Fixed asset reconciliation is the process of reviewing and comparing a company's fixed asset register with its physical inventory to ensure that all assets are accurately recorded and accounted for. This process helps detect errors, discrepancies, and potential fraud related to fixed assets. It also ensures compliance with accounting regulations and provides an accurate assessment of a company's asset value for financial reporting purposes. The reconciliation involves various steps, such as verifying asset ownership, locating missing assets, recording disposals, and adjusting the accounting records accordingly.
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