Fixed Asset Reconciliations in SAP is an exercise most business undertake each month, over and above the Subledger relevant activities. Whilst Fixed Asset Reconciliations vary from business to business, what is common amongst all – is ensuring that the Fixed Asset General Ledger Balances agree to the sub ledger Fixed Asset Module.
SAP provides standard transactions to perform this GL to Sub Ledger reconciliation. In addition to this however, most business still insist on a manual check that is performed each month to validate that the GL and Sub Ledger agree. To assist businesses with their Fixed Asset Reconciliations in SAP, BEST has a unique Fixed Asset Reconciliation process within its BEST GL Reconciliation module.
What is unique about BEST Fixed Asset Reconciliations in SAP?
Firstly, the level of reconciliation can be set to your specific reconciliation requirements. You may wish to combine all Fixed Asset accounts together, thereby managing the Net Book Value across all Asset Classes in one reconciliation. Or still combine all Asset Classes but reconcile at a Segment balance level. All of this is possible with the BEST GL Reconciliations Module.
The current period transactions can be categorised, based on a master data setting, according to one of the 4 Standard SAP Asset Transaction type classifications, being:
- Asset Transaction Type
- Transaction type group
- Consolidation transaction type
- Asset History Sheet Grouping
This allows one to see, on the face of the GL reconciliation, an Asset History style categorisation of the month’s transactions.
How can I reconcile my Fixed Asset Reconciliations in SAP to the Asset Sub Ledger?
At the time of approving your Fixed Asset Reconciliations in SAP, for any approval level, you can perform the following actions to validate the GL Balance agrees to the Fixed Asset Module:
- Use a comparable balance check to validate the SAP GL balance to an entered Fixed Asset register Balance.
- Attach the Fixed Asset Register Report directly from you SAP Spool to the BEST Reconciliation.
- Use an appropriate Reconciliation Reason Code, or long text, to explain specific Reconciliation steps completed to validate the balance.
All the above actions can be controlled by the approval strategy if they are to be compulsory. The Approver can now validate all reports and actions performed whilst approving, without having to run additional reports. All attachments and actions performed form part of the audit trail reporting for subsequent control checks and audits.
This outlines how the BEST GL Reconciliation module uniquely handles Fixed Asset Reconciliations in SAP, thus reducing risk and time that is spent completing these Month End Reconciliations.