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 – 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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Physical Inventory Entry 10 – Deliverables

The primary deliverable of a physical inventory engagement typically consist of an electronic inventory database, a project summary report, and often asset tags are affixed to all equipment. The report summarizes the project procedures and findings. The database contains the information gathered during the physical inventory and also serves as an audit trail of the […]

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Physical Inventory Entry 9 – Coordination

Communication and coordination is a high priority in conducting a physical inventory, as it is with any project involving multiple individuals. Inventory teams navigate and coordinate progress through client facilities using maps. Teams communicate with one another and the Inventory Controller using 2-way radios and cell phones. When a problem is encountered, teams relay this […]

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Physical Inventory Entry 8 – Inventory Teams

When allocating inventory personnel into teams, Verasset places emphasis on the customer environment, the asset types involved, and the background of the inventory specialists. Often, inventory team members are focused on specific asset types and departments. This allows them to focus on specific tasks with similar processes. For example, one team may have the sole […]

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Physical Inventory Entry 7 – Quality Assurance

As described in previous blog entries, the single most important aspect of a physical inventory is accuracy. In this blog series, we have discussed our approach to physical inventory planning. In the coming entries, we will review the process in greater detail. Verasset inventory teams are formed and dispersed based on different roles and responsibilities. […]

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Physical Inventory Entry 6 – Plan for Contingencies

Verasset performs what are commonly referred to as “open inventories”. This means that business operations remain constant while the physical inventory is performed. While this is often necessary, it can be problematic. As regular business activities are occurring, assets are moving and conditions are changing. This potentially introduces the risk of inaccuracies. Consequently, the tighter […]

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