Reconciliation is an accounting procedure that analyses two sets of records to ensure that the figures presented are correct and consistent. During an asset management audit, reconciliation is critical for identifying the source of the money.
In most circumstances, a manual reconciliation of the client’s “floor” fixed assets with their “book” fixed assets is required. This reconciliation method finds “phantom assets,” or assets that have been physically retired but not financially. Clients benefit from considerable personal property tax savings and an instant ROI as a result of the fixed asset reconciliation process. All supporting documents will be available in the Oracle system.
We generate a complete fixed asset reconciliation statement that contains summary data on everything from asset depreciation to credit/debit and book value. If inconsistencies are found, we will flag the record value.