This post presents exhaustive information on the fixed asset accountant job description, including the main duties, tasks, and responsibilities they typically carry out.
It also provides the major requirements that candidates for the fixed asset accountant role are usually asked to satisfy to be qualified for hiring.
What Does a Fixed Asset Accountant Do?
Fixed asset accountants are majorly responsible for recording cost of an organization’s newly added fixed assets, tracking existing ones, which can be tangible or/and intangible, and calculating and recording their depreciation, as well as accounting for disposed fixed assets.
The fixed asset accountant job description entails duties such as calculating and recording depreciation of a company’s assets and investigating their potential obsolescence.
A company’s fixed assets are items such as heavy equipment, real estate, and furniture, which are normally expensive and last for long.
These items can constitute a big figure that can make a significant difference in a company’s financial statements, thereby requiring an accountant specializing in fixed assets to take responsibility on accounting for them.
One of the fixed asset accountant’s major roles is to identify a company’s fixed assets by looking at vendor files and reviewing accounts payable transactions.
It may be possible to easily identify an organization’s fixed assets, however, for some assets it may be very difficult to identify.
Having identified an asset, the accountant will make journal entries to properly record it. He/she will maintain separate files with data such as purchase information.
He/she performs proper depreciation of recognized assets by estimating their life value as well as salvage value. He/she can then calculate the yearly depreciation expense of each asset.
The work description of a fixed asset accountant also involves keeping track of their company’s fixed assets by physically going to see them and observing for theft, damages, or other situations that could hamper their functionality.
The accountant may also tag equipment such as furniture to enable proper tracking and to prevent them from being misappropriated.
To be effective in keeping up with a company’s fixed assets; the accountant must ensure maintenance and constant check on them, rather than a one-time visitation.
Where an asset is found not to be viable anymore, it is the responsibility of the fixed asset accountant to remove them from the books.
Fixed Asset Accountant Job Description Example/Sample/Template
A fixed asset accountant performs various functions in ensuring effective maintenance of an organization’s fixed assets and depreciation schedules.
The job description example given below highlights major fixed asset accountant duties, tasks, and responsibilities that you may be assigned if you are hired for the role:
- Record fixed assets by creating and supervising a system of procedures, forms, and controls
- Recommend any updates to accounting policies affecting fixed assets to management
- Allocate tag numbers to fixed assets to effectively track them fro time to time
- Record in the accounting system newly acquired fixed assets and those disposed
- Track, compile, and record project costs in fixed asset accounts; close out the accounts at the completion of the projects
- Perform reconciliation of fixed asset subsidiary ledger balance with summary-level account in the general ledger
- Perform depreciation calculation for all fixed assets
- Perform revision and update on the detailed schedule of accumulated depreciation and fixed assets
- Perform asset retirement obligation calculations for ARO applicable assets
- Find out fixed assets’ obsolescence potential
- Carry out periodic reviews on intangible assets’ impairment
- Carry out inventory counts of fixed assets physically
- Recommend fixed assets that should be disposed off to management
- As may be requested by management, perform fixed asset related analyses
- Create fixed asset related audit schedules, and collaborate with auditors on their assignments
- Perform property tax returns report
- Serve as company representative at any audits relating to fixed assets facilitated by a government agency
- Track Company’s fixed asset spending in relation to its capital budget, as well as management authorizations.
Requirements – Skills, Abilities, and Knowledge – for Fixed Asset Accountant Role
If you are seeking the job of a fixed asset accountant, the following are common requirements, including skills, abilities, and qualifications most employers will expect you to have to be able to access the position and get an interview appointment:
- Possess Bachelor’s degree in accounting
- Possess strong knowledge of Generally Accepted Accounting Principles (GAAP)
- Strong knowledge and experience of fixed assets and General Ledger
- Possess strong proficiency in Excel
- Strong ability to apply several accounting and reporting systems
- Strong communication and analytical skills
- Strong ability to work individually or in a team setting
- Excellent interpersonal and time management skills to meet time-sensitive deadlines
- Strong ability to give attention to detail and to perform multiple tasks at the same time
- Most employers will require that you pass certain assessment tests to confirm your eligibility for this job.
If you are an employer needing to hire an accountant for fixed assets role, you can apply the sample job description provided in this post in creating a detailed description that can help you attract the best people for the job.
You will also find this post useful in learning about what fixed asset accountants do if you are interested in a career in the field.
The duties and responsibilities of the role highlighted in this article will increase your knowledge of the job and help you make informed decision about the career.