Fixed Assets Close Process

All transactions are entered

All assets have been assigned a Prepare & Post mass addition
distribution line (Check Assets not
Complete manual addition,
assigned to any books & Cost Centre
reports)
Create Transactions Adjustment, Transfer, Retirements &
No transactions are being entered in Reinstatements
asset while depreciation is running

Process Addition &

Disposal

Depreciation process for each asset

book
Run depreciation without closing period
Review journal entry reserve report for
Run accounting after processing all postable
cost, calculated deprecation expense &
record (Create accounting- Automatic schedule)
accumulated depreciation Run Depreciation Create accounting will be sending the depreciation
Make required activities
Re-run depreciation without closing the lines
period and review the reserve ledger
report
Run Depreciation with closing period

Books Close
(Corporate & Tax Book)

Close Period

Journal import execution report

Final reconciliation of Posting execution report
Fixed Assets Sub-ledger Unposted journal report
General Journal report
to GL (Refer to the detailed process FA-01, FA-02,FA-03, FA-04, FA-05)

END
 Reconcile FA to GL

GL Report Asset Reports

Trial Balance Report Cost Summary Report CIP Summary Report Reserve Summary Report

Cost Detail Report CIP Detail Report Reserve Detail Report

Trial Balance Detailed
Report

Asset addition report cost

Cost adjustment report net changes
General Ledger Report
Asset retirement report cost retired
(132 Character) Asset reclassification reconciliation report cost
Asset transfer reconciliation report cost

Asset addition report cost

Cost adjustment report net changes
Asset retirement report cost retired
CIP Capitalization Report cost
Asset reclassification Reconciliation Report cost
Asset Transfer Reconciliation Report assigned cost
CIP Assets Report Cost

Asset Additions Report accumulated depreciation

Reserve Adjustments Report reserve adjustment
Asset Retirements Report cost Retired NBV Retired
Asset Reclassification Reconciliation Report Accumulated Depreciation
Account Reconciliation Reserve Ledger Report depreciation amount
Asset Transfer report accumulated depreciation
 Reconcile Asset Cost Account

Ending Balance of Assets Cost Ending Balance of Assets Cost

GL Accounts total

in in

Trial Balance Report Show Equal Cost Summary Reprot

Additionss Adjustments Retirements Reclasses Transfers

= Cost In = Net Change In = Cost Retired In = Cost In = Cost In

Asset Transfer
Asset Additions Cost Adjustments Asset Retirements Asset Reclassifications
Reconciliation
Report Report Report Reconciliation Report
Report
 Reconcile Asset CIP Cost Account

Ending Balance of CIP Cost

Ending Balance of CIP Cost total
GL Accounts

in in

Trial Balance Report Show Equal CIP Summary Report

Additionss Adjustments Retirements Capitalized Reclasses Transfers

= Cost In = Net Change In = Cost Retired In Cost In = Cost In = Cost In

Asset Asset
Asset Transfer
Asset Additions Cost Adjustments Asset Retirements Reclassifications Reclassifications
Reconciliation
Report Report Report Reconciliation Reconciliation
Report
Report Report
 Reconcile Reserve Account

Ending Balance of Reserve

Ending Balance of Reserve total
GL Accounts

in in

Trial Balance Report Show Equal Reserve Summary Report

Additionss Adjustments Retirements Reclasses Depreciation Transfers

=Accumulate = Reserve =Cost Retired = Accumulated

=Depreciation In = Cost In
Depreciation In Adjustment In - NBV Retired In Depreciation In

Asset
Reserve Account
Asset Additions Asset Retirements Reclassifications Asset Transfer
Adjustments Reconciliation
Report Report Reconciliation Report
Report Reserve Ledger
Report
 Reconcile Depreciation Expense

Ending Balance of Ending Balance of

Depreciation Year to Date
Expense GL Depreciation

in in

Journal Entry
Trial Balance Report Show Equal Reserve Ledger
Report
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END
Fixed Assets Close Process

Complete transactions

Process Addition &

Disposal

Run Depreciation

Books Close
(Corporate & Tax Book)

Close Period

Final reconciliation of
Fixed Assets Sub-ledger
to GL

END