Fixed Asset Register Deep Dive
Fixed Asset Register, Standard Operating Procedures & Client Settings introduced the Fixed Asset Register tile's three sub-tools at a glance. This article walks through each one in detail — recording an asset, verifying it physically, and running an audit session — using a client's real, populated register.
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The three Fixed Asset Register tools
The three Fixed Asset Register tools
Open Fixed Asset Register from a client's dashboard to see three cards: Physical Verification, Add/Edit Fixed Asset Register, and Audit Session. Together they cover the full lifecycle of a physical asset — recording it, confirming it still exists and is in the condition claimed, and formally auditing the register over time.
The asset register listing
Add/Edit Fixed Asset Register opens to a listing of every asset on file for the client — Finac Asset ID, an internal Asset ID, description, location, department, condition, whether files are attached, who it's assigned to, and when it was last updated.
A populated Fixed Asset Register for a client with two assets on file: an AC marked Missing and a Furniture item marked Good, each with a location, files count, and an edit/QR action in the last column.
|
Column |
What it shows |
|
Finac Asset ID |
A system-generated identifier for the asset, unique within Finac. |
|
Asset ID |
The client's own internal identifier for the asset, if they track one. |
|
Location / Sub-Location |
Where the asset is physically kept. |
|
Condition |
Missing, Good, Bad, Obsolete, or Yet to Capitalize — the asset's current status. |
|
Files |
How many supporting documents (invoices, photos) are attached. |
|
Last Verified By |
Who last confirmed this asset during a physical verification, if any. |
|
QR Code Image |
The asset's generated QR code, once created — used for scanning during physical verification. |
- Use Bulk Upload to add many assets at once from a spreadsheet, rather than one at a time.
- + Add Asset — record a single new fixed asset.
Adding or editing an asset
Click the edit icon on any row (or + Add Asset for a new one) to open the asset's full record. Every field from the listing, plus purchase details, sale details, and file attachments, lives on this one form.
The Edit Fixed Asset form for a real Furniture item — Finac Asset ID, Asset ID, Location, Asset Description, Depreciation Method, and Condition (Good) all populated, with Purchase Details, Sales Details, and file upload sections below.
|
Section |
Fields |
|
Core details |
Finac Asset ID (system-assigned), Asset ID, Department, Location, Asset Description, Asset Category / Sub-Category, Depreciation Method, Date of put to use, General Ledger, GL Code, Manufacturer, Sub-Location, and Condition. |
|
Purchase Details |
Item Name, Supplier Name, Invoice Number, Invoice Date, and Amount — with + Add More Row for assets bought across multiple invoices. |
|
Sales Details |
Item Name, Customer Name, Invoice Number, Invoice Date, and Total Amount — filled in once (and if) the asset is disposed of. |
- Generate QR Code — create the asset's QR code once its core details are saved, for use during a physical verification scan.
- + Upload File — attach supporting documents, such as the purchase invoice or a photo of the asset.
- Asset Access History — an expandable section at the bottom of the form logging who has viewed or edited this asset's record.
Physical Verification
Physical Verification is where an asset's QR code gets scanned on-site to confirm it's actually present and matches its register record — and Finac restricts this specific tool to the mobile app.
The Physical Verification screen opened from a desktop browser, showing "Please Login From Mobile Device To Visit This Page."
Note: Opening Physical Verification from the desktop app shows a mobile-only message rather than the verification screen itself — by design, since the QR scan this tool relies on needs a phone's camera. Use the FINAC mobile app to actually walk through and verify assets.
Audit Session
Audit Session groups physical verifications into a formal, dated review — useful for an annual or periodic asset audit rather than one-off spot checks. + Add Audit opens a short form to start a new session.
The Add Audit Session form — Client Code pre-filled, Start Date, End Date, Financial Year, Audit Team, and a Status toggle.
|
Field |
Purpose |
|
Client Code |
Pre-filled with the client the audit session belongs to. |
|
Start Date / End Date |
The period the audit session covers. |
|
Financial Year |
Which FY this audit session is being run for. |
|
Audit Team |
The team member(s) responsible for carrying out the audit. |
|
Status |
Toggle the session active or inactive. |
Once saved, an audit session becomes the umbrella that physical verifications performed during its date range roll up into — giving you a single, dated record of a full asset audit rather than scattered individual checks.
Why can't I do a physical verification from my laptop?
Physical Verification scans an asset's QR code using a phone camera, so Finac routes it to the mobile app only — the desktop version shows a redirect message instead of the scan screen.
Do I need an Audit Session before I can verify assets?
No — Physical Verification works on its own from the mobile app. An Audit Session is for formally grouping and dating a broader review, not a prerequisite for a single verification.
What does the Condition field actually control?
It's a status you set manually per asset — Missing, Good, Bad, Obsolete, or Yet to Capitalize — reflecting what the last check (physical verification or manual update) found. It's for tracking asset health, not an automatic calculation.
Related Articles
- Fixed Asset Register, SOPs, ID/Password Manager & Client Settings
- Getting Started with Finac