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Fixed asset clearing account reconciliation
The need is to find all the historical transactions on the asset clearing accounts (every account in the ledger which has either the text string ‘system clearing’ or the text string ‘system cost’ in the account description) which net off against each other (which debits (coded to the asset clearing accounts, normally through accounts payable) match off against which credits (usually loaded to a live asset account through a ‘mass additions’ form)).
We are struggling to do this at the moment. One possible line of enquiry is through the a (custom built) report asset clearing burst report. This report shows the outstanding items on asset clearing which have been coded to asset clearing through accounts payable. That is, all entries to asset clearing (through accounts payable), less all credits coded to asset clearing through the mass additions form.
The purpose of the reconciliation is to validate all asset clearing account transaction reconciled to the trial balance . We are looking at multiple routes to handle this request, before we explore other options I would like seek advise/ guidance if this can be achieved through standard functionality.