Mobile and Stationary RFID Readers

In our last blog post, we discussed the standardized recording of information encoded into the chip of an RFID tag. We will now explore how this information is captured for processing. End users access information encoded into the chip by detecting an RFID tag using either mobile or stationary RFID readers. There are several primary […]

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Reconciliation Entry 9 – Conclusion

Generally speaking, a fixed asset register is intended to be used for depreciation reporting – not for tracking physical assets. Consequently, the vast majority of registers either don’t accommodate the detail needed to track assets or the personnel who maintain a register typically do not have enough reliable information in order to include tracking details. […]

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Reconciliation Entry 8 – Establishing Conventions for Bundled FAR Entries

In the last entry, we touched upon register adjustments related to additions. Potential adjustments can also be associated with (but are not limited to): Removal of an asset that could not be verified during the physical count (referred to as a write down or write off) Change of location, which can impact property tax Allocation […]

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Reconciliation Entry 7 – Additions

In order to reconcile capitalized fixed assets, Verasset must first conduct a physical inventory count. Prior to beginning the physical verification task, we compile a list of asset types that will be included in the physical inventory. The results from the physical count are used to verify or adjust the fixed asset register records. During […]

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Reconciliation Entry 6 – Bundled Entries in the Fixed Asset Register

Reconciling physical assets to ledger entries, also known as matching, can take on a variety of forms. In fact, the reason to reorganize and categorize asset registers as an initial first step is to aid later on when attempting to compare and match records to assets. It is important to note that reconciling using assumptions […]

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ReconciliationMethods

As discussed earlier in this blog series, the first step in reconciliation consists of exact matching of physical assets to logical records using unique identifiers, such as the manufacturer serial number. Once all possible matches are made using this means, additional analysis is done and matches are made using various means. One means entails using […]

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Reconciliation and Verification- Issues

The process detailed in the previous blog entry summarizes a common problem faced by many organizations. However, in some cases we have found that as a result of a merger or an acquisition, an organization might have multiple asset registers that need to be consolidated and reconciled. In more extreme situations, we have worked with […]

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Reconciliation and Verification – Focus

Reconciliation can be very time consuming and labor intensive, thus expensive. In recognition of this, our next step in the review process is to sort register entries based upon their remaining value (and useful life expectancy). Doing so provides focus of effort based upon the value being returned.  For example, unless there are some other […]

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Asset Reconciliation and Verification Entry 2 – Organization

To simplify the reconciliation process and prepare the fixed asset register, we make a copy of the existing register and reorganize the information contained within it. Each entry in the register is evaluated on a line by line basis. The task begins by identifying intangible and tangible entries. We then categorize entries into similar high-level […]

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Asset Reconciliation and Verification – Entry 1

A typical Verasset service engagement entails conducting a physical inventory, tagging assets, capturing information and reconciling the installed assets to financial records such as a fixed asset register. We begin by thoroughly planning the project. Our project planning encompasses many elements specific to the physical counting activity such as scripting data collection and establishing schedules […]

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