diff --git a/api/v2alpha1/helmrelease_types.go b/api/v2alpha1/helmrelease_types.go
index a3d88e1d0..c21a5325a 100644
--- a/api/v2alpha1/helmrelease_types.go
+++ b/api/v2alpha1/helmrelease_types.go
@@ -593,9 +593,10 @@ type HelmReleaseStatus struct {
 	// +optional
 	ObservedGeneration int64 `json:"observedGeneration,omitempty"`
 
-	// LastObservedTime is the last time at which the HelmRelease was observed.
+	// LastHandledReconcileAt is the last manual reconciliation request (by
+	// annotating the HelmRelease) handled by the reconciler.
 	// +optional
-	LastObservedTime metav1.Time `json:"lastObservedTime,omitempty"`
+	LastHandledReconcileAt string `json:"lastHandledReconcileAt,omitempty"`
 
 	// Conditions holds the conditions for the HelmRelease.
 	// +optional
diff --git a/api/v2alpha1/zz_generated.deepcopy.go b/api/v2alpha1/zz_generated.deepcopy.go
index 2327dae64..8110fed51 100644
--- a/api/v2alpha1/zz_generated.deepcopy.go
+++ b/api/v2alpha1/zz_generated.deepcopy.go
@@ -224,7 +224,6 @@ func (in *HelmReleaseSpec) DeepCopy() *HelmReleaseSpec {
 // DeepCopyInto is an autogenerated deepcopy function, copying the receiver, writing into out. in must be non-nil.
 func (in *HelmReleaseStatus) DeepCopyInto(out *HelmReleaseStatus) {
 	*out = *in
-	in.LastObservedTime.DeepCopyInto(&out.LastObservedTime)
 	if in.Conditions != nil {
 		in, out := &in.Conditions, &out.Conditions
 		*out = make([]Condition, len(*in))
diff --git a/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml b/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
index b1fcdc17b..923123498 100644
--- a/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
+++ b/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
@@ -453,10 +453,9 @@ spec:
                 description: LastAttemptedValuesChecksum is the SHA1 checksum of the
                   values of the last reconciliation attempt.
                 type: string
-              lastObservedTime:
-                description: LastObservedTime is the last time at which the HelmRelease
-                  was observed.
-                format: date-time
+              lastHandledReconcileAt:
+                description: LastHandledReconcileAt is the last manual reconciliation
+                  request (by annotating the HelmRelease) handled by the reconciler.
                 type: string
               lastReleaseRevision:
                 description: LastReleaseRevision is the revision of the last successful
diff --git a/controllers/helmrelease_controller.go b/controllers/helmrelease_controller.go
index 92567f9c8..5736bdcb9 100644
--- a/controllers/helmrelease_controller.go
+++ b/controllers/helmrelease_controller.go
@@ -126,7 +126,7 @@ func (r *HelmReleaseReconciler) Reconcile(req ctrl.Request) (ctrl.Result, error)
 	hr, result, err := r.reconcile(ctx, log, hr)
 
 	// Update status after reconciliation.
-	if updateStatusErr := r.updateStatus(ctx, &hr); updateStatusErr != nil {
+	if updateStatusErr := r.Status().Update(ctx, &hr); updateStatusErr != nil {
 		log.Error(updateStatusErr, "unable to update status after reconciliation")
 		return ctrl.Result{Requeue: true}, updateStatusErr
 	}
@@ -142,11 +142,16 @@ func (r *HelmReleaseReconciler) Reconcile(req ctrl.Request) (ctrl.Result, error)
 }
 
 func (r *HelmReleaseReconciler) reconcile(ctx context.Context, log logr.Logger, hr v2.HelmRelease) (v2.HelmRelease, ctrl.Result, error) {
+	// Record the value of the reconciliation request, if any
+	if v, ok := hr.GetAnnotations()[consts.ReconcileAtAnnotation]; ok {
+		hr.Status.LastHandledReconcileAt = v
+	}
+
 	// Observe HelmRelease generation.
 	if hr.Status.ObservedGeneration != hr.Generation {
 		hr.Status.ObservedGeneration = hr.Generation
 		hr = v2.HelmReleaseProgressing(hr)
-		if updateStatusErr := r.updateStatus(ctx, &hr); updateStatusErr != nil {
+		if updateStatusErr := r.Status().Update(ctx, &hr); updateStatusErr != nil {
 			log.Error(updateStatusErr, "unable to update status after generation update")
 			return hr, ctrl.Result{Requeue: true}, updateStatusErr
 		}
@@ -294,7 +299,7 @@ func (r *HelmReleaseReconciler) reconcileRelease(ctx context.Context, log logr.L
 	hr, hasNewState := v2.HelmReleaseAttempted(hr, revision, releaseRevision, valuesChecksum)
 	if hasNewState {
 		hr = v2.HelmReleaseProgressing(hr)
-		if updateStatusErr := r.updateStatus(ctx, &hr); updateStatusErr != nil {
+		if updateStatusErr := r.Status().Update(ctx, &hr); updateStatusErr != nil {
 			log.Error(updateStatusErr, "unable to update status after state update")
 			return hr, updateStatusErr
 		}
@@ -410,11 +415,6 @@ func (r *HelmReleaseReconciler) reconcileRelease(ctx context.Context, log logr.L
 	return v2.HelmReleaseReady(hr), nil
 }
 
-func (r *HelmReleaseReconciler) updateStatus(ctx context.Context, hr *v2.HelmRelease) error {
-	hr.Status.LastObservedTime = v1.Now()
-	return r.Status().Update(ctx, hr)
-}
-
 func (r *HelmReleaseReconciler) checkDependencies(hr v2.HelmRelease) error {
 	for _, d := range hr.Spec.DependsOn {
 		if d.Namespace == "" {
diff --git a/docs/api/helmrelease.md b/docs/api/helmrelease.md
index bbe6b79f7..4406851fa 100644
--- a/docs/api/helmrelease.md
+++ b/docs/api/helmrelease.md
@@ -901,16 +901,15 @@ int64
 </tr>
 <tr>
 <td>
-<code>lastObservedTime</code><br>
+<code>lastHandledReconcileAt</code><br>
 <em>
-<a href="https://kubernetes.io/docs/reference/generated/kubernetes-api/v1.18/#time-v1-meta">
-Kubernetes meta/v1.Time
-</a>
+string
 </em>
 </td>
 <td>
 <em>(Optional)</em>
-<p>LastObservedTime is the last time at which the HelmRelease was observed.</p>
+<p>LastHandledReconcileAt is the last manual reconciliation request (by
+annotating the HelmRelease) handled by the reconciler.</p>
 </td>
 </tr>
 <tr>