Asset Reconciliation Example

In the period details tab, specify the details and the related amounts along with any attachments. The total of these will display in the Detail Amount field. Detail amounts can be carried forward to future periods or can be created for a period range. When an Asset Reconciliation is scheduled for a period, the ledger amount from the back office is displayed in the Ledger Amount field.

On the Reconciling Amounts tab, create any reconciling items for the period. The Asset Amounts tab allows for the entry of the Asset Additions, Asset Adjustments, Asset Transfers, and Asset Disposals for the period. These are the values that are displayed on the Account Group By Period form.

The Ledger Transactions tab displays the general ledger transactions that are posted for that period. The Non Asset Journal Transactions tab displays any posting to the GL account that were not originated from the Asset application. If needed, adjusting journal entries can be created on the Period End Distributions tab. For example, a write off of an item and amount.