Whenever I reconcile a fixed asset via the “convert purchases to assets”, it always credits my fixed asset clearing in the month of receipt. I want it to post in the period I put the FA in use. For example, we receive in September, don’t use until November (that’s when I convert purchase to asset), I want it to credit FA Clearing in November since September is closed at that point. Some setting I am missing? The purchasing entries post in the period I indicate it is in use.
Question
Posting Period for Reconciliation
Hi
The asset is typically reconciled against the corresponding acquisition transaction from the period in which the asset was originally purchased. Therefore, the reconciliation entry is generated in the same period as the original purchase transaction.
For example, the fixed asset purchase was originally recorded in 06-2025. The transaction period was later updated to 07-2026 to align with the Placed in Service Date. After processing the transaction through Convert Purchases to Assets, the system generated two separate GL batches.
The transaction posted to 06-2025 is the reconciliation transaction. The reconciliation is performed against the original GL transaction recorded in 06-2025, rather than against the period in which the asset was placed in service (07-2026).
Hope this clarifies your concern.
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