreciate from ) will generally be the same as the date it is capitalised (column headed Date the Asset is Captalised ).
- An asset should not be depreciated before it is capitalised and so the date in the column headed Date the Asset will Depreciate from should not be earlier than the date in the column headed Date the Asset is Captalised .
- The date that an asset is brought into use and starts to be depreciated (column headed Date the Asset will Depreciate from ) should not be earlier than the date of conversion.