How RFID fixed asset management supervises asset write-off business

What is Asset write-off business

Asset write-off business refers to the process of writing off fixed assets from the books when their useful life has expired or they can no longer be used due to other reasons.

The loss is recognized by accruing impairment and written off from the balance sheet. The actual effect is a 100% loss of the asset, that is, the book value (and the corresponding impairment provision) is reduced, and the current profit and loss is made up at the same time.

Asset write-off business needs to comply with relevant laws, regulations and accounting standards, and must also comply with the company's internal management regulations.

What is RFID fixed ASSET MANAGEMENT

RFID fixed asset management is a method that uses radio frequency identification technology (RFID) to effectively manage an enterprise's fixed assets. The RFID fixed asset management system consists of RFID tags, RFID Readers, fixed asset management software and databases.

RFID tags are attached to fixed assets and are used to Store and transmit basic information about the assets, such as asset number, name, category, specifications, value, usage department, etc. RFID readers communicate with RFID tags through wireless signals to identify, locate and track fixed assets.

Fixed asset management software and databases are used to record and process various business data of fixed assets, such as entry, exit, use, return, scrapping, inventory, etc., as well as generate various statistical reports and analysis charts.

Compared with traditional barcode or manual registration methods, RFID fixed asset management has the following advantages:

RFID tags are waterproof, dustproof, high temperature resistant, and wear-resistant, and are suitable for use in various harsh environments.

RFID tags can store more information at the same time and can be modified and updated at any time.

The RFID reader can read multiple RFID tags at the same time without alignment or contact, improving inventory efficiency and accuracy.

The RFID fixed asset management system can monitor the status and location of fixed assets in real time to prevent the loss, damage or abuse of assets.

The RFID fixed asset management system can provide complete fixed asset ledgers and historical records to facilitate auditing and decision-making.

The steps to use RFID fixed asset management to supervise asset write-off business are as follows:

When purchasing fixed assets, attach an RFID tag to each asset and enter its information into the RFID fixed asset management system, including asset number, name, specifications, model, price, purchase date, using department, user, etc.

When using fixed assets, the assets are monitored in real time through RFID readers and antennas, and their location, status, usage, etc. are recorded to achieve dynamic management and tracking of assets.

When taking inventory of fixed assets, use RFID readers and antennas to scan asset tags and compare them with the data in the system to quickly and accurately complete the inventory task and discover and resolve inventory discrepancies.

When applying for write-off of fixed assets, fill in the write-off application form based on the reasons and conditions for write-off, attach relevant supporting materials, and submit it to the relevant approval department.

When approving the write-off of fixed assets, the approval department confirms the physical condition of the assets to be written off through RFID readers and antennas, checks with the data in the system, reviews the write-off application form and supporting materials, and determines whether to agree to the write-off.

When executing the write-off of fixed assets, the write-off department changes the tag status of the assets to be written off to "written off" through the RFID reader and antenna, and deletes its information from the system or transfers it to the history database. Carry out corresponding accounting treatment on the books and complete the write-off process.