Troubleshooting your Fixed Asset Reconciliation report
If you're having trouble balancing your Fixed Asset Reconciliation report, try these troubleshooting suggestions.
Have you entered your opening balances?
If you transferred to Xero from another accounting system, make sure you enter your opening balances for fixed assets in Xero. This will set up the opening fixed asset balances in your general ledger.
Have you accounted for new assets in your general ledger?
For all new assets added to your asset register, check they are recorded in your general ledger through a spend money transaction, bill or expense claim.
Have you registered draft assets?
If you added a draft asset through a spend money transaction, bill or expense claim, or in your conversion balances, check you’ve registered it in your asset register.
Was the Description field left blank when an asset was added through a spend money transaction or bill?
If your organisation purchases an asset through a spend money transaction or bill, and the Description field is left blank, Xero doesn't create a draft fixed asset.
Manually add the draft fixed asset to your asset register and register it.
Have you posted a manual journal affecting fixed assets or depreciation?
If you posted a manual journal to a fixed asset or accumulated depreciation account, this may cause your report to be out of balance.
Manual journals coded to these accounts don't affect the fixed assets register. Depending on the journal, you may need to:
- Manually add an asset to the asset register, then register it.
- Edit a registered asset, not in a pool
- Make a fixed asset pool adjustment
Depending on the journal, you may need to post a reversal at a later date.