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

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.

God Bless You for this clue,it will give further insights into my approach.

Welcome

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.

@Osasboy! I'm equally grateful for your contribution which is highly valuable as well,honestly I owe you guys a debt of gratitude.

gentle12:
@Osasboy! I'm equally grateful for your contribution which is highly valuable as well,honestly I owe you guys a debt of gratitude.

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

Osasboy I sent you a pm. It is urgent.

GoldenDr:
Osasboy I sent you a pm. It is urgent.

I have replied u

PLS HELP WITH THE CALCULATION OF PAYEE TAX.HOW IS IT COMPUTED/DERIVED?THANKS

SUPPOSE MY SALARY IS 50,000. HOW MUCH IS MY PAYEE

learning new thngs here..

julyb:
SUPPOSE MY SALARY IS 50,000. HOW MUCH IS MY PAYEE

it should be in the range of 1800-1900.

julyb:
SUPPOSE MY SALARY IS 50,000. HOW MUCH IS MY PAYEE

Using your Consolidated Relief Allowance (CRA)
Gross pay-(200,000/12+20% of Gross pay)
50,000-(16,667+20%*50,000)
Figure me.

GoldenDr:

Using your Consolidated Relief Allowance (CRA)
Gross pay-(200,000/12+20% of Gross pay)
50,000-(16,667+20%*50,000)
Figure me.

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.

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?

CAN U PLS EXPAIN TO ME HOW THE FIGURES PAINTED IN YELLOW IS DERIVED FROM THE ATTACHED FILE.AM A BIT CONFUSED

julyb:
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?

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?

julyb:
CAN U PLS EXPAIN TO ME HOW THE FIGURES PAINTED IN YELLOW IS DERIVED FROM THE ATTACHED FILE.AM A BIT CONFUSED

I can't open the file.

GoldenDr:

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?

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

julyb:
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

You are wrong.

pls where did I miss it.pls help with the clue.thanks