Report Format: Physical Verification of Fixed Assets
Imagine having to verify tens of thousands of assets from a list of assets and looking for an asset from this list on the ground. Chances are, you are struggling to find the asset.
Now imagine, having found one asset, and having to find the asset in the list having ten thousand assets.
Both the tasks could be daunting and time consuming. Introducing ASSETCOMPLY to make your physical verification simpler, efficient, and flawless.
Let's find out, what a typical report format for a physical verification exercise looks like
Documentation of physical verification results is an essential part of maintaining accurate and up-to-date records of fixed assets. It should provide evidence of the physical existence of assets, condition of assets, and location of assets, at the minimum to ensure – transparency, compliance, and effective asset management.
Here's a step-by-step guide on how to document the results of physical verification:
One can prepare the report in a word document or an excel sheet. The following details should be captured asset wise.
Identify the Asset
Begin by clearly identifying the asset being verified. This includes its unique identification number, description, and any relevant details such as model, serial number, or purchase date.
Physical Verification Date
Record the date when the physical verification was conducted. This helps establish the timeline and ensures that the information is current.
Document the method used for the physical verification. This can include barcode scanning, manual inspection, RFID scanning, or any other method employed to confirm the presence of the asset.
Indicate the status of the asset based on the verification results. It can be categorized as “Verified” if the asset was found and matches the records, “Not Found” if the asset was expected but not located, or “Discrepancy” if there is a mismatch in any asset details.
Assess and record the physical condition of the asset during the verification. This can range from “Excellent” to “Good,” “Fair,” or “Poor” based on the asset’s physical state.
Verify and document the location of the asset. This can include the room number, department, building, or any other relevant information that accurately reflects where the asset is located.
Include any additional remarks or notes that may be relevant to the asset’s physical verification, such as damages, maintenance requirements, or any other observations.
Signature and Approval
Have the authorized personnel who conducted the physical verification sign and approve the documentation. This ensures accountability and establishes the validity of the verification process.
Store the documentation in a secure and organized manner. Maintain a centralized recordkeeping system where all physical verification results can be easily accessed and retrieved when needed.
As physical verifications are conducted periodically, make sure to update the documentation accordingly. Update the verification date, asset status, condition assessment, and location confirmation, as necessary.