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

• Gather all necessary documentation.

• Review and understand the company's fixed assets policy.

• Ensure that the accounting period is correctly set in the accounting system.

• Identify the key accounts and ledger entries to be reconciled.

• Clarify any uncertainties or ambiguities in the fixed asset records with the necessary departments.

Reconciliation Process

• Calculate the depreciation of fixed assets for the accounting period.

• Match the ledger entries with the tangible fixed assets.

• Confirm the accuracy of addition and disposal of fixed assets.

• Check the consistency of accounting treatment for similar types of fixed assets.

• Investigate any discrepancies and correct them where necessary.

Post-Reconciliation Review

• Prepare a reconciliation summary report.

• Review and sign off the reconciliation by the responsible parties.

• Save all supporting documents for auditing purposes.

• Communicate the outcomes of the reconciliation to all concerned parties.

• Update the fixed asset register and the general ledger accordingly.

Prepared By: [Your Name]

Accounting Templates @ Template.net