It is necessary to have a property record manager who is responsible for ensuring that the property record is maintained. This responsibility in a large organization could be a full-time assignment. In smaller organizations, it is likely to be a collateral duty for a staff accountant. Responsibilities of the property record manager include the following:
- Maintaining the asset accounting manual
- Assigning property record identification numbers
- Maintaining the property record or asset accounting manual
- Assisting others in coding asset documents
- Being knowledgeable about the asset record keeping system
- Coding unique assets
- Ensuring that periodic sample inventories are conducted by either internal audit or an inventory team
- Reviewing periodic reports for missing information in the database and obtaining the same
- Annual reviewing of insured values of assets
- Initiating reports to management identifying costs
- Making recommendations for replacement of assets with excessive maintenance requirements
- Helping the financial accountant establish new property record classification rules
The property record manager will have more knowledge of this system than anyone else in the company. It is necessary, however, for this person to work closely with other accounting managers and with upper management to maintain the system.