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 the more common problems that occur are;
- Fixed assets are typically added to financial records during payable activities. A fixed asset register is used to record the addition of newly capitalized fixed assets. All assets may not be added to the register, or may be added as a single bundled entry. Thus, lacking sufficient detail to isolate one distinct asset from another.
- Asset detail is recorded into a fixed asset register, while accumulated balances are recorded into the general ledger. In many instances, the (fixed asset) balances are already in the general ledger (as a result of payables management transactions) during the initial setup of the fixed asset record in a register. We frequently find that the balances in the general ledger do not support the entries in the fixed asset register for a number of reasons:
- During purchase order processing, not all fixed assets are recorded in the register.
- Assets in the register may be linked to incorrect general ledger accounts.
- Assets may have been deleted from the fixed asset register yet a general entry was not made in the general ledger to back out related values
- More often than not, information needed to link a logical record to a physical asset is lacking. Additionally, efforts to align digital information to documents such as purchase orders, invoices and packing slips is time-consuming and often lacks meaningful methods for alignment.
Verasset offers turn-key solutions designed to reconcile fixed assets and sustain accurate and reliable results going forward. We begin by analyzing your current records and reorganizing records into classifications in order to ease reconciliation tasks.
Next, we conduct a full physical inventory, while matching installed assets to logical records. In the event that we uncover assets that are not reported on the general ledger, we will appraise them and assign values for inclusion into your financial records.
Throughout the project, we identify opportunities for improvement and offer recommendations for implementation of best practices. To ease and automate record keeping, Verasset offers a complete line of automatic data capture and asset tracking software and hardware.
We respect your privacy. We will never sell, rent, or share your information with any third party.
I am happy to recommend Verasset Corporation for your large inventory needs. The Verasset team performed our tri-annual fixed asset inventory in a professional and methodical manner. They inventoried over 65,000 assets onsite with meticulous attention to detail. Each day, they reported on time, and were well prepared for the day’s activities. The team lead worked closely with me to ensure every asset was captured, while the rest of the Verasset team worked closely with my team to resolve all discrepancies. For weeks after the hands-on team had left our sites, they continued to meet with me regularly to ensure the inventory results were accurately documented, resulting in the most successful fixed asset inventory ever at our company. I would not hesitate to engage the Verssset team in the future for my inventory needs.
We (NetApp Inc) have been utilizing Verasset’s services for over 5 years. Due to their high quality of work at reasonable prices, we have continuously engaged with this organization for our physical inventory and reconciliation needs. Adam Vinecombe, especially, has been providing excellent customer support and accommodating the many changes in direction we have proposed without hesitation. With his long history of experience, he has provided helpful insight on issues we encountered during the larger engagements, to help NetApp make better informed decisions on how to resolve the situations. He has made himself available for last minute ad-hoc meetings and requests in a professional manner. It is a pleasure working with Adam and Verasset, and we look forward to the next engagement.
Verasset performed a physical inventory of our fixed assets in July of 2011. Their team completed an in-depth scoping exercise which was used to determine the scope of work and enabled them to provide the various RFID tags that they applied to our assets during the inventory. Upon completion of the inventory and tagging effort, Verasset appraised our assets and provided us with a formal report of their findings. The Verasset team, which I found to be professional and detail oriented, completed the physical inventory on time and within budget.
Verasset performed a physical inventory of our fixed assets for the Town of Jay. We found the team to be courteous and professional while on site in our facility. They were always polite and respectful while performing their inventory, allowing my office staff to continue work without interruption. I highly recommend Verasset’s services when awarding a physical inventory bid.
I’m glad we went with Verasset for the physical inventory of fixed assets at our Corporate headquarters. The Director of Service Delivery was an absolute professional to work with – he followed up on our request quickly and responded to questions promptly. Verasset was able to turnaround a proposal for services immediately so we could make our decision in a timely manner, and the cost was very reasonable for the work that had to be done. The inventory count was done in the time specified, and the inventory data was provided as expected – we were able to use it easily to reconcile against our fixed asset sub-ledger. We are using Verasset for our other facilities across the U.S., and I would highly recommend them to anyone in need of fixed asset inventory services.
We are a small long term care nursing facility that contracted Verasset to conduct our periodic fixed asset physical inventory. They delivered what they promised which was a professional staff, cost effective approach, and a quick turnaround on the results. Verasset made it happen!!