Asset Inventory 2026 - Complete Guide
Everything About Asset Inventory in 2026
Asset inventory is a legal obligation for every accounting entity. Every year, companies, schools, municipalities and non-profit organizations must perform physical checks of their assets and compare them with accounting records. In this complete guide, we'll show you how to conduct inventory efficiently, in compliance with regulations and with minimal time investment.
Legal Requirements for Inventory
Inventory is governed by Act No. 563/1991 Coll. on Accounting, Sections 29 and 30. The obligation applies to every accounting unit, but the implementing decree differs: businesses follow Decree No. 500/2002 Coll., while selected accounting units — municipalities, public-funded organisations including schools, and state organisational units — follow Decree No. 410/2009 Coll. The inventory procedure for selected accounting units is set out in Decree No. 270/2010 Coll., and depreciation of long-term assets in Czech Accounting Standard No. 708.
Legal obligations under the Accounting Act:
- §Inventory must be conducted at least once a year on the date of financial statements
- §Deadline: earliest 4 months before balance sheet date, latest 2 months after
- §Results must be documented in inventory reports and protocols
- §Inventory differences must be accounted for in the period for which inventory is conducted
Inventory Deadlines for 2026
For the accounting period ending December 31, 2026, the following schedule applies:
Earliest start
Balance sheet date
Latest end
You can start inventory as early as September 1, 2026 and must complete it by February 28, 2027.
Who Must Conduct Inventory
The inventory obligation applies to all accounting entities regardless of size:
Commercial Companies
LLCs, corporations, partnerships and other legal entities operating for profit.
Public Sector
Schools, hospitals, municipalities, regions, funded organizations and government institutions.
Non-Profit Organizations
Associations, foundations, institutes and other non-profit legal entities.
Preparing for Inventory
Thorough preparation is key to successful and quick inventory. We recommend starting at least one month before the planned date.
1.Update asset records
Remove disposed assets, add newly acquired ones. Check that asset locations in records match reality.
2.Appoint inventory committee
The committee should have at least 2 members. For larger assets, consider appointing sub-committees for individual locations or asset types.
3.Prepare inventory materials
Print inventory lists or verify that all assets have QR labels applied. Prepare mobile devices for scanning.
4.Inform employees
Announce the inventory date, explain the process and ensure cooperation from responsible persons for each department.
5.Ensure access
Obtain keys to all premises, warehouses and rooms. Arrange access outside working hours if needed.
Step-by-Step Inventory Process
The actual inventory consists of four main phases:
1. Physical Count
Systematically go through all rooms and check the presence of each asset. With QR codes, just scan the label with your phone and confirm the status.
2. Comparison with Records
Compare the actual state found with accounting records. Software automatically flags differences - surpluses, shortages and discrepancies.
3. Resolving Differences
Investigate the causes of all discrepancies. It could be loss, theft, relocation without recording, or administrative error.
4. Documentation
Create an inventory report with signatures of all committee members. Document identified differences and propose their resolution.
Inventory with QR Codes - The Modern Approach
Modern inventory uses QR codes applied to each asset. Instead of paper lists, you use a mobile phone - scan the label and confirm the asset's presence. The system automatically records the inventory, marks inventoried assets and shows a summary of differences at the end.
Speed
Scanning a QR code takes about 2 seconds, while finding an item in a paper list can take a minute.
Accuracy
No errors from transcription, number mix-ups or illegible handwriting. Every scan is unambiguous.
Clarity
See in real-time what has been inventoried and what remains. Differences are displayed immediately.
Documentation
Automatic generation of inventory reports and statements. No manual transcription of results.
Learn more about mobile inventory in our article: Mobile Inventory - The Future of Asset Management
Tips for Efficient Inventory
Based on our clients' experience, we've compiled proven tips to help you handle inventory smoothly:
Conduct ongoing inventory
Don't wait until year-end. Inventory assets continuously by department or building - the annual inventory will then be just a formality.
Divide the work
Assign specific zones or asset types to individual committee members. They can work in parallel and inventory will be completed faster.
Start with problem areas
Inventory warehouses, common areas and high-traffic locations first, while you have energy to resolve discrepancies.
Photograph discrepancies
When you encounter damaged assets or inconsistencies, photograph the situation. It will facilitate later investigation and documentation.
Use software
Specialized software saves work on preparing materials, reports and statements. Automatic reports meet legal requirements.
Common Inventory Mistakes
These mistakes are common in organizations conducting inventory for the first time or using outdated methods:
- ✗Insufficient preparation - missing current records, lists or access to premises
- ✗Missing deadlines - inventory outside the legal period is invalid
- ✗Missing documentation - without inventory reports, you cannot prove inventory was conducted
- ✗Formal approach - just checking off a list without actual physical verification of assets
- ✗Not accounting for differences - identified shortages and surpluses must be recorded in the inventory period
Inventory 2026 Checklist
Check that you have everything prepared:
- ☐Updated asset records
- ☐Appointed inventory committee
- ☐Prepared inventory lists or QR labels
- ☐Employees informed about the date
- ☐Access to all premises secured
- ☐Working mobile devices for scanning
- ☐Prepared forms for inventory report
- ☐Time scheduled to investigate any differences
Frequently Asked Questions About Inventory
Who must conduct inventory?
All accounting entities must conduct inventory - companies regardless of size, schools, non-profit organizations, funded organizations, municipalities and government institutions. The obligation stems from accounting laws.
What are the penalties for not conducting inventory?
Not conducting inventory violates the Accounting Act. There can be fines from tax authorities and during audits, the accuracy of the entire accounting may be questioned, which can lead to additional tax assessments.
How long to keep inventory records?
Inventory reports and other inventory documents must be kept for at least 5 years after conducting the inventory, or longer according to internal policies or founder requirements.
Can one person conduct the inventory?
The law does not directly specify a minimum number of inventory committee members, but at least 2 persons are recommended to ensure objectivity and mutual control. More members is standard for higher-value assets.
Must small assets be inventoried too?
Yes, inventory applies to all assets recorded in accounting, including small fixed assets. The method and detail of inventory is determined by the accounting entity in its internal policies.
Conclusion
Inventory doesn't have to be a nightmare. With good preparation, a clear plan and modern tools, you'll handle it quickly and efficiently. QR codes and specialized software cut the inventory from days to hours compared to the paper method. Start preparing early and inventory 2026 will be a breeze.
Get Ready for Inventory 2026
With Asset Manager app, you'll handle inventory faster and stress-free. QR codes, mobile scanning and automatic reports will save you hours of work.
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