PROPERTY RECONCILIATION - 7924

Agencies/departments will reconcile the acquisitions and dispositions of capitalized assets/property with the amounts recorded in the property register. The reconciliation should be done monthly or at least quarterly, depending on the volume of transactions. See SAM section 8650.4, Accounting and Reconciling Capitalized Property Records. Agencies/departments will perform a physical count of all capitalized and non-capitalized assets/property and reconcile the count with accounting records at least once every three years. See SAM section 8652, Inventorying Property.

In addition, agencies/departments will provide the Department of General Services with updated and reconciled records of its real property assets by July 1 of each year.  See SAM section 1310.7, Statewide Property Inventory.

Refer to SAM Chapter 8600 for detailed information regarding property accounting.