Physical inventory and maintenance

Keep the business context together

Plan a physical count by location, category or custodian and preserve the expected population at its start. Count lines capture what was found, where it was found and the responsible person. Maintenance history supplies condition and spending context while leaving the financial decision with the asset accounting team.

A counted item can match the expected tag, appear in another location, be damaged or be missing entirely. Capture the observed identifier and condition with supporting evidence. An unregistered item needs an observation record even though there is no existing asset to reference; the accountant can assess intake after the physical evidence has been retained.

Give each decision a clear owner

Custodians attest only the items assigned to their authorized count scope. Fixed Asset Accountant reviews missing, damaged or unexpected property and proposes a resolution. A finding can lead to a transfer, intake, impairment review or retirement, each following its own required decision.

Custodians should see the assets and count lines assigned to their scope. They can attest what they found without receiving unrestricted access to acquisition costs or tax values. The asset accountant reviews discrepancies across the authorized count and determines whether the next action is an assignment correction, further investigation or a separate financial review.

Handle exceptions with the original record

A missing asset is not automatically written off. An unregistered item can be captured with identifying evidence before a new asset record exists. Close the inventory only after required discrepancies are resolved or explicitly carried as approved investigations; keep both the original expectation and observed result.

A missing item is not automatically a financial loss. It may have moved to another room, be away for maintenance or have an incomplete handoff record. Resolve those possibilities with the movement and maintenance history before proposing a retirement or impairment that would affect the books.

Find the work that needs attention

Maintenance logs connect the service date, asset, work performed and cost evidence. A repair does not automatically become a capital improvement. Keep its operational history available for condition assessment while the accountant decides any capitalization treatment through the controlled intake and book processes.

Configure it around your business

Configure count scope, observation fields and discrepancy owners around the way assets are actually checked. Review an expected item found elsewhere, a missing asset and an unregistered observation. Closing the count should preserve the expected and observed populations, with each unresolved difference either resolved or carried as an explicitly approved investigation.

Include the asset tag with maintenance evidence so similar items remain distinguishable.