Should I Consider Becoming an Asset Clerk?

---

As companies acquire more fixed assets there may be specific people assigned within the accounting, controllers, or finance department to keep track of property, plant, and equipment. They may be called a fixed asset accountant, property accountant, or may have a similar title.

The primary responsibility of these accountants or clerks would be to maintain the official fixed assets records for the business or organization. This will often be a full-time position in a company that has a large investment in fixed assets and has either a high volume of activity in fixed assets, or has major capital expenditure projects in process. These operations in companies where keeping track of fixed assets does not generally involve sufficient work to occupy an accountant full-time, the responsibility may be combined with other accounting duties.

What Does an Asset Clerk 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 with the appropriate general ledger account number, business unit, or cost center.

Running queries on disbursements to identify capital expenditures, analyzing general ledger accounts in order to identify costs that should be capitalized and completing forms are additional items in the job description. Thoroughly maintaining control listings of asset ID numbers, and recording transfers of equipment from one department to another is also important. Other duties include the relocations of equipment, sales, disposals, thefts, and any other losses, as well as preparing capitalization entries and completing standardized forms to set up entries on the fixed asset register.

What Education is Required?

A person with strong administrative abilities may be able to take on an entry-level position as a fixed assets clerk. An accounting background can definitely be an advantage, and a clerical position may be generally held by a person with an associate’s degree in accounting, or one who is pursuing an accounting degree. For a higher-level position, an accounting degree is normally required, and preference will often be given to a Certified Public Accountant (CPA). For a position as a financial analyst, an accounting or finance degree, and an MBA or engineering degree may be needed.

What Kind of Skills do I Need?

An asset clerk will obviously have to display good administrative, organizational and analytical abilities. The person will need strong initiative and the ability to work independently and in a team atmosphere.

You need strong verbal and written communications and interpersonal skills. In the modern age, there will be a need for knowledge of computer applications, with the ability to create complex spreadsheets. You will have to show knowledge of general property accounting principles and practices. In more specific areas, asset clerks must demonstrate an understanding of depreciation methods for financial accounting and tax purposes, such as straight-line, accelerated, and MACRS. Be prepared for a role in the evaluation and planning of capital expenditures and projects. The applicant should also show proficiency in financial analysis techniques.

In general, you are expected to understand the realities of business as well as the business theory in order to perform this job well. If you do, you will have an opportunity for a good paying and challenging career. According to SimplyHired, you can earn up to $35,000 per year serving in this capacity and that’s a promising outlook for an intermediate position.