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- Fixed Asset Management
- Features
- Physical inventory and maintenance
Physical inventory and maintenance
Compare the register with assets found in the workplace. A physical count begins with an expected population for a location, category or custodian. Preserve that snapshot before staff start recording observations. If the live register changes during the count, the original expectation still explains why an item appeared on the count sheet and who was responsible for checking it.
OverviewPhysical Inventory Exceptions×
Fixed Asset Management · Physical inventory and maintenance
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Physical Inventory Exceptions
Physical inventory items
| Physical inventory | Fixed asset | Observed identifier | Counted status | Counted location | Resolution | |
|---|---|---|---|---|---|---|
| Cold storage asset count | Delivery van, west region | Serial 7QX-38420 | Found | Reno warehouse, aisle 3 | No action needed | |
| Finance wing laptop count | Packing line conveyor 2 | VIN ending 6092 | Found wrong location | North dock, packing line 2 | Update location | |
| North dock equipment count | Forklift 3, Reno warehouse | Tag FA-000318 | Found wrong custodian | Head office, finance wing | Reassign custodian | |
| West region vehicle count | Forklift 3, Reno warehouse | Serial CM-294871 | Not found | Cold storage, room B | Retire | |
| Finance wing laptop count | CNC mill, production bay | Plate ending 4K7 | Found unregistered | West regional depot | Capitalize |
6 of 6 records
Serial 7QX-38420Physical inventory items · PII-99506
FoundPhysical inventoryCold storage asset count
Fixed assetDelivery van, west region
Counted locationReno warehouse, aisle 3
ResolutionNo action needed
What you can do
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.
What your team sees
- Active Physical Inventories — Review the work and supporting records for this module.
What it keeps track of
Data model- Physical inventories
- Periodic physical-count cycle header. Defines the scope (location, category, custodian) and lifecycle of one count event.
- Physical inventory items
- The per-asset count grain. Custodian or count team attests presence; reconciliation produces follow-up actions.
- Maintenance logs
- Per-asset maintenance history. Routine maintenance is expensed, not capitalized; major refurbishment that extends useful life flagged for capitalization review.
- Fixed assets
- The asset master. One row per capitalized item. Created from a capex AP Bill via
capitalization-from-bill, or manually by the Fixed Asset Accountant. Status drives the depreciation engine:InService,IdleandTransferredfollow the reviewed book policy. Disposed or Retired assets stop according to their effective exit treatment. Impaired assets continue depreciation from the approved revised basis and remaining useful life unless the reviewed classification policy requires a different treatment; impairment alone is not a stop flag. - Employees
- Scoped employee identity for asset custody and approval; synchronized without granting roles from display names.
Who uses it
Permissions- Asset Custodian
- Asset Custodian works within the record, field and action scope below.
- Manager
- Manager works within the record, field and action scope below.
- Fixed Asset Accountant
- Fixed Asset Accountant works within the record, field and action scope below.
- Auditor
- Auditor works within the record, field and action scope below.
Set up Fixed Asset Management your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.