Fixed Asset Reconciliation Services

 

Book-to-Floor / Floor-To-Book Fixed Asset Reconciliation Services

Verasset offers comprehensive fixed asset verification and floor-to-book fixed asset reconciliation services. Fixed asset reconciliation services are designed with the intent of improving the quality and accuracy of the existing ledger / fixed asset register information and improving the process flow that impacts asset information as it flows throughout the typical asset life cycle.

 

Fixed Asset Reconciliation 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 Asset 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 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
  • Review of historical asset records, such as purchase orders and invoices

 

AUDIT TRAIL

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.

 

REPORTING

At the conclusion of the effort, Verasset provides the audit trail (MS Excel file) and various custom reports based on client requirements. At a minimum, a listing of:

  • 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/Write-Offs – Items found in the fixed asset accounting records but not found during the inventory process
  • A formal written Reconciliation Report that describes the process, findings, and recommendations in full detail

 

Eliminate Ghost Assets

It has been estimated that anywhere from 12 to 25% of the assets in a fixed asset register do not exist!

 

Accurate Reporting

Reconciliation enables accurate reporting on ownership of assets, financial statements, insurance, and property tax.

Fill Data Gaps

Obtaining current and up-to-date asset information fills data gaps such as location, make/model/description, classification, and serial numbers.

Regulatory Compliance

Comply with tax and regulatory requirements such as GASB 34/35, Sarbanes Oxley (SOX), and JCAHO.

Grouped/Bundled Entries

Resolve issues caused by bundled/grouped asset entries.

Corporate Compliance

Comply with internal corporate policies related to reporting, usage, storage, and disposal of fixed assets.

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