What are the key responsibilities of an R2R professional in Fixed Asset Accounting?
Record-to-Report (R2R) · Article FAQ
Detailed Explanation
Your responsibilities may include: 1. Reviewing capital expenditure and capitalization entries. 2. Monitoring CWIP balances. 3. Creating or reviewing asset master records. 4. Processing or reviewing depreciation. 5. Recording asset transfers. 6. Processing approved asset disposals. 7. Reconciling the fixed asset subledger with the GL. 8. Investigating reconciliation differences. 9. Preparing supporting schedules. 10. Supporting internal and external audits. 11. Completing month-end and year-end close activities. The exact responsibilities depend on the organization's operating model and the division of work between R2R, Accounts Payable, Procurement, and the fixed asset team.
More from this article
- What is Fixed Asset Accounting in R2R?
- What is Capitalization in Fixed Asset Accounting?
- When does Depreciation start?
- What happens when a Fixed Asset is disposed of?
- Why is Fixed Asset Reconciliation important in R2R?
- What is the difference between CWIP and Fixed Assets?
- What is the difference between Depreciation and Impairment?
- What are the Important KPIs in Fixed Asset Accounting?
Disclaimer: This material is for educational purposes only. Every financial situation is unique. Consult with a certified professional before making significant decisions.