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 – 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 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 5 – Standards and Conventions

An important aspect of planning a physical inventory is establishing standards and conventions. These are used to align terms, methods, and actions. For example, it is common to align similar assets into categories, which are established as a convention. Another convention would embrace where data is sourced from and how it is recorded. Another would […]

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Physical Inventory Entry 4 – Defining and Automating the Data Collection Process

When planning the data capture attributes of a physical inventory, there are various levels of optimization and automation that can streamline the process. First and foremost, pre-populating mobile inventory data collection devices with existing data sources (such as a fixed asset register or that of an asset tracking system) allows for real-time reconciliation and helps […]

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Optimizing the Asset Life Cycle Entry 9 – CONCLUSION

The ideal scenario is to maintain a single shared database (asset database) whereby assets are tracked and managed. This data source would also serve to align (or link) information related to each asset with other information sources, such as purchasing, shipping and financial records. Therefore, it is important that an asset is recorded into the […]

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