What should be done with unaccounted property at the end of the fiscal year?

The appropriate course of action for unaccounted property at the end of the fiscal year is to investigate and report any unexplained losses. This approach is crucial because it aligns with the principles of accountability and transparency in asset management. Investigating unexplained losses ensures that any discrepancies are properly addressed, which can help identify issues such as theft, mismanagement, or administrative errors. Reporting these losses is equally important as it maintains the integrity of the financial records and ensures compliance with auditing standards and internal controls.

Proper documentation of any finding typically leads to improved operational procedures in the future and helps in establishing a culture of accountability among personnel handling property. Additionally, understanding the reasons behind unaccounted property can guide organizations in taking corrective actions to prevent similar issues in the future.