It is often a challenge for Finance Departments to keep accurate fixed asset accounting records because operating departments often do not notify the Finance Department when an asset is disposed of.
This happens because:
Governments that handle accounting for disposals well typically have the following procedures when a fixed asset is disposed of:
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Kevin W. Harper is a certified public accountant in California. He has decades of audit and consulting experience, entirely in service to local governments. He is committed to helping government entities improve their internal operations and controls.
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