Assets are things we consider valuable, so, naturally, we always want to ensure they are secure so that only you and the people you trust can access them. The same goes for businesses, especially in industries such as manufacturing, construction, IT, or property management; they want to make sure their organization’s assets are in good hands, and if an asset manager leaves, there is another person who is responsible for securing and managing the asset.

An asset handover form allows you to hand over company assets to another employee to prevent theft and enforce accountability and traceability of company valuables. It also ensures you know the specifics of the asset being transferred; such as its conditions, defects (if any), and people involved in asset exchange.

Let’s look at how asset handover forms work (you also get a free template to get you started).

What Does an Asset Handover Form Mean?

An asset is anything that holds value, it could be cash, jewelry, bonds, insurance policies, collectibles, or even your skills. So, even non-physical valuables like intellectual property are also assets. An asset handover form allows you to transfer physical or intellectual property, equipment/devices, and other tangible assets to another person. Using this form ensures you and the person you transfer the assets to acknowledge, and accept the condition and quantity of assets you are handing over.

Having an asset handover form lets you know who is responsible for specific assets and who to hold accountable for them. It also helps prevent disputes over who is responsible for assets, and the conditions or quantity of assets at the time of its transfer.

Key Components of an Asset Handover Form

Here are the details your asset handover form must contain to ensure smooth asset exchange within your organization:

Asset Details: This is the full details of the assets being transferred such as descriptions, serial numbers, etc.

Condition Assessment: This captures the state of the asset or its quality at the time of transfer and helps prevent disputes over asset condition. For example, if you are handing over a building, you detail existing damages or defects to prevent disputes over repair responsibility.

Date and Time of Handover: a record of the original date of the asset transfer.

Parties Involved: names, signatures, and contact information of the person transferring the asset, the person accepting the asset, and other people involved such as witnesses.

Declaration of Responsibilities and Obligations: clarification of who is responsible for maintenance, repairs, and insurance. It enables you to prevent future misunderstandings about the asset responsibilities.

Proof of Identity: a government and address proof to ensure the person receiving the asset is the right person for the job.

How to Create Asset Handover Forms With Formplus + Free Template

Asset handover forms ensure smooth asset exchanges within your company when employees transition or leave the organization. Here’s how you can use Formplus to create effective asset handover forms for your company, and the best part- you don’t even have to build from scratch!

Creating Your Asset Handover Form 101

Here’s a step-by-step guide to help you create an asset handover form in minutes:

1. Open the asset handover form template.
2. Edit the template to fit your organization’s asset handover requirement. For example, you can add new questions or edit the existing fields.
3. Customize the form by adding your brand assets such as color, font, logo, etc.
4. Share the form with relevant employees via email, direct form link, or QR code.
5. Set up notifications to monitor the form responses, so you know when an asset has been transferred.

That’s all! You have successfully built your asset handover form!

Benefits of Using Asset Handover Forms

• Streamline Asset Transfer Process: asset handover forms make the process of asset transfer easier and prevent future misunderstandings between parties involved in the handover.
• Asset Condition Documentation: using the asset handover form ensures there’s clear documentation of who owns the assets, their condition, and their maintenance.
• Accountability: The asset handover form ensures management can easily trace ownership of assets, especially in situations where there are multiple handovers.
• Compliance: There are rules and regulations that guide asset transfer, so having an asset handover form ensures you meet the stipulated protocols.

Best Practices for Completing an Asset Handover Form

Here some guidelines to ensure your asset handover form captures all the information you need:

• Proper Documentation: You need thorough documentation of the asset handover that answers the questions “Who transferred the asset, why, and to whom was it transferred?”. One of the easiest ways to do this is an asset handover form with all the relevant information about the asset transfer process. 
• Verification and Authentication: Before finalizing the asset transfer, verify the asset details’ accuracy and the asset receiver’s authenticity. Compare the condition of the asset and what’s in the document to ensure your transfer details are accurate, and collect signatures and government-issued IDs to verify the asset recipient’s identity.
• Regular Updates and Reviews of Assets: You also have to review and update your asset handover form to document any changes in the asset ownership or conditions. This ensures you know who is currently responsible for the asset and its condition, so there’s no dispute over responsibilities or defects.

Conclusion

Using asset handover forms prevents friction in the asset exchange process and ensures accountability of the parties involved. This way there’s someone to hold responsible for the asset security and its maintenance at all times, and if there’s a discrepancy in the asset details, you know who to hold responsible.