Notion – Fixed Asset Register Template

Notion – Fixed Asset Register Template

Use this template to keep track of your fixed business assets. A fixed asset register (FAR) is a record of all of the fixed assets owned by an organisation. Assets may include buildings, machinery, vehicles, furniture, fixtures and fittings, intellectual property rights, and any other items used by the business.

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What you need before purchase

• Basic knowledge of how to use Notion
• Paid Notion account if you’re looking to add lots of content to your template / Notion account (sign up here). Not much content? You’re able to use their free account.

After purchase, you’ll be able to view the template immediately. The template can be added to your Notion account by:

• Click on the template download link in Gumroad
• When viewing the Notion template, click on the “Duplicate” link in the top-right of your screen
• The template will now be available in your own Notion account

What is a fixed asset register?

A fixed asset register (FAR) is an accounting system that tracks the acquisition, depreciation and amortization of all assets used in business operations. The FAR is also known as the Fixed Asset Register or the Fixed Assets Register. A FAR can be used for any type of business operation including manufacturing, retailing, wholesale, service-based businesses, etc. It is important to note that a FAR does not track inventory but rather it tracks only those assets that are purchased by a company.

What is a fixed asset?

Fixed assets include tangible property such as buildings, machinery, furniture, vehicles, computers, office equipment, etc., which have been acquired by a company and are intended to be held for more than one year. They may be bought with cash or financed through bank loans.

How do I create a fixed asset account?

You will need to first set up a new fixed asset account before you can start tracking your fixed assets. You can either do this manually or automatically using Notion.

The benefits of creating and maintaining a fixed asset register

There are many reasons why you should maintain a fixed asset register. Here are just some:

1. Accurate financial reporting – By having a clear record of all fixed assets, you can accurately report on the value of your fixed assets at any given time. This helps you prepare accurate financial reports and make informed decisions about how much money to invest in your business.
2. Reduce tax liabilities – If you’re self-employed, you might want to consider setting up a fixed asset register so you can easily track your expenses related to your business. This way, you can reduce your personal income taxes.
3. Increase profitability – Having a good understanding of your fixed assets can help you identify areas where you could improve your productivity. For example, if you find that your factory has too many machines, then you can decide whether you should buy additional machines or hire more workers.
4. Manage risk – When you purchase a piece of equipment, you usually pay for it upfront. However, if something goes wrong with the equipment, you won’t be able to get your money back. But if you keep records of every single item you acquire, you can easily calculate the total cost of ownership (TCO). This way, you can avoid buying items that aren’t worth the price tag.
5. Identify potential risks – If you notice that certain pieces of equipment are malfunctioning frequently, you can take steps to prevent further damage. For example, you can replace the faulty parts immediately.
6. Ensure compliance with regulations – In order to comply with various government regulations, you need to have an accurate inventory of your fixed assets.