The insurance adjuster's first question after a theft or fire is always the same: can you prove you owned it, what did you pay for it, and what is it worth now? If the answer is a spreadsheet someone exported from memory six months after acquisition, the claim negotiation starts from a position of weakness. If the answer is a database record with a purchase date, purchase price, serial number, purchase source, current market value, and a photograph taken at the time of acquisition, that's a different conversation.
The Valuation Gap Problem
Purchase Price and Current Value are the two fields that most asset tracking systems either collapse into one or treat as synonymous. They're not. A professional-grade audio interface bought in 2019 for $900 has a current market value somewhere between $400 and $600 depending on condition and current availability of the model. A vintage synthesizer module bought in 2018 for $350 might have a current market value above $800.
The gap between Purchase Price and Current Value is also the depreciation record for tax purposes on business-use equipment, and the appreciation record for valuation purposes when an asset is being sold, traded, or insured at replacement value rather than original cost. Condition is the field that modifies the Current Value entry — an asset listed at a current value of $600 in "excellent" condition has a different insurance replacement cost than the same model listed at $600 in "fair" condition.
Serial Number as the Record Anchor
Serial Number is the field that makes every other field verifiable. A database record without a serial number is a description. A record with a serial number is a specific unit that can be verified against manufacturer records, cross-referenced against stolen goods databases, and matched to a warranty registration. When equipment goes missing from a touring rig or a shared studio facility, Serial Number combined with Record By is the chain of custody documentation — it establishes who had accountability for the asset and when it was last confirmed at what Location.
ItemID is the internal reference that ties physical labels to database records. A label printer and a consistent ItemID format mean the asset can be scanned or looked up from a sticker rather than requiring manual identification of a serial number that may be in an awkward location or worn.
Brand & Model with Description / Size captures the identification data that serial numbers alone don't fully cover. Two identical model units with sequential serial numbers are different assets; their distinguishing characteristics — modification history, cosmetic differences, attached accessories — live in Description / Size.
The Audit Cycle
Checked is the field that turns a static inventory into a live audit. On a periodic physical count, each located and verified asset gets the Checked flag toggled. Assets that haven't been checked by the end of the cycle are the discrepancy list — either missing, mislocated, or not yet reached. The Date / Time field stamps when the record was last updated, which closes the gap between what the database says and what the current physical state is.
Photo is the evidence that backs everything else. A photograph of the equipment in its storage location, showing the physical unit and any identifying features, is the record that an adjuster accepts as proof of possession. It's also the baseline for Condition assessments — a current photo compared against the acquisition photo is an objective condition change record, not a subjective characterization.