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 […]
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 […]
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 […]
The process detailed in the previous blog entry summarizes a common problem faced by many organizations. However, in some cases we have found that as a result of a merger or an acquisition, an organization might have multiple asset registers that need to be consolidated and reconciled. In more extreme situations, we have worked with […]
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 […]
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 […]
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 […]