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Inventory Count

 

 

An Inventory Count is the process of physically verifying and recording the existence, location, and condition of an organization’s fixed assets (FA) or small tools. It helps ensure that all assets listed in the Fixed Assets or Small Tools registers actually exist, are in usable condition, and are located where they are recorded.

Regular Inventory Counts prevent losses and ensure that depreciation and other financial processes are based on accurate data. They also help identify discrepancies such as missing, misplaced, or obsolete assets and assist in detecting unauthorized asset disposals, theft, or duplication of records.

There are generally two approaches to Inventory Counts:

  • Full FA Inventory Count: A complete verification of all recorded fixed assets and small tools. This type of count is typically performed annually or during key financial periods. 
  • Cycle FA count: FAs are verified in segments, monthly or quarterly.
Hint

PANTHEON supports barcode scanning for when barcodes or FA tags are used.

 

Inventory Count can be accessed by selecting Financials | Fixed assets | Inventory Count

 

The module is divided into the following section:

Table of contents

  1. IN00 – Fixed asset inventory count

 

Related topics:

  Fixed Assets

  Fixed Assets

  Small Tools

 

 

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