1. Purpose
The purpose of this procedure is to ensure all minor assets are accurately recorded, identified, tracked and disposed of throughout their lifecycle.
Maintaining an accurate Minor Asset Register assists Markham Global to:
Protect company assets.
Maintain accurate financial records.
Improve equipment accountability.
Support stocktakes and audits.
Track asset locations and condition.
Ensure environmentally responsible disposal practices.
2. Scope
This procedure applies to all company-owned assets with a purchase value between:
Minimum Value: $200
Maximum Value: $15,000
Assets exceeding company capitalisation limits are managed under the Capital Asset Register.
Purchase Orders
A Purchase Order (PO) must be issued for all asset purchases valued at $750 or greater, in accordance with the Purchasing Procedure.
3. Responsibilities
The person purchasing or receiving an asset is responsible for:
Ensuring purchase approval has been obtained.
Recording the asset in SAP and the Minor Asset Register (where applicable).
Applying the QR code asset label.
Maintaining accurate asset information.
Recording asset transfers, loans and disposals.
Reporting lost or damaged assets.
Department Managers are responsible for ensuring assets remain accounted for within their teams.
4. Asset Registration Procedure
Step 1 – Purchase Approval
Before purchasing an asset:
Obtain the required internal approval.
Raise a Purchase Order where required.
Purchase the approved asset.
Upon receipt, inspect the asset for any damage or defects.
Step 2 – Allocate an Asset Number
Allocate a QR code to the asset. The QR code is the official asset number and is linked directly to SAP for asset identification and tracking.
Affix the QR code securely to the asset in a visible location and ensure it is correctly linked to the asset details in SAP before the asset is issued or placed into service.
Step 3 – Record the Asset
Record the asset in SAP and ensure the QR code has been successfully linked. Enter or verify the following information:
QR Code (Asset Number)
Asset Description
Manufacturer
Model (if applicable)
Serial Number (where applicable)
Purchase Date
Purchase Cost
Supplier
Purchase Order Number (where applicable)
New or Used Asset
Asset Location
Responsible Employee or Department
Photograph of the Asset
Ensure all information is complete and accurate before saving the asset record.
Step 4 – Apply Asset Identification Tag
Confirm the QR code asset label has been securely attached to the equipment.
The QR code should be:
Clearly visible.
Securely attached.
Protected from damage where possible.
Readable using a mobile device or scanner.
If a replacement QR code is required due to damage or loss, request a new QR code through Head Office and update the asset record in SAP accordingly.
5. Updating Asset Information
Whenever an asset changes location or responsibility, update the register to reflect:
Current location.
Responsible employee.
Department.
Operational status.
The Asset Register should always reflect the current location and condition of every asset.
6. Asset Disposal Procedure
When an asset reaches the end of its useful life or is approved for disposal:
Step 1 – Remove Identification
Remove:
QR code asset label.
Markham identification stickers (where applicable).
Step 2 – Update the Register
Highlight the asset as Disposed within the Minor Asset Register.
Record:
Disposal Date.
Disposal Method.
Final Condition.
Disposal Approval (if required).
Do not delete disposed assets from the register.
Historical records must be retained for audit purposes.
Step 3 – Salvage Usable Components
Where safe and practical:
Remove reusable parts.
Inspect components for serviceability.
Label and store approved spare parts in the designated storage area.
Only serviceable components are to be retained.
Step 4 – Dispose of the Asset
Dispose of the remaining asset:
Safely.
Responsibly.
In accordance with environmental legislation.
Following manufacturer recommendations wherever possible.
Where available, utilise approved recycling facilities.
7. Loaning Equipment to Subcontractors
Where equipment is issued to a subcontractor:
Record the following information within the Asset Register:
Asset Number.
Asset Description.
Name of Subcontractor.
Company Name.
Date Issued.
Expected Return Date.
Actual Return Date.
Asset Condition Before Issue.
Asset Condition Upon Return.
The subcontractor is responsible for maintaining the asset in good condition while it is in their possession.
Any damage or loss must be reported immediately.
8. Periodic Asset Verification
To ensure register accuracy:
Conduct regular physical stocktakes.
Verify QR code asset labels are present and readable.
Confirm locations.
Check equipment condition.
Update the register and SAP where required.
Any discrepancies must be investigated promptly.
9. Quality Assurance Requirements
The following records shall be maintained:
Minor Asset Register.
Purchase Orders (where applicable).
Purchase invoices.
Asset photographs.
Disposal records.
Loan records.
Stocktake records.
These records shall be retained in accordance with Markham document retention policy.
10. Asset Status Definitions
Status
Description
Active: Asset is currently in service.
Loaned: Asset has been issued to a subcontractor or another department.
Under Repair: Asset is temporarily unavailable while repairs are completed.
Stored: Asset is available but not currently in use.
Disposed: Asset has been permanently removed from service.
11. Important Notes
Every qualifying asset must be recorded immediately upon receipt.
Every asset must have a unique QR code asset label linked to SAP.
Asset information must remain current throughout its lifecycle.
Disposed assets must remain on the register for historical and audit purposes.
Equipment loaned to subcontractors must be tracked until returned.
Environmentally responsible disposal methods should always be used where practical.
Regular stocktakes should be completed to verify the accuracy of the Minor Asset Register and SAP records.