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Print Fixed Assets/General Ledger Reconciliation Report

Use this screen to print comparisons and variances by Account/Organization between data in Costpoint Fixed Assets and the General Ledger at any point in time (current or historical).

Costpoint Fixed Assets acts as a subsidiary ledger to the General Ledger. The individual balances for cost and accumulated depreciation values for each Asset Master record are stored in Costpoint Fixed Assets, but the totals of the detail records should reconcile to the summary balances in the General Ledger.

Because it is considered a responsible accounting practice to reconcile Costpoint Fixed Assets to the General Ledger on a monthly basis, you can use this report to automatically collect the necessary data and to identify discrepancies. In order to encourage this task on a routine basis, this report provides a starting point for the reconciliation task.

You can print data for the Fixed Assets Cost accounts and/or the Fixed Assets Accumulated Depreciation accounts.

  • The Fixed Assets Cost account is the account assigned in Costpoint Fixed Assets as the Asset account to denote "ownership."
  • The Fixed Assets Accumulated Depreciation account is the account assigned in Costpoint Fixed Assets by means of an Accum Depr Account Code to point to the GL account to which accumulated depreciation should be posted.
Note: You must assign asset account data and an accumulated depreciation account code for each depreciable Asset Master record.

You will normally find this report most useful when performing the reconciliation for company-owned assets for which balances reside in balance sheet accounts in the General Ledger.

Although the G/L balances for assets assigned to project ownership accounts are normally non-depreciable and do not normally reside in balance sheet accounts, you can make selections for this report that include non-depreciable assets and/or one project, a range of projects, or all projects. For projects and/or non-depreciable assets, you may find that only a portion of this report is applicable.

You can print the reconciliation for asset accounts/organizations/projects, accumulated depreciation accounts/organizations/projects (by accumulated depreciation account code or by account), or both.

You can select any one "point-in-time" for which the data will be collected and printed by selecting the fiscal year and period. The selected point in time can be current or historical.

If you print the reconciliation for the accumulated depreciation accounts and have also selected the Accum Depr Acct/Org/Proj option in the Select A/D Accts By group box, you can print the Accum Depr Acct Codes on the report.

Because you may already have computed depreciation at the time you print this report, you can include or exclude the Current Period Depreciation values in the FA totals for Accum Depreciation. (Current period depreciation values are always added by the system and reflected in the accumulated depreciation values.)

Print this report for any point in time, current or historical.

Note: It is possible to include adjustment periods in GL beginning balances through the Update General Ledger Beginning Balances screen. If the Fixed Assets/General Ledger Reconciliation Report is printed for a year that includes adjustment period amounts in the GL beginning balance, then the said amount will be reflected in the reconciliation report. This may result to a discrepancy between Fixed Assets and General Ledger.