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Reconciling Journal Entries

Jennifer Sneider Updated by Jennifer Sneider

All AssetHub users can access this feature.  

While reconciling Transactions from a financial ledger, you may come across multiple Transactions for the same recoverable Asset. These Transactions may have the same name, however they will be coded as a Journal Entry, or "JE." 

Journal Entries are created on a financial ledger when an Asset is moved from one department or sub-department to another. The accountant will code the Asset moving out of one department as a negative amount and moving into a different department as a positive amount.

Reconciling Journal Entries as New Assets 

  1. While logged in to your Series/Feature, click Transactions on the top navigation bar.
  2. Click the Choose Columns button and make sure Source Code is selected.
  3. Click the Caret (^) to the right of the Source Code column header to sort the column so that Journal Entries "JE" are at the top.
  4. Use either the column filter or click the Asset Name header to locate all similar transactions.
  5. Use the checkboxes on the left to select each Journal Entry and the corresponding original purchase. Original Purchase may have the Source Code "AP" or "PC."
  6. Click Bulk Reconcile > Create Asset.
  7. In the pop-up window, include information about your Asset and click Create Asset. Disposition is a required field and is marked with an asterisk (*). 
  8. A green notification will appear at the bottom of the screen to confirm that the Asset has been successfully created. 

Reconciling Journal Entries to Existing Assets 

  1. Follow steps 1-4 above. 
  2. Use the checkboxes on the left to select each Journal Entry that you want to reconcile. 
  3. Click Bulk Reconcile > Match - Existing Asset(s). This will allow you to match the selected Transactions to existing Assets.
  4. On the next page, use the column filters to find the existing Asset(s) you would like to match to your Journal Entries.
  5. When you find the Asset(s), select them using the checkboxes on the left. 
  6. Choose how you want to assign the Cost (USD) value:
    1. By default, the Cost (USD) value automatically updates to the sum of all Transactions linked to the Asset.
    2. Check the box next to Keep Total shown in Cost (USD) to override the default and use the value displayed in that field.
      To manually update the Cost (USD) value, hold down shift on your keyboard and click the Cost (USD) field for the Inventory item you are matching to your Transaction(s). Press Return to save the value. This will allow you to update the cost displayed to reflect the total cost of the Transaction(s). 
  7. When you are satisfied with the match, click Match.
  8. A notification will appear at the bottom of the screen to confirm that the Transactions have been successfully matched to the selected Assets.

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Reconciling Single Transactions as Assets

Handling Returns

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