Reconcile Inventory – A summary of the activity

This activity allows you to reconcile the assets where some discrepancy is found. Say an asset is reported to be missing in one location but found to be extra in another location, which could be the result of a transfer not being recorded. Such discrepancies could be resolved during inventory reconciliation. Similarly when an asset is “Missing” there could be a possibility that it is lying in some other location, retired or lost, a transferred out or retirement has not been recorded in the system so the respective adjustment entries have to be passed. In case an asset is “Damaged”, corresponding insurance claims may be made and assets in “Not Working” condition may be chosen for retirement.

Once inventory verification is confirmed, the discrepant assets should be reconciled with the system, i.e. an action can be assigned to reconcile discrepant asset tags. The reconciliation status is recorded for each discrepant asset.

Getting familiar with the pages inside

What you can do in this activity

Reconcile the discrepant asset

Complete the reconciliation process

Reconcile the discrepant asset

You can reconcile the assets, which are discrepant. You can set the reconciliation status for the assets.

• Go to “Reconcile Inventory” page.

• Set the reconciliation status for the assets and reconcile them.

The system updates the status of the tags to “Reconciled” in the sheet. The system updates the reconciliation status. If all the tags in the sheet are reconciled, then the system updates the status of the sheet to “Reconciled”.

Complete the reconciliation process

You can take up the assets, which are reconciled and complete the reconciliation process. The reconciliation status cannot be modified if the reconciliation is complete.

•  Go to “Reconcile Inventory” page.

• Set the reconciliation status and complete them.

The system updates the status of the asset tag to “Completed” in the sheet. If reconciliation completed for all the tags in the sheet, then the system updates the status of the sheet to “Completed”.