Inventory of fixed assets

Inventory of fixed assets

Most of the inventory of fixed assets is carried out during the end of the fiscal year, which allows you to reflect in the annual report the real amount of the Company’s assets. However, just at this time the load of employees reaches their peak values, therefore it is considered expedient to involve independent experts for the inventory.
Our specialists will help to solve this problem qualitatively and quickly for the Company.

Marking, bar-coding, compilation of electronic database

Inventory of fixed assets in accordance with the legislation on accounting is conducted at least once a year. This procedure helps to identify surpluses, eliminate over-sorting and account for unaccounted-for property.
The process of inventorying is quite labor-intensive, which can be a big problem for a company with a large number of assets, inventory objects and financially responsible persons. In any case, regardless of the size of the organization and the number of fixed assets, the process of organizing and conducting an inventory requires a professional and attentive approach.

Inventory by staff forces often causes unnecessary inconvenience and distracts employees from their main work. That is why the introduction of this procedure into outsourcing is a solution that gives a lot of obvious advantages:

  • focus on the company’s staff only on core business;
  • inventorying without stopping work at a convenient time;
  • use of modern equipment;
  • minimum terms of work execution;
  • independent and qualified auditors.


The result of this work is an inventory that contains all inventory items found in the storage areas. In the course of the inventory, marking, bar-coding, and compilation of an electronic database are carried out.
The resulting list is compared with the accounting balances. This allows you to identify shortages and surpluses, eliminate the sorting.


Stages of inventory of fixed assets


Stages of inventory of fixed assets:

1. Identification of inventory objects;
2. Creation of an electronic database of property;
3. Bar coding, assignment of inventory numbers;
4. Assignment of the location of the property at the time of the audit;
5. Entering information about materially responsible persons; ·
6. Reconciliation of the results of the conversion with accounting data;
7. Identification of unrecorded, missing fixed assets, analysis of re-sorting;

The result of the work will be a list of assets in electronic form, indicating a detailed description, status, location, materially responsible person


Optimum inventory workflow

Application for inventory

Contact our manager to describe the task and discuss the details of its implementation.

Order an inventory or send an invitation to the tender at:

info@activ-audit.com.ua

Determination of the schedule and working conditions
Tell us when you are more comfortable with the project, and in which offices.


Signing of the contract
Timing, Reporting format. The amount of the deal. Terms of payment

Inventory
Our specialists will come to your office and either start reconciling with your master database, or create a new one by gluing and registering barcodes for fixed assets. They will also add a description and indicate the persons responsible for the material values ​​as directed by you.

Automation of inventory and further accounting of fixed assets

Automation allows:

During the inspection:

  • to see on-line the work of auditors
  • make adjustments (for example, change the order of inventorying in offices)
  • analyze inventory results

After inventorying:

  • To conduct on-line accounting of fixed assets
  • Reduce the temporary costs of inventorying.
  • Reduce the likelihood of an unauthorized disappearance of property.
  • Increase the level of operational control of the movement of fixed assets and products.
  • To get rid of inaccuracies at reception, leaving and the account of the basic means.
  • Identify direct abuse of materially responsible persons.
  • Identify incorrect reflections of documentary data..

 

Regulations

Mandatory annual inventory

  1. paragraph 6 of Art. 145 of the Commercial Code; paragraph 1 of Art. 10 of the Law of July 16, 1999, No. 996-XIV “On Accounting and Financial Reporting in Ukraine”.
  2. Part 1 of Art. 10 of Law No. 996; Sec. 7, Section. I of the Regulations on the inventory of assets and liabilities approved by order of the Ministry of Finance of 02.09.14. No. 879, clause 12 of the Procedure for the Presentation of Financial Statements approved by Resolution of the CMU of 28.02.2000. No. 419.
  3. Section 18, Section. II of the Provision No. 879 “Responsibility for the completeness and accuracy of making data on actual balances in the inventory”.
  4. Section 17. II of Regulation No. 879 “In the inventory records (inventories), blots and erasures are not allowed”.

 

We pay attention

Cases of failure to conduct (or improperly conduct) an annual inventory fall within the scope of the ALCO, namely: Art. 1642 (violation of the legislation on financial matters) provides for liability, in particular, for making false data in the financial statements, untimely or inadequate inventory of money and material assets. The fine is from 8 to 15 NMDG (from 136 to 255 UAH.).

    auditing services BAB

    accounting services BAB

    Address

    03038, Ukraine, Kyiv
    Nikolay Grinchenko str., 4

    Phone/fax

    +380 44-521-40-07

    e-mail

    info@activ-audit.com.ua