As an employer, it is standard practice to get your employees to acknowledge receipt and responsible usage of issued company properties. To ensure there is no dispute when an employee leaves the company, companies use a Company Property Acknowledgment.
A Company Property Acknowledgment is a form employers use to protect their properties and more. The document usually specifies that anything more than normal wear and tear may result in a deduction of the responsible employee's pay.
The document is also used as a receipt for when the employee is leaving the company. With the acknowledgment, the employer is more likely to retrieve all company properties like the phone, laptop, or vehicle in working order.
Depending on the context, your industry, and state, a Company Property Acknowledgment may also be known as:
Acknowledgment of Receipt of Company Property
Company Property Agreement
Most companies see value in having their employees sign a Company Property Acknowledgment as applicable. It is a way to protect the company and its equipment in the event of damage, misuse, and more.
This document can be essential if inventory provision is a big part of the company's budget.
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It does not matter if your company has only a few employees or hundreds. The need to take care of company properties cannot be overstated. A Company Property Acknowledgment allows you to do so, so you don't have to waste your precious time creating one yourself.
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To create your document, please provide:
Title: in most cases, it should just be "Company Property Acknowledgment" and nothing more.
Acknowledgment date: to be filled out on the day that an employee makes the acknowledgment.
The version of the document: if applicable, enter the version number of the document.
Statement of acknowledgment: This is where you will list all the applicable properties, including a description of the equipment that the acknowledging employee will be using in service to the company.
Names: names of the employer or manager and the employee.
Signatures: Both parties should sign the document.
Tangible assets: physical and measurable assets or properties
Current assets: assets that are readily convertible to cash, such as money in the bank and inventory
Fixed assets: assets that are not readily convertible to cash, such as land and equipment
Intangible assets: non-physical properties owned
Intellectual property: patents, trademarks, copyrights owned
Brand Equity: things like logo, symbol, and trade name that may be valuable to the company
Before getting your employees to sign a Company Property Acknowledgment, it is critical to go over every detail to ascertain the company properties and usage are accurately listed.
Also, make sure the date is correct, and the employee understands they can be on the hook for any potential damage through a deduction in their pay. It is unnecessary to notarize the acknowledgment, but you can if you wish to reduce the odds of the signature getting challenged in court later.
After the employee signs the Company Property Acknowledgment, the usual practice is to provide a copy to the employee and the employer to keep the original in their records.
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