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...

Physical Inventory Entry 4 – Defining and Automating the Data Collection Process

When planning the data capture attributes of a physical inventory, there are various levels of optimization and automation that can streamline the process. First and foremost, pre-populating mobile inventory data collection devices with existing data sources (such as...

Optimizing the Asset Life Cycle Entry 9 – CONCLUSION

The ideal scenario is to maintain a single shared database (asset database) whereby assets are tracked and managed. This data source would also serve to align (or link) information related to each asset with other information sources, such as purchasing, shipping and...

Optimizing the Asset Life Cycle Entry #6 – Disconnect in the FAR Entry

In order to purchase new assets, a purchase order is created and submitted to a vendor. As the vendor delivers against the purchase order, packing lists and invoices are generated and remitted to the company making the purchase. The packing list is usually affixed to...

Terminology of the Asset Life Cycle – Entry 4

While information can take many forms and be used for many reasons, our focus will be placed on the bare minimum required to track, manage and report on capitalized fixed assets.  It is equally important to identify several terms we will use. These include purchase...