Reconciliation of Assets (Fixed & Stocks)
It refers to reconciliation of subsidiary or physical records with General Ledger.
Why Reconciliation of Assets?
It is needed at the time of acquisition or if an integrated MIS is being implemented. Usually, the management has lesser focus on fixed assets and its subsidiary records. Due to lack of frequent reconciliations, the difference become bigger and may have significant financial loss to the Company.
In case of acquisition or buy of assets, it is vital to know the quantities as per physical and as appearing in the GL and difference should be properly accounted for.
Benefits of Reconciliations of Assets
It has following benefits attached to it;
- Proper recording of additions, disposal,
- Identification of zero value items
- Identification of thefts or fraud
- Arithmetical accuracy
JASB has knowledge and experience to undertake reconciliation of assets from subsidiary records with General Ledger for its valued clients.
We render high-quality and cost- competitive services to our clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to engagement.