Verasset has been awarded multiple projects that will keep our inventory service teams and consultants busy over the next 6 months. A few highlights include: Installation of over 100 fixed RFID readers throughout multiple facilities Inventory of fixed assets and product for a California State agency spanning from San Diego to San Francisco Coast-to-coast physical […]
Fixed assets are items of personal (moveable) property with an estimated useful life of more than one year. Examples of fixed assets include furniture, fixtures, equipment, computers, vehicles, and similar items of personal property. A fixed asset does not lose its identity through incorporation into a different or more complex device. In contrast to “inventory” […]
Verasset Corporation is offering a free asset tracking barcode system to customers that purchase their professional inventory services. The limited time promotion is in response to the increase in demand from smaller to mid-sized organizations for affordable barcode solutions. As these organizations grow, they acquire more equipment, and don’t have the means to track and […]
Bar codes are everywhere. They are used to track everything from food, to books, mail, clothing, computers, to checked luggage. A commonly recognized use of barcodes is during point of sale activities such as supermarket checkout. The use of barcodes reduces the opportunity for error and speeds up information processing significantly. So what exactly is […]
Regulatory Compliance- The number 1 reason we find that our customers need to conduct a physical inventory is regulatory compliance. Compliance issues vary depending on the organization, and can include; audit, Sarbanes Oxley (SOX) compliance for fixed assets, and GASB statements 34 and 35.While the rules and regulations vary for different organizations, the core principal […]
Reconciling fixed asset financial records can be a daunting task. Multiple record sources are involved including; payables, purchase orders, registers, and the general ledger. A significant hurdle is that more than one person is usually involved. Consequently, record keeping habits vary and the opportunity to introduce errors through redundant data entry is high. Some of […]
Capitalized fixed assets are assets that meet or exceed a defined value threshold and are depreciated in value over their useful life. Asset depreciation is usually recorded each month. One common depreciation method is to calculate annual depreciation expense and then divide this figure by 12 to determine the monthly expense. Accountants will post a […]
Establishing proper internal fixed asset controls is pertinent to successfully managing assets. Fixed assets that meet or exceed a stated value threshold should be capitalized and recorded in a fixed asset register. At a minimum, the register should include; cost, useful life, current and accumulated depreciation, and net book value. Assets that fall below the […]
View our Fixed Asset Inventory Service Slideshow HERE
Verasset has just completed a physical inventory and reconciliation project for a 125 year old manufacturing company. The company is publicly held and is required to conduct a physical inventory every 3 years in order to be compliant with the Sarbanes-Oxley Act (SOX). SOX compliance also requires that the companies finance officers and auditors sign […]