Due to the amount invested in fixed assets in many companies, there may be a specific person assigned within the accounting, finance, or controllers department to keep track of property, plant, and equipment. This person may be called a fixed asset accountant, property accountant, or may have some other similar title. This accountant's primary responsibility is to maintain the official fixed assets records for the business or organisation. This may be a full-time position in a company that has a large investment in fixed assets and that has either a high volume of activity in fixed assets, or has major capital expenditure projects in process. In operations where keeping track of fixed assets does not involve sufficient work to occupy an accountant full-time, this responsibility may be combined with other accounting duties.

The level of responsibility of the person in charge of fixed assets, and the functions performed will also depend on the size and nature of the operation, and the way in which the organisation is set up to handle accounting and reporting for property, plant, and equipment. Accounting for fixed assets may be more of a clerical function, involving entering data and maintaining records. Or the position could involve more of a financial analyst role, where the person would participate in economic evaluations of proposed projects. An audit role may also form part of the overall planning, controlling and reporting function for capital expenditures.

What Does A Fixed Asset or Property Accountant Do?

In an accounting and administrative capacity, the person in charge of fixed assets will maintain the fixed assets register. This may be a spreadsheet application, a separate module within the accounting system, or a more elaborate system.

Some of the duties of a fixed asset clerk or accountant include:
· Coding invoices for fixed asset purchases