Accounting Fixed Asset Reconciliation Checklist
Accounting Fixed Asset Reconciliation Checklist
Carefully review each item as you go through the process: the pre-reconciliation, reconciliation and post-reconciliation. Check each item as you complete it.
Pre-Reconciliation Preparation
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Gather all necessary documentation.
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Review and understand the company's fixed assets policy.
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Ensure that the accounting period is correctly set in the accounting system.
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Identify the key accounts and ledger entries to be reconciled.
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Clarify any uncertainties or ambiguities in the fixed asset records with the necessary departments.
Reconciliation Process
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Calculate the depreciation of fixed assets for the accounting period.
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Match the ledger entries with the tangible fixed assets.
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Confirm the accuracy of addition and disposal of fixed assets.
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Check the consistency of accounting treatment for similar types of fixed assets.
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Investigate any discrepancies and correct them where necessary.
Post-Reconciliation Review
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Prepare a reconciliation summary report.
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Review and sign off the reconciliation by the responsible parties.
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Save all supporting documents for auditing purposes.
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Communicate the outcomes of the reconciliation to all concerned parties.
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Update the fixed asset register and the general ledger accordingly.
Prepared By: [Your Name]
