Scribd
Upload
81 views4 pages

AdFDI vs FBDI: Asset Inventory Process

This document outlines the process for comparing physical inventory counts to asset records in Fusion Assets. There are two methods for loading inventory data: using the Manage Physical Inventory spreadsheet or Physical Inventory Interface Import spreadsheet. The procedure walks through using the Manage Physical Inventory spreadsheet to record physical counts, load the data, review differences, make adjustments if needed, and verify that the records are fully matched. Status descriptions provide information on the comparison results.

Uploaded by

Syed Mustafa
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
81 views4 pages

AdFDI vs FBDI: Asset Inventory Process

This document outlines the process for comparing physical inventory counts to asset records in Fusion Assets. There are two methods for loading inventory data: using the Manage Physical Inventory spreadsheet or Physical Inventory Interface Import spreadsheet. The procedure walks through using the Manage Physical Inventory spreadsheet to record physical counts, load the data, review differences, make adjustments if needed, and verify that the records are fully matched. Status descriptions provide information on the comparison results.

Uploaded by

Syed Mustafa
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Fusion Assets Physical Inventory Comparison Process

Release 11
Modified Date: 3/29/2017

Prerequisites
a) Enable Allow physical inventory option for your asset book
b) Ensure that In Physical Inventory check box is checked for all assets in Asset Book for assets included in physical
inventory comparison

There are two methods to load data for the Asset Physical Inventory Comparison process
 Manage Physical Inventory (AdFDI) spreadsheet
 Physical Inventory Interface Import (FBDI) spreadsheet

Procedure using Manage Physical Inventory (AdFDI) spreadsheet


1. Take physical inventory of your assets by noting the location, number of units, employee, and a unique identifier
(Asset number, Tag number, or Serial number)
2. Navigate to Assets landing page
3. Select task Manage Physical Inventory

4. Click the Enter button.

5. In the pop up select Asset Book and enter an unique Physical Inventory Name

6. Click Go button
7. Login and download the [Link] (AdFDI) Excel spreadsheet
8. Enter physical inventory data in spreadsheet

9. Click Submit button. This will submit the Physical Inventory Comparison process. Click OK and OK when
prompted.
10. View the comparison status in the Manage Physical Inventory page.

11. Select a row and click Review button export to AdFDI spreadsheet.

12. Analyze the results and determine the action for each record.
Change Status: Rectify Difference – When changing the record to this status, the status will change to
Transaction pending and then create a Transfer event where users will have to Prepare and Post in the Transfers
Infotile.

Click Submit button


The batch status changes to ‘Transaction Pending’

A Transfer transaction is created in the Transfers infotile waiting to Prepare and Post.

13. Once the transactions are complete within the Transfers infotile, navigate back to Manage Physical Inventory
page. Select record with Transaction Pending and click Review button.
14. Change the Status from ‘Transaction Pending’ to ‘New’ and click Submit button. This will run the Asset Physical
Comparison process again to verify that the changes are Fully Matched. If the status continues to remain
‘Difference’, repeat steps to 12 – 14 until the status reflects ‘Fully Matched’.
15. The Inventory Taken Date is recorded once the status is ‘Fully Matched’.

Other Status descriptions:


 Asset not in book – asset number does not exist in the Asset book selected.
 Delete – reflects a status for users to ignore the Batch.
 Multiple matches – reflects that there are multiple asset numbers loaded in the same batch
 Noninventory asset – the asset was not flagged as In Physical Inventory in the Descriptive Details
 Difference – status reflected if there is a difference in location, unit or employee.

Common questions

Powered by AI

Recording the 'Inventory Taken Date' only once the status is 'Fully Matched' ensures that the documented date reflects accurate and complete inventory information. It confirms that all discrepancies have been resolved before officially timestamping the inventory, which provides a reliable reference point for future comparisons and audits, thus maintaining consistency and accuracy in record-keeping .

User actions, such as using the 'Review' button, play a critical role in maintaining process integrity by enabling detailed examination and follow-up of asset status after discrepancies are identified. This action allows users to export data, evaluate differences critically, and decide the appropriate corrective actions, thereby ensuring the process not just identifies issues but also resolves them efficiently, maintaining the overall accuracy and reliability of the asset inventory system .

The prerequisites for the Asset Physical Inventory Comparison process include enabling the 'Allow physical inventory' option for the asset book and ensuring that the 'In Physical Inventory' check box is checked for all assets included in the inventory comparison. These prerequisites are essential to ensure that the inventory process can accurately track and compare physical assets against the records, facilitating identification of discrepancies such as missing or relocated assets .

Employing multiple methods like AdFDI and FBDI spreadsheets for data loading adds flexibility and efficiency to the process. The AdFDI spreadsheet provides a user-friendly interface for entering and submitting inventory data directly within Excel, which can enhance data accuracy and speed. Meanwhile, the FBDI method allows for bulk data import, which is advantageous for integrating larger datasets quickly. These methods ensure that organizations can adapt their data entry processes based on the scale and complexity of their inventory management needs .

Assets can have several statuses during the physical inventory comparison, such as 'Asset not in book', 'Delete', 'Multiple matches', 'Noninventory asset', and 'Difference'. Each status has distinct implications: 'Asset not in book' means the asset isn't recorded in the selected book, hinting at potential data entry errors. 'Delete' indicates assets that should be ignored for the batch. 'Multiple matches' implies discrepancies in asset records, leading to data conflicts. 'Noninventory asset' shows assets not flagged for inventory, suggesting oversight in marking inventory status. 'Difference' highlights mismatches in asset details like location or assigned employee, necessitating management action to address discrepancies .

The 'Fully Matched' status signifies that all discrepancies between physical inventory and book records have been resolved, confirming alignment across all asset data points. This contributes to inventory management efficiency by ensuring data integrity, reducing errors, and facilitating accurate tracking of assets. It minimizes the need for repeated checks while providing an assurance that all assets are correctly accounted for and properly managed in alignment with the organization's financial records .

The process using the Manage Physical Inventory spreadsheet involves several steps: noting asset details, navigating to the Assets page, selecting the Manage Physical Inventory task, entering data in the spreadsheet, and submitting it for comparison. This process is important because it systematizes the recording and management of assets, allowing for consistent data entry and comparison, helping to quickly identify discrepancies and ensure the physical inventory matches the records .

The 'Transaction Pending' status indicates that a discrepancy has been identified, and a transfer transaction has been created but not yet completed. To resolve this status, users must complete the transfer transaction by preparing and posting it in the Transfers infotile. Once the transaction is finalized, the user navigates back to the Manage Physical Inventory page and changes the status to 'New', which prompts another comparison process to confirm the discrepancy has been resolved .

The 'Difference' status may persist if there are ongoing errors in data entry or unresolved physical discrepancies, such as incorrect asset tagging or location mismatches. Persistent differences might also arise from systemic issues, such as incorrect data integration settings. To resolve these, organizations should conduct thorough audits of physical and recorded data, ensure data integrity across systems, employ cross-departmental reviews, and potentially use additional technology solutions, such as RFID tracking, to enhance accuracy .

Failing to resolve differences can lead to significant discrepancies between actual and reported asset values, impacting financial reporting accuracy. Unresolved issues might result in inaccurate depreciation calculations, misleading financial statements, and potential regulatory compliance violations. This can affect investor confidence, audit outcomes, and overall financial transparency, ultimately harming an organization's financial standing and credibility .

You might also like