Scope sheet
finbryn.com
Bookkeeping
Fixed asset register
A fixed asset register logs every piece of equipment, vehicle and long-term asset a business owns, with depreciation calculated and posted on a set schedule instead of estimated at year end. Finbryn maintains the register in QuickBooks Online, Xero or NetSuite month to month for US businesses and hands the resulting schedule to your tax preparer for the return.
What is included
- Every fixed asset logged with purchase date, in-service date, cost and useful life
- Depreciation calculated and posted each period under a consistent method
- Proration for assets placed in service partway through a period
- Disposals and trade-ins removed from the register with any gain or loss recorded
- A capitalization threshold agreed and applied consistently
- Period-end reconciliation of the register against the balance sheet
- A depreciation schedule your tax preparer can use for the return
- A catch-up build of the initial register from purchase and loan records
The process
- 1.
Capitalization threshold and scope
We agree a dollar threshold above which a purchase is tracked as a fixed asset, and confirm which existing assets, vehicles, equipment and leasehold improvements need to be logged.
- 2.
Register build from records
Existing assets are logged from purchase invoices, prior tax depreciation schedules and loan documents for financed equipment.
- 3.
Depreciation method and schedule
A depreciation method, typically straight-line for financial reporting, is applied to each asset based on its useful life and in-service date, with proration for mid-period acquisitions.
- 4.
Ongoing acquisitions and disposals
New purchases above the threshold are added to the register during monthly bookkeeping, and disposals are removed with any gain or loss recorded.
- 5.
Period-end reconciliation
The register is reconciled against the fixed asset accounts on the balance sheet each close, so the two stay in agreement.
- 6.
Schedule handoff
The current depreciation schedule is provided to your tax preparer, who decides which tax depreciation method or election fits your return.
Software
QuickBooks Online, Xero, NetSuite
Quality control
Every period's depreciation posting is reviewed by a senior reviewer before it reaches you, with a specific check on any newly added asset's in-service date and useful life, since an error there compounds every period afterward.
Pricing
Ongoing fixed asset register maintenance is included in your monthly bookkeeping engagement, scaled to how many assets are active and how frequently acquisitions or disposals occur. Building an initial register from scratch for a business with no prior tracking is scoped and priced as a separate catch-up project, based on how many years of purchase and loan records need to be pulled together; see the pricing page for current ranges.
Finbryn is a brand of Northlane Solutions Inc., a Delaware corporation.
Reviewed September 2026