Reconciliation of General Ledger to Fixed Asset System

The Plant Fund Accountant maintains a spreadsheet which reconciles the year-to-date activity for each asset class in the SAP Fixed Asset system to the general ledger balances for fixed assets and related accumulated depreciation. A separate asset class is used for each type of asset, including land, building, land improvements, infrastructure, leasehold improvements, equipment, vehicles, library books, art, intangibles, and construction in progress.

For each asset class, the spreadsheet summarizes the balance at the beginning of the fiscal year, the current year additions, reductions, and transfers, and computes the ending balance. The computed ending balance is reconciled to the cost and accumulated depreciation balances on the general ledger balance for each fixed asset class. The total is also reconciled to the total fixed assets, net of accumulated depreciation, per the fixed asset system, as reported on the Asset History Sheet.

This spreadsheet is updated after each month-end close. It is also used to prepare the Capital Assets footnote in the annual financial report.​

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