Any production activity is associated with the use of fixed assets. Their distinctive feature is repeated use in production activities. Moreover, they partially give their value (depreciation) to the cost of production. As a result of the use of fixed assets do not change their shape. They must be in circulation for at least 12 months.
Correct accounting of fixed assets is necessary at any enterprise, regardless of its specialization and nature of production. The correctness of all financial statements and depreciation in the cost of production depends on this. All these indicators affect the final financial result.
Fixed assets are classified according to several criteria.
There are several groups depending on their type: buildings, structures, any vehicles, equipment and machinery, livestock or livestock, production equipment, perennial plantings and some others.
Depending on affiliation to the industry distinguish industrial means, fixed assets of trade, agriculture and others.
Fixed assets are also recorded for their participation in the production process. That is, they can be in reserve, in operation, in the process of reconstruction or completion, on conservation, etc.
They are also divided according to the property rights that the enterprise has on them. That is, they can be owned and leased.
Also, fixed assets are divided into production and non-production.
Accounting for fixed assets is carried out on the basis of their correct assessment. This is the monetary expression through which they are reflected in the balance sheet.
There are three options for assessing funds related to the main ones.
The initial cost arises at the moment when the fixed asset is transferred to the balance sheet of the enterprise. It can be changed only in case of reconstruction, liquidation or completion.
The replacement cost is the total cost of the purchase or construction of fixed assets, their transportation and commissioning.
The residual value consists of the amount of the initial cost minus the amount of depreciation expenses accrued for the period of operation.
In order to compare the actual availability of funds related to the main ones with the documentary, an inventory is carried out. To do this, a commission is created, which verifies their presence, technical condition and use in the production process. Asset accounting is required for all organizations. For this, the relevant regulatory documents, acts and accounts of the balance sheet are used.
Accounting for fixed assets in the bank is carried out according to the same principles. Each lending institution must accumulate funds for the acquisition or restoration of objects that are designated as fixed assets. This is due to deduction of depreciation.
When taking on the balance sheet, moving or other operations, the accounting of fixed assets is also carried out. Postings are reflected in the balance sheet on the accounts that are intended for this. So, after putting into operation, their cost is removed from the credit of account 08, on which non-current assets are taken into account, and account 01, intended for accounting for fixed assets, is credited to debit.
The movement of these funds is also reflected in the primary documents. These include the act of acceptance of transfer of fixed assets or groups of fixed assets, the act of writing off objects, an invoice for internal movement, inventory accounting cards, etc.
Upon receipt of fixed assets draw up an acceptance certificate, which indicates its main characteristics, year of commissioning, year of construction, etc.