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Fixed Asset Reconciliation

Tyler Lester

Does anyone know how to get a snapshot of what the Fixed Asset sub-ledger would have looked like at a specific period? I've been querying to try and find the related information, but don't have any way to compare it accurately.

I can take a trial balance of the accounts associated with our Fixed Asset activity, but sometimes there are account movements that don't generate an entry in the Fixed Asset sub-ledger - so this variance is what I'm trying to find a way to identify, period by period.

Have tried a few reports, Account Distribution Summary, Depreciation Summary, etc, but not returning what I'm looking for.

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Comments

Brian Rojo

@Tyler Lester
Can you be more specific on what you are trying to reconcile? Are you trying to reconcile the GL asset account? Accumulated Depreciation? Depreciation? I think if you explain what you are trying to reconcile we may be able to provide the necessary reports you could use.

Tyler Lester

@Brian Rojo
I'm trying to compare the Fixed Asset “List” - for lack of a better word - against the Trial Balance for our Fixed Asset Accounts. The Fixed Asset list is the first page in Fixed Assets in Blackbaud - includes a list of all assets, accumulated depreciation (the current amount), acquisition value, and a host of other data with the line items, along with any other columns you have displayed.

Trying to see if there is a way to get a snapshot of that Fixed Asset “List” for a moment in time. That way I can see what is recorded in the Fixed Asset register and see how it squares up against the Trial Balance for our GL accounts.

Brian Rojo

@Tyler Lester
Recommendation:

I would use the Book Value Report in fixed assets and specify the book value as the date you are trying to reconcile towards. This will allow you to compare your general ledger as of that date. The depreciation basis = general ledger cost (general ledger asset account) and the accumulated depreciation should be equal to your accumulated depreciation general ledger account.

Tips:

Make sure you filter out disposed assets as those should have been written off your general ledger (though that could be causing your issue).
I would also then add a filter based on specific classes of assets so you are not working with huge amounts of data that matches your general ledger (for example we have buildings, land, rolling stock) and we enter those classifications in our sub ledger and in our general ledger. This may not apply if you are not structured the same way.

Hopefully I understood your question!

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Sharelle Buyer

@Tyler Lester You should be able to set some filters on that list for a specific time period then you should be able to export to Excel and balance to your trial balance.