Accounting and Asset labeling

August 24th, 2010
As the Church Administrator, I am busy right now preparing documents for our Security and Exchange Commission’s Annual report for BHCCCI Church, the Blessed Hope Foundation and KAPATID ( Our Youth organization).

Part of my report is the balance sheet where assets and liabilities will be reported. Accounting assets like equipments, tools, furniture and fixtures is quite challenging. The reason why I suggested to have an Asset Labels for each materials with the corresponding custodian. In this way, looking for the assets would be easy through each custodian. This is also one way to minimize Asset loss since custodian will be accountable incase of loss and theft.

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