The Asset Management end-of-period procedure ensures your asset records are accurate and reconciled to the General Ledger before you close the period. Work through each section in order and use the checklist at the end to confirm completion.
⚠️Important: Attaché recommends printing the checklist at the end of this article and retaining a signed copy on file as evidence the procedure was completed for the period.
Check the current period
Before you begin, confirm that Asset Management is in the correct period.
Go to Setups, Asset Management, Options, General and check the Current period.
If the period is not correct, End of Period processing may not have been completed for the period listed, and any subsequent periods before the current period.
📌Note: For End of Year, ensure the Current period is also your last period for the year.
Check period end dates
For the first and last periods of the year, check your period setups to ensure dates are correct.
In the first period
Go to Setups, Asset Management, Options, Periods and check the End Date for all Asset Management periods.
Pay particular attention to the end date for February:
For a leap year, ensure the End Date is set to the 29th.
For the year after a leap year, ensure the End Date is set back to the 28th.
In the last period
Double-check that the End Date for the last period of the year is still correct.
Enter transactions and back up
Ensure all asset movements and changes in value (other than depreciation) have been recorded before proceeding.
Enter all new assets by creating a Masterfile, then either:
Activate the asset using Auto-activate (F6), or
Enter a separate Activate transaction via Transactions, Assets, Create, Activate.
Enter any disposals via Transactions, Assets, Create, Disposal.
Enter any adjustments such as Revaluation or Transfer via Transactions, Assets, Create.
Ensure the asset Additions and Disposals Clearing Accounts have been cleared (i.e. have a zero balance):
If you are unsure which GL accounts are your Clearing Accounts, go to Setups, General Ledger, Options in Asset Management.
Clearing accounts can be cleared by journal entry (if the transaction was incorrectly posted) or by entering additions or disposals as required.
Do not proceed until the balance of both clearing accounts is zero.
Back up your current company. Close Asset Management and in Attaché choose File, Archive Current Company.
Run depreciation
To run depreciation, go to Transactions, Assets, Depreciation Run.
📌Note: The Depreciation Date is the date entered on your depreciation transaction entries — it does not control the Depreciation To Date. Depreciation is calculated to the End Date of the current Asset Management period. Refer to the Check period end dates section above for how to verify this.
Post transactions to the General Ledger
To transfer and post your Asset Management transactions to the General Ledger, follow these steps.
In Asset Management, go to Transactions, General Ledger, Transfer to transfer transactions to Attaché.
Review the GL Postings by going to a module you have access to — for example, Suppliers, Reports, Transactions, General Ledger Postings. You can also access this report via Customers, Products, or Payroll:
Set Report Type to Unconsolidated Transactions.
Set the Module to Asset Management.
On the Output tab, select Screen, then output to Excel or PDF and save in a safe location.
Go to Transactions, General Ledger, Other Modules, Post from Other Modules and select Asset Management to post the transferred figures to the General Ledger.
Reconcile Asset Management to the General Ledger
Create the standard Asset Management reports and save them as PDFs before reconciling.
Run and save the following reports:
Audit Trail — Reports, Audit Trail.
Asset Summary — Reports, Details, Asset Summary:
Change the Regime to the one you post to the General Ledger.
Change the Sort by Asset field to match how asset control accounts in your Chart of Accounts report assets. To total by asset type, one of the Group codes should match your asset type — most likely Group or Category depending on your setup.
Depreciation Schedule — Reports, Depreciation Schedule.
Annual Asset Summary — Reports, Annual Asset Summary.
Any additional reports you require.
Ensure the Asset Summary report reconciles to the General Ledger control accounts.
Use the example reconciliation worksheet below as a guide:
Asset group | Asset Summary closing value | Balance Sheet actuals |
Furniture and fittings | 32,570.60 | 32,570.60 |
Accum. Dep.: Furniture and Fittings | -5,649.00 | -5,649.00 |
Motor vehicles | 29,422.45 | 29,422.45 |
Accum. Dep.: Motor Vehicles | -4,586.00 | -4,586.00 |
Plant & Equipment | 73,114.69 | 73,114.69 |
Accum. Dep.: Plant & Equip | -34,198.00 | -34,198.00 |
Other | 7,666.23 | 7,666.23 |
Accum. Dep.: Other | -1,294.00 | -1,294.00 |
Total | 97,046.97 | 97,046.97 |
Variance | 0 |
|
⚠️Important: If Asset Management does not reconcile to your General Ledger control accounts, identify the variance by reviewing transactions posted to the GL. Make appropriate adjustments and rerun the reports before proceeding.
Final archive
Take an end-of-period archive of your completed reporting period before running End of Period.
Close Asset Management and in Attaché select File, Archive Current Company.
Mark this archive as an End-of-Period or End-of-Year archive and keep it separately and securely for several years.
🤓Tip: Aim to get most of your Attaché modules to this point before running End-of-Period or End-of-Year. This makes your End-of-Period and End-of-Year history company as complete as possible.
Run end of period
Before running End of Period, ensure all other users have exited Asset Management.
For End of Year only — go to Setups, Asset Management, Options, General and check whether Auto delete historic assets at end of year has been activated, according to your reporting requirements. This setting must be activated to delete historic assets; assets cannot be deleted at other times.
Go to Transactions, Asset Management, End of Period.
📌Note: End of Year in Asset Management is no different to a typical End of Period at this step, other than the deletion setting above. Asset Management automatically carries out End of Year processing when the Current Period is the last period for the year.
Asset Management end-of-period checklist
Use this checklist to confirm all steps have been completed. Print and retain a signed copy on file.
Transactions entered and company backed up
All transactions entered for the month (new assets, disposals, and adjustments).
Additions Clearing account has a zero balance.
Disposals Clearing account has a zero balance.
Current company has been archived prior to running depreciation.
Depreciation run
Depreciation has been run.
Transactions posted
Asset Management transactions transferred to Attaché.
Transferred figures posted to the General Ledger.
Reports created and reconciled to the General Ledger
Audit Trail.
Asset Summary.
Depreciation Schedule.
Annual Asset Summary.
Asset Management has been reconciled to the General Ledger.
End of period run
End of period run completed.