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...

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....

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,...

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...

Part 2: Fixed Asset Reconciliation and Verification – Organization

To simplify the fixed asset 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...

Fixed Asset Reconciliation and Verification – Part 1

A typical Verasset service engagement entails conducting a physical inventory of fixed assets, asset tagging, capturing information, and reconciling the installed fixed assets to financial records such as a fixed asset register. We begin by thoroughly planning the...