Developing a Project Closure Checklist

Dear Accountants, if you have ever struggled with how to treat the DISPOSAL of an asset then this post is a must read for you! The trick to understanding how to treat any asset disposal, is to realize that all the cost and accumulated depreciation once recognized for that asset needs to be REMOVED from the books of account, so that the asset balances reflects the true reality. To do this: 👉 You derecognize the cost of asset from the asset account by CREDITING the asset account with the cost of the asset disposed. 👉 You derecognize the accumulated depreciation recognized so far by DEBITING the Accumulated Depreciation account with the depreciation calculated so far for that asset. 👉 Recognize the gain or loss on disposal of the asset. This is usually the difference between the Sales proceed and the net book value of the asset. Sounds like a lot? Well, this real life scenario based question would help simplify it: 🔘On 1st Jan 2022, your organization bought a Dell laptop of N1,800,000 for one of its senior staff which is expected to have a useful life of 3years and depreciation is expected to charged on a straight line basis over the life of the asset. 🔘On the 1st of June 2023, the staff using the laptop opted to buy it from the company for a sum of N800,000. 🔘As the Accountant of the company, show the double entry needed to treat the above transactions. 📌Answer: 👉On 1st Jan 2022 when the asset was bought, the double entry would be: Dr: Computer Equipment - N1,800,000 Cr: Bank/cash - N1,800,000. 👉Then we compute the monthly depreciation for the asset. The asset is expected to have a useful life of 3 years which is 36months. The monthly depreciation would then be (1,800,000/36) which is N50,000. 👉On a monthly basis, we would pass the below double entry to recognize the depreciation. Dr: Depreciation (Expenses) - N50,000 Cr: Accumulated Depreciation - N50,000 ***By 1st June 2023, when the Laptop was sold to the staff, accumulated depreciation would have been recognized for 17months (From Jan 2022 - May 2023). To recognize the disposal: 👉First, we derecognize the cost of the asset (N1,800,000) and the accumulated depreciation (50,000 x 17) N850,000 from our books. 👉Then we recognize the sales proceed and gain/loss on disposal with double entry below: Dr: Accumulated Depreciation - N850,000 Dr: Bank - N800,000 (Sales proceed) Dr: Loss on Disposal - N150,000 Cr: Computer equipment - N1,800,000. 📌Please note that the loss on disposal is the difference between the net book value of the asset and the sales proceed, in this case -N150,000 (N800,000-N950,000). I hope this helps. Found this insightful? Please comment and share so others can learn.

I've interviewed 50+ senior designers in the last quarter. Two alarming trends emerged: 𝟭. Portfolio paralysis: They can't showcase their best work. 𝟮. Memory fog: They struggle to recall project details from mere months ago. The result? Panic-induced all-nighters piecing together fragmented case studies. 𝗧𝗵𝗲 𝟭𝟬% 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻 👇 Implement this habit now: • Dedicate 10% of your week to documenting your design journey. • That's just 4 hours for a standard work week. • The payoff? Weeks of future stress eliminated. 𝗬𝗼𝘂𝗿 𝗗𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗧𝗼𝗼𝗹𝗸𝗶𝘁: 𝟭. Daily Micro-Journaling (5 minutes) • Capture key decisions • Note stakeholder feedback • Record "aha" moments 𝟮. Weekly Summaries (30 minutes) • Outline sprint accomplishments • Highlight major pivots • Archive key artifacts 𝟯. Project Milestones (1 hour) • Synthesize learnings • Curate a "greatest hits" collection • Record quantitative & qualitative impact 𝗣𝗿𝗼 𝗧𝗶𝗽: Set up a Notion template or FigJam board. Make documentation frictionless. 𝗧𝗵𝗲 𝗖𝗼𝗺𝗽𝗼𝘂𝗻𝗱 𝗘𝗳𝗳𝗲𝗰𝘁 👇 Imagine this: 6 months from now, you have: • 26 concise weekly summaries • 130+ daily entries • A curated showcase of your best work You're not just prepared for job hunting. You're primed for: • Promotions • Speaking engagements • Mentorship opportunities Remember: Your future self will thank you. Your future hiring manager will be impressed. Don't let your best work fade into memory. Document, curate, and shine. ----- I've posted about this issue recently & had some great feedback & conversations. 💬 ----- #design #tech #ux #productdesign #careers

“How We Organize Design Files in Figma” (+ Figma Kits) (https://lnkd.in/e4i9aNcm). With practical guidelines for keeping project files and designs neatly organized. By Lee Munroe. Good organization starts with a good cover page. It includes status, name, date/quarter and people who are involved in the project. It also has an introduction for onboarding, link to product requirements, link to the main design page and a Slack channel for reference. Each project has a state of progress that can be indicated on the title card: 🛠 Designing — default and probably the most common state ✅ Ready for Dev — we’re waiting for development to start work on it 🐑 Shepherding — we’re working with development on it ⏸ Paused — something we’ve decided no longer priority currently 🔮 Future — something we’re thinking would make a good future project 💥 Discarded — didn’t use or not useful 🚀 Shipped — now in production In general, projects follow the following folder structure: 🎨 Designs ← Design work to be referenced, for engineers, PMs. 🧱 Components ← Local components, proposals or temporary work. 🕹 Prototype ← Interactive prototype to play and see how it works. ✏️ Wireframes ← Wireframes, sketches and early ideas. 🧪 Usability Testing ← User testing, prototypes with feedback. 🕵️ Research ← Screenshots of production, competitors, past studies. 🗄 Archive ← Abandoned things that we want to keep for reference. 🔖 Kit Template ← Examples of how to lay things out, internal tools. A wonderful reminder that a good organization can go a long way to not just help designers organize their work better, but also collaborate with other people on the team or other teams — by just having a well-established file organization practice in your company. Thanks for the write-up, Lee! 👏🏽 ✤ Useful resources: File Thumbnail Kit (Figma), by Joey Banks https://lnkd.in/eJ7Amf4n Mixpanel Annotation Kit (attached, Figma) https://lnkd.in/dDwJ-9gm Spotify Ways Of Working (Figma) https://lnkd.in/dHm4-b9h How We Organize Figma, by Lee Munroe https://lnkd.in/ec7KPH2n Hygraph Organization in Figma, by Darshan Gajara https://lnkd.in/eJNQrJMw How do you organize your Figma files? Happy organizing, everyone! 🎉🥳 #figma

The professionals who advance fastest aren't necessarily the highest performers - they're the best documenters.   The challenge many professionals face: Outstanding work without strategic documentation.   Performance reviews and promotion discussions often rely on recent memory and subjective impressions.   However, careers are built on cumulative value creation that extends beyond the most recent quarter.   The solution: A comprehensive "Brag Book" that transforms achievements into promotion-worthy evidence.   The slides above outline a systematic approach to documenting: • Quantifiable business impact with specific metrics • Cost-saving initiatives with measurable outcomes • Team development results with concrete examples • Problem-solving capabilities under pressure • External recognition and professional growth   Key principle: If you can't measure it and document it, it becomes subjective opinion rather than objective evidence.   This documentation serves multiple strategic purposes: • Performance review preparation • Promotion justification • Salary negotiation support • Interview preparation for external opportunities   The most successful professionals I work with treat career documentation as seriously as financial record-keeping.   What significant achievement from this year have you properly documented for future career discussions?   Sign up to my newsletter for more corporate insights and truths here: https://lnkd.in/ei_uQjju   #deepalivyas #eliterecruiter #recruiter #recruitment #jobsearch #corporate #promotion #careeradvancement #careergrowth

If customs walks in today, are you ready? Most aren’t and the penalties prove it. What triggers a customs audit ? 1. Random Selection Part of risk-based targeting systems to keep audits fair.  2. Red Flags Errors or inconsistencies in import declarations can raise alarms.  3. Industry Targeting   Customs focuses on industries with high fraud risks like electronics and pharma.  4. Prior Non-Compliance Past penalties or lack of response can trigger scrutiny.  5. **Related Party Transactions**   Intra-company deals face extra checks for pricing issues.  6. FTA Claims   Large claims for Free Trade Agreements may lead to reviews.  Common Mistakes That Trigger Penalties  - Misclassification  Customs uses data analytics to find errors. This can lead to a duty shortfall of up to three times.  - Undervaluation Transfer pricing reports can expose undervalued goods, resulting in fines and interest.  - FTA Misuse  Lack of origin support during claims can mean repayment of duties plus penalties.  - Poor Recordkeeping Random audits can catch missing documents, leading to fines.  - Misdeclared Dual-use Goods   These can lead to serious legal issues.  - Inconsistent Broker Instructions   Discrepancies can cause loss of benefits.  Preparation Best Practices - Assemble a Compliance Task Force    Include Trade Compliance, Finance, Logistics, and Legal teams.  - Review Historical Import Data Analyze reports from brokers and customs tools for the last 12 to 36 months.  - Validate HS Classifications  Cross-check with product specs and rulings.  - Review Valuation Methodology   Ensure all dutiable elements are included in declared values.  - Confirm Origin Documentation  Match each FTA claim with valid supplier declarations.  - Check Recordkeeping Protocol   Keep all documents accessible.  - Audit FTA Claims  Randomly select entries to trace back to source.  - Examine Related Party Transactions  Ensure customs values are based on fair market pricing.  - Spot Audit Broker Instructions  Pull recent declarations to check accuracy.  - Prepare a Compliance Report   Summarize risks and actions taken.  **Do's**  ✅ Designate a single point of contact for customs.   ✅ Be transparent but only provide requested information.   ✅ Keep an audit log of all communications.   ✅ Prepare an intro presentation outlining import processes.   ✅ Provide documents promptly and in order.  **Don'ts**  ❌ Don’t argue or blame other departments.   ❌ Don’t offer unsolicited documents.   ❌ Don’t allow unscheduled interviews with untrained staff.   ❌ Don’t say “we’ve always done it that way.”  **Post-Audit Actions**  Review findings with your broker or legal team.   Respond within the deadline to correct inaccuracies.   Implement corrective actions and document them.   Schedule a follow-up audit within six months.   Update SOPs and training based on findings.  

62 billion kg of e-waste in 2022. Only 22% was recycled. That’s 48 BILLION KGs.. ...either dumped, burned, or forgotten in storerooms. The real issue? Most firms don’t track what they own. Discarded switches, laptops, and servers become invisible liabilities. E-waste isn’t just an environmental issue. It’s a failure in governance, process, and accountability. The solution isn’t new technology. It’s: Better records Smarter workflows Certified partners... ...who show up with trucks and certificates You can automate IT asset disposition inside ServiceNow or OTRS Group. ▸Set end-of-life triggers. ▸Attach recycling certificates. ▸Report WEEE compliance directly. Enviroserve UAE and Sims Limited India are certified ITAD partners. Dell Technologies, Lenovo, and Huawei run take-back schemes with secure data wipes. Do this ↬ Catalogue every IT asset. ↬ Assign an owner and disposal date. ↬ Automate disposition in your ITSM tool. ↬ Partner only with certified e-waste recyclers. ↬ Refurbish and reissue internally where possible. ↬ Use OEM programs to close the loop securely. E-waste is not someone else’s problem. It’s your hardware lifecycle. And ESG recovers real asset value. Track it. Reuse it. Prove it. Save this if you manage infrastructure.

In the intricate world of performance monitoring, the success of programs hinges on the integrity and precision of the data collected. This document delves deeply into the methods and tools essential for effective data collection, tailored for professionals working in Monitoring, Evaluation, and Learning (MEL). It provides a comprehensive exploration of strategies to gather both qualitative and quantitative data, ensuring that every piece of information supports accountability, adaptive management, and evidence-based decision-making. By distinguishing between primary and secondary data sources, the guide equips readers with the ability to select appropriate methodologies, from focus group discussions to electronic data harvesting. It further emphasizes the importance of aligning data collection efforts with ethical standards, local contexts, and USAID’s rigorous data quality principles, ensuring the reliability, validity, and relevance of information across projects. For humanitarian and development practitioners, this resource is indispensable. It not only bridges theoretical concepts with actionable steps but also addresses the challenges of data collection in complex and resource-constrained environments. Dive into this document to unlock the tools and insights needed to elevate your performance monitoring practices and drive transformative impact.

Commissioning new automation projects always brings this scenario: You’ve got a stable build running on the machine. Everything is in sync, the project is ticking. Then someone says, “Can you add this?” or “Change how that function works.” It feels like a quick adjustment. You open the program, edit, test… then another tweak, another fix. Soon you’ve touched five different places. And maybe the customer reverses the request. Now you’d really like to just rewind to the first stable version — but you can’t. The “undo” trail is gone, and the hours you spend retracing steps could have gone into real progress. This is why version control matters. A safe checkpoint means: - You can test boldly, knowing rollback is one click away. - You protect commissioning time from frustrating rebuilds. - You reduce risk of introducing subtle bugs at the last minute. Now, big companies may invest in specialized tools for this. Some teams try to force Git or SVN into PLC workflows. Personally, I do use Git too, and I want to try SVN, but this is a story for another post. This post is about a simple solution that may already be in your hands and doesn’t require any new software installation or investment. The good news: if you already run Microsoft 365, you already own a simple solution — SharePoint. Why SharePoint fits commissioning workflows SharePoint is more than a document storage place. Its built-in versioning lets every file overwrite become a checkpoint. Practical workflow (TIA Portal example) - Archive first locally — in TIA Portal, create an archive of your project in a normal local folder. (Never archive directly into SharePoint, because TIA deletes before writing the new file. That breaks version history.) - Move into SharePoint synced folder — just move the archive file there manually with Windows File Explorer. SharePoint saves automatically — every time you overwrite, the previous archive is retained. - Add version notes — in the SharePoint Online folder, create a new column, for example “Version comments”. - Revert anytime — click “Version history,” choose the checkpoint you trust, restore, and sync back down. Open again in TIA Portal → you’re back at stable. See screenshots for clarity. If there is an interest in a more detailed description, leave me a comment, and I may put it into an article another day. If you’re planning your next automation project, it’s worth making version control part of your commissioning plan up front. By the way, if you need some help, push that button on otomakeit.com to start a discussion. #otomakeit #efficiency #industrialautomation #controlsystems #controlpanel #Siemens #TIA #virtualcommissioning

𝐈𝐟 𝐲𝐨𝐮 𝐜𝐚𝐧’𝐭 𝐫𝐞𝐦𝐞𝐦𝐛𝐞𝐫 𝐲𝐨𝐮𝐫 𝐛𝐢𝐠𝐠𝐞𝐬𝐭 𝐚𝐜𝐡𝐢𝐞𝐯𝐞𝐦𝐞𝐧𝐭𝐬 𝐟𝐫𝐨𝐦 𝐬𝐢𝐱 𝐦𝐨𝐧𝐭𝐡𝐬 𝐚𝐠𝐨, 𝐡𝐨𝐰 𝐜𝐚𝐧 𝐲𝐨𝐮 𝐞𝐱𝐩𝐞𝐜𝐭 𝐲𝐨𝐮𝐫 𝐦𝐚𝐧𝐚𝐠𝐞𝐫 𝐭𝐨? As performance appraisal season approaches, many professionals struggle to recall their most significant contributions over the past year. One of the biggest challenges? 𝐑𝐞𝐜𝐞𝐧𝐜𝐲 𝐛𝐢𝐚𝐬—where the focus is primarily on recent achievements, while earlier accomplishments fade into the background. This not only leads to undervalued contributions but also weakens the case for career progression. A structured approach can help. The STAR framework (Situation, Task, Action, Result) is a proven method to effectively document and communicate your impact: ✔ Situation – The challenge or opportunity you addressed ✔ Task – Your specific role and responsibility ✔ Action – The steps you took to resolve the situation ✔ Result – The measurable impact (data-driven outcomes strengthen your case) However, the real game-changer is consistent documentation throughout the year. Keeping a monthly or quarterly tracker of key projects, problem-solving initiatives, and performance metrics ensures that no accomplishment goes unnoticed. Why is this important? 📌 Eliminates Recency Bias – Captures the full scope of contributions, not just recent work 📌 Prevents Information Loss – Ensures that significant achievements aren’t forgotten 📌 Strengthens Negotiations – A well-documented impact makes a compelling case for promotions and raises 📌 Reduces Last-Minute Stress – A structured record makes performance reviews seamless and objective Your career growth isn’t just about what you do—it’s about what you can prove. Start documenting today. #PerformanceReviews #STARFramework #CareerGrowth #ProfessionalSuccess

🔹How to Conduct a Safety Audit in Construction Sites: 1. Planning the Audit Define the scope (which areas, activities, or contractors). Decide the type of audit: compliance, procedural, behavioral, or full HSE system. Review standards & references: OSHA, ISO 45001, Saudi Civil Defense, company HSE plan, method statements, and risk assessments. Prepare the audit checklist tailored to the site activities. 2. Pre-Audit Meeting (Opening) Meet with project/site management. Explain objectives, scope, and process of the audit. Set expectations (non-punitive, improvement-focused). 3. Document Review Check HSE management system documents, e.g.: HSE policy Risk assessments / JSA (Job Safety Analysis) Training & induction records Permit-to-work system Incident records and corrective actions Equipment inspection logs (scaffolding, lifting, electrical, etc.) 4. Site Walkthrough / Field Inspection Inspect active work areas for compliance: PPE usage Scaffolding, ladders, and working at height controls Lifting operations Electrical safety Excavations and confined spaces Emergency access and fire equipment >>Take notes, photos, and speak with workers about safety awareness. 5. Interviews / Worker Engagement Talk with supervisors and workers. Ask simple questions: “What do you do if there’s an emergency?” “Have you received training for this task?” >>This shows whether procedures are practical and understood. 6. Identifying Non-Conformities & Good Practices Classify findings: Critical (immediate danger, requires stop work). Major (serious non-compliance, needs urgent correction). Minor (opportunity for improvement). >>Record also positive observations (good practices to encourage). 7. Audit Report Preparation Summarize: Scope and methodology. Key findings (with photos/evidence). Non-conformities (with severity level). >>Recommendations for corrective & preventive actions. 8. Closing Meeting Present findings to management and contractor representatives. Discuss immediate corrective actions. Ensure agreement on action plan and responsibilities. 9. Follow-Up & Corrective Action Tracking Assign deadlines for each problem in an action plan. Verify implementation through re-inspection or evidence submission. Monitor until closure. ✅My Golden Rule: Always balance compliance checking with coaching/engagement → don’t just point out issues but explain and help fix them. ✅The main purpose of the Audit is to find the weakness in HSE system and how to improve it not only for pointing the blame. (No Blame Culture) hashtag #Safety hashtag #Audit