Read our updated best practices for tracking capital assets – it’ll help you for years to come

Imagine you just bought a home, but you don’t like the kitchen because it’s outdated. Since this is potentially your “forever home,” it makes sense to update the kitchen so you can enjoy it for years to come. In a similar situation, a local government keeps its capital asset records for years – sometimes decades – so why not take the time to improve them? Like the kitchen, the investment in improving your capital asset management system is worth it because you can reap the long-term benefits.

And remember, if you can’t do a complete overhaul at once, that doesn’t mean you can’t tackle it in stages. Perhaps you can’t afford a full kitchen remodel right now, but you have the funds to purchase new appliances. Then you can develop a long-term plan to complete the remodel over several years, prioritizing changes based on your budget and needs. You could do the same with your capital asset management system – make a few improvements now and plan to tackle more each year.

We like to help governments improve their capital asset management systems. Back in 2018, we developed a resource to do just that. Today, we have updated this resource to make sure it’s relevant, and reflective of all that we’ve learned since its initial publishing.

You’ll find our updated Best Practices for Tracking Capital Asset Information in our Resource Library. This resource includes:

• Time-saving ideas, such as how to reduce redundancy in your capital asset tracking efforts
• Various internal controls you might put in place to learn about asset retirements
• Depreciation options, such as group depreciation
• Different ways you can record capital assets, to make your life easier in the future
• Many examples of accounting for infrastructure, to help you better design your asset records

Download a copy and get started on strengthening your capital asset management system today.

Visit our Resource Library

All our guidance is available online at no cost. We have a lot of great information to share, so spend a few minutes in our Resource Library to see what we have to offer!

How to reach us for more assistance

Remember, the State Auditor’s Office can help. If you have technical questions, submit them using our HelpDesk in the client portal.

We also have internal controls specialists at our Center for Government Innovation available to talk with you about best practices and resources. For assistance, reach out to us at Center@sao.wa.gov.