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Data Reconciliation Services

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Comprehensive line-by-line data reconciliation and verification

Verasset offers comprehensive fixed asset verification and floor-to-book data reconciliation services.

Reconciliation services are designed with the intent of improving the quality of the existing ledger information and improving the process flow that impacts asset information as it flows throughout the typical asset life cycle.

This requires objective assessment of the ledger contents and the business rules (internal controls) that support internal asset management. The process includes:

  • Automated Comparison of Asset Tag and Serial Numbers
  • Automated and Manual Comparison of Manufacturer Model Numbers
  • Comparison of Additional Available Information such as Description, Location and Department are taken into consideration
  • Additional effort is also made to address potential matches by description, manufacturer, model and serial number that may appear elsewhere in each record entry
  • Bulk Entries and Grouped Assets are allocated to the Individual Assets (computer equipment, furniture, manufacturing equipment, etc.)
  • Follow-up visits with departments are conducted as necessary to verify any residual assets and/or gather additional information

A consistent audit trail is created and used to link the reconciled inventory file with the existing fixed asset accounting records. Within the audit trail, which is accumulated within an MS Excel file, we assign a transaction code to each item.

The transaction code identifies the actual disposition of each asset (Reconciled, Transferred Offsite, Disposed, etc.). Each line item on the fixed asset accounting record will receive a transaction code to link it to the reconciled inventory file.

At the conclusion of the effort, Verasset provides the audit trail (MS Excel file) and several specific reconciliation reports as defined below:

  • Reconciled assets – Items found during the inventory process and traced to the fixed asset accounting records
  • Unrecorded additions – Items found during the inventory process but not found in the fixed asset accounting records
  • Unrecorded retirements – Items found in the fixed asset accounting records but not found during the inventory process

In addition to the auditable MS Excel spreadsheet, Verasset produces a formal written reconciliation report that describes the process, findings, and recommendations in full detail.

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