Asset Inventory

“This page displays everything related to asset inventory, including how to access it, its concept, features, and how to create a new inventory.

To access the “Asset Inventory” page, please follow the following instructions:

• Start by navigating to the Assets screen from the main menu by clicking on the option related to assets. After that, the Operations window will appear, where you will click on it.
• When you are in the Operations window, you will need to select the link labeled “Asset Inventory,” which will allow you to access the relevant page.

By following these steps, you can easily access the Asset Inventory page.

Concept and Uses of “Asset Inventory”:

Asset inventory is an accounting process aimed at recording, documenting, and evaluating all the assets owned by an organization or company within a specified time frame. It includes determining the accurate value of both tangible and intangible assets owned by the organization, such as buildings, equipment, vehicles, patents, trademarks, financial rights, and more.

• The process of asset inventory serves several objectives:

1. 1. Net Value: Asset inventory helps in determining the true and net value of the organization’s or company’s assets.
   2. Planning and Decision-Making: The results of asset inventory can be used to identify the organization’s needs, make decisions about improving asset management, replacing old assets with new ones, and budget planning.
   3. Asset Protection: Asset inventory helps in monitoring and tracking the physical and financial assets of the organization, contributing to the prevention of theft, loss, and manipulation.
   4. Financial Reporting: The results of asset inventory are used in preparing periodic financial reports that must be provided to shareholders, investors, and regulatory authorities.

The asset inventory process requires precision and careful attention and is usually carried out by a professional team of accountants and asset management experts.

Options and Features of the “Asset Inventory” Page:

• Efficient Filter Usage: On the Asset Inventory page, you will find an important option that allows you to use filters easily and effectively. You can access these filters by clicking on the filter icon on the left side of the page. By using these filters, such as “Date – …,” you can easily query the existing inventories in the system with ease and accuracy.
• Convenient and Organized Browsing: The page provides a table containing all the inventory items available in the system. The table includes detailed information about each inventory, such as “Inventory Date – Inventory Location – Inventory Branch – Inventory Status – …”. This makes it easy for you to view and index all asset inventories clearly and accurately.
• Easy Access to Details: You can easily view any of the asset inventories available in the system by clicking on the link associated with it. This gives you quick and immediate access to the details of the selected asset inventory.

Explaining How to Create a New “Asset Inventory”:

• Getting Started: Begin with Inventory: To create a new asset inventory, simply click on the “New Inventory” link at the top of the page. Clicking on this link will get you started.
• Data Entry: Step by Step: Follow these steps carefully:a. Select the asset store for which you want to conduct the inventory. b. Specify the inventory date. c. All fixed assets will appear in a table at the bottom of the page, along with their asset code and description. d. Enter the actual quantity for each asset in the adjacent “Add” field. e. Click the “+” sign to save the added quantity. You can add multiple quantities for the same asset in the same field. f. Make sure to check the total quantities added in the Total column. g. The system will calculate the difference between the actual balance and the inventory balance in the Difference column. h. Add a special note for each asset if needed.
• Save and Continue: Storing Data for Review: At the bottom, you will find the “Save” button. Use it to save the inventory without closing or completing it. This allows you to return to the inventory later to continue or review it.

Important Note: Once you have finished conducting the inventory and reconciling the differences, an automatic inventory reconciliation process will be executed for all differences, ensuring accuracy and smooth reconciliation.

• Completing the Inventory: Moving to the Next Step: Once you have finished auditing and reviewing the inventory and ensured its accuracy, you can conclude the inventory by clicking the “Complete Inventory / Reconcile Differences” button.”