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Accounting & Bookkeeping

Fixed Asset

Definition If fixed assets are purchased to generate business income, it was extended useful life and cannot be readily converted into cash shortly, so will be considered a fixed asset.

There are 2 types of fixed assets which are tangible and intangible.

Examples of tangible fixed assets include::

  • Land
  • Buildings
  • Machinery & equipment
  • Vehicles
  • Furniture & fitting
  • Computer Hardware
  • Signboard

Additionally, Intangible assets such as patents, copyrights, and trademarks are also categorized as fixed assets.

What documents do I need to furnish to my accountant when I purchase and Building/vehicle?

When purchasing Land / Building, it is essential to provide the following documents:

  • Purchase invoice
  • Purchase agreement
  • Deed of sales
  • Proof of payment
  • Loan Agreement

And the purchase vehicle document needed:

  • Purchase invoice
  • Hire purchase agreement
  • Vehicle Ownership Certificate (Sijil Pemilikan Kenderaan)
  • Road tax

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