Add new assets to the register

Verify the value of the acquired asset

Input the purchase date of the asset

Document the vendor of the asset

Assign an asset account for the new acquisition

Calculate the annual depreciation expense

Update the cumulative depreciation of the asset

Record the depreciation expense to the Asset Depreciation Account

Check that asset's net book value is calculated correctly

Ensure the residual value of the asset is taken into consideration

Arrange for regular asset maintenance and inspection

Document any repairs or improvements made

Adjust asset's book value if any improvements significantly extend the asset's life

Ensure asset's insurance is up-to-date

Trace and account for any accessory or part of the asset

Calculate the asset's net book value at the time of disposal

Record any gain or loss from the disposal

Remove the asset from the Asset Register

Ensure all depreciation entries for the asset have been made

Update the Asset Disposal Account

Conduct regular monthly reviews of the Asset Register

Perform annual audits of the assets

Update the Asset History Sheet at the end of the financial year

Ensure that all assets are tagged and easily identifiable

Investigate any discrepancies in the register