What is the property register❓
What is the property register❓
For those who register partnerships and work on accounting, they are familiar with the term. "Asset Register" (Fix Asset Register) because it is necessary to know. because it is like a summary of the details of the assets of the business that are Which can be seen as a stock check that has it all because it can see that the information of the existing property And it also helps to reduce corruption in various avenues as well, because if we do not check anything, it is very easy to allow bad people to cheat.
📌 What is property registration?
It summarizes the details of the assets of the business that are present at the moment that can be checked and counted. Makes you know that in the business there is factual information about the assets to prevent fraud in various forms. When doing business, the Fix Asset Register can also be used to calculate depreciation in accounting and taxes. But you can still do other things. In particular, the protection of fraud, verification of the existence of assets as well.
📌 Property registration with depreciation
In addition to the duty to prevent corruption Many people may use the property register as a means of calculating depreciation at the same time, as most of the registration information indicates the cost of the asset. Date purchased and ready to use which is convenient for calculating depreciation in each accounting period as well as knowing the residual value of that asset including past lifetimes
The principles of accounting and taxation are similar in that assets must have salvage value. (Usually the remaining balance is not less than 1 baht), so if the business has been in business and has assets for a while It can be seen that there are assets that have been fully depreciated. but still active which will appear in the property register and no additional depreciation is charged. to be used to verify the identity of that property only
📌 What does the property registration consist of?
Property registration documents for any business that need to be used can be found in a free file that is easily available for download, and what is included in it is given below.
- cost of assets
- The date the asset is available with depreciation.
- Asset Reference Number
- Asset Depreciation Rate For example, 5 years/20%
- This year's depreciation and accumulated depreciation
In the asset registration, there must be a label (Tag) attached to know the existence of that asset. Time to check will be easy and convenient. Of course, it's about the same mood as checking stock. It is recommended to do this as it will be a very detailed accounting.
📌 Property registration and tax inspection
In terms of taxation, tax audits, having a property register is also important. Especially those who work directly related to accounting and taxes. Which is important, however, below.
- Help confirm the existence of assets and accounting system management Having a property register indirectly confirms that real property (If there is a counting system, it will be more clear), which reflects that the company has a good accounting system management.
- helps to make sure The asset is related to the entity. In the case that the property registration is correct and verifiable If there is a random inspection or inquiry by the staff It will show that the existing assets are actually used in the operation of the business and vice versa. If someone buys personal assets and uses them as business expenses You will see that the property register is the litigator that the accounting business is inconsistent with reality easily. but returned to the director's house
- Easy to calculate accounting and tax depreciation and be assured of accuracy The presence of a property register confirms the correct method of calculating depreciation in the accounting and taxation of an entity. It is easily verifiable evidence that the calculations are true. along with the information that appears in the real property register which makes it convenient for both the business to manage the account And it is convenient to check the information of the officers as well. Additional advice is In the event of multiple discrepancies in accounting and tax depreciation calculations Businesses should make separate papers. in order to see a clearer picture in the review.
📌 Purpose of property registration
- Track the assets of the enterprise
- Makes it convenient to record various information about assets in the organization
- used in depreciation
- Easy to review and find information about assets
- Reliability when auditing corporate accounts and taxes
- Prevent corruption to assets in the organization
When the auditor has inspected it will make it easy to pass. Taxes are not a problem if the information in the property registration documents remains true. It also shows how strong the company is. What assets do you currently have? And if there are traces of corruption, it will be easily found and will be dealt with immediately.
If you are a business owner who has tax accounting but is not yet fluent, You can hire a company that provides accounting services to help you. But if it's convenient for a company, there should be a good accountant who can make things easier. In the preparation of property registration documents, most accounts are And business owners should be able to understand when looking at the list of accounts and taxes so that they will know what assets they have and when filing taxes, the officers will be able to check it very conveniently, so they don't have to waste time. This is known as the most accurate bookkeeping. complete everything so that the information of the property is real It can also be used to calculate depreciation and prevent fraud as well.
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