Simply put, a personal property asset is anything that a business uses to operate. The biggest distinction between personal property and real property is that personal property is moveable. ALL equipment used to run the business needs to be reported. Including a monthly estimation of supplies kept on hand such as pens, pencils, paper, staples and so forth. Keep in mind that supplies have different meaning in each industry. (record monthly estimate in top right-hand corner)
If you have further question on what is considered personal property please contact our office.