Fixed Asset Reconciliation Template
Reconcile fixed asset GL accounts to the fixed asset register. Track additions, disposals, and depreciation each period.
How to use this template
Pull asset register and GL balances
Extract the fixed asset register (cost, accumulated depreciation, net book value) and the corresponding GL account balances.
Reconcile asset cost balances
Tie total asset cost per register to GL gross fixed asset account. Investigate any differences in accumulated totals.
Reconcile depreciation
Compare accumulated depreciation per register to GL accumulated depreciation account. Verify depreciation expense calculation.
Document additions and disposals
List all assets purchased during period with cost, purchase date, and depreciation method. Document any asset disposals with gains/losses.
Verify net book value
Calculate: Asset cost - Accumulated depreciation = Net book value. Reconcile to GL net asset account and prior period reconciliation.
Why use this template
- Catches errors in asset capitalization decisions
- Ensures depreciation is calculated correctly and consistently
- Identifies assets fully depreciated or no longer in service
- Provides audit trail for asset addition and disposal approvals
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