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 project. Our project planning encompasses many elements specific to the physical counting activity such as scripting data collection and establishing schedules to name a few.
Planning also involves fully understanding the level of complexity associated with the reconciliation of fixed capitalized asset financial records. Our analysts begin by conducting a review of the fixed asset register.
Throughout the review they are evaluating the quality of the information along with the likelihood of completing a successful reconciliation of the logical entries to physical assets.
The review also is used to identify specific categories of fixed assets that may require additional effort and focus in order to improve the likelihood of reconciliation success. This includes identification of:
- Bulk entries – multiple fixed assets recorded in a single ledger entry
- Vague entries – very little information available
- Duplicated entries – identical entries that appear multiple times (occasionally across multiple locations)
- Missing information
- Items requiring more research in order to reconcile
Check back for Part 2!