Moving company equipment between locations should produce a custody record and an updated asset location where appropriate. Physical movement alone does not establish a sale, disposal or transfer of ownership to another entity.
Identify the asset and destination
Use the asset number, description, serial number and current custodian. Record the actual sending and receiving locations and the purpose of the move. Separate a move within the company from delivery to a customer, lender, repairer or another company.
Keep the handover evidence
Record dispatch, receipt, condition and the person accepting custody. Preserve transport or repair documents where relevant. Ask the accountant to assess any wider transaction; an administrator should not post a disposal simply because the asset has left its usual office.
Example: equipment goes to a second premises
The company retains ownership but uses the equipment at another operating location. Update the custody trail and relevant register after authorised review. Do not create a new purchase entry at the destination while leaving the original asset unchanged in the same company's records.
Check linked records
Reconcile the physical location with the asset register, insurance and maintenance information where applicable. Record temporary moves and expected returns separately from permanent relocation. A clear trail helps later stocktake without inventing an accounting transaction.
Related practical guidance
For the surrounding records and responsibilities, see bookkeeping basics, company records to keep, bookkeeping and accounting.
Official guidance: IRAS official guidance.
Help with your company records
For accounting, bookkeeping and related compliance support, contact Raffles Corporate Services at [email protected] or WhatsApp +65 8501 7133. Tell us which records or process need attention so we can discuss the relevant next steps.
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