The present invention relates to a system and a method for inspecting rail equipment, such as, for example, railcars, utilizing a data entry system to track, inventory and generate reports related to the stored railcar equipment, and storing the information within a database. Specifically, the system and method includes a standardized inspection process that may assess a condition of a particular piece of rail equipment. Moreover, the data entry system may query a user to input the condition information, and any other information, into a database. The information may be utilized to generate reports as to the condition of the railcar equipment, an estimated cost of repair for the railcar equipment, the location of the railcar equipment, and the disposition of the railcar equipment.