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Fixed Asset

S
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Hello All,

Trust you are fine.

I was about running disposal of fixed asset and it complains of UNRECONCILED ASSET CAN NOT BE DISPOSED. However, The depreciation has been calculated up to the month of disposal Please, any help on how to reconcile under the reconciliation tab and what is meant by that.

 

Thanks in anticipation of swift response from the community.

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Best answer by YasasWithanage76 6 December 2022, 16:50

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Laura02
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Badge +18

FA Reconciliation

Reconciles the Fixed Assets with their related transactions in the General Ledger. Reconciliation can be completed at the same time as asset creation, or later.

When creating Asset A above in Convert Purchases to Assets screen, if we do not select the “Reconcile” checkbox then the new asset, when viewed in Fixed Assets screen, has all the open transactions from FA Clearing account listed on the screen.  Acumatica wants us to match (reconcile) the new Fixed Asset with its purchase transactions listed on the Reconciliation tab. 

When we select the checkboxes on the Reconciliation tab and then PROCESS the matching transactions as shown in the attached screen shot, the system marks the new Fixed Asset as Reconciled and adds a reconciliation transaction to the Transaction History tab of Fixed Assets screen.

Notice, no new GL transaction was made while reconciling; the debit and credit account are the same on the Reconciliation transaction. The Reconciliation process keeps the GL in balance with the FA subsidiary ledger.

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Laura ~ Klear Systems, Inc. Irvine, CA. ~ Please remember to "Mark Best Answer" to help those who are facing the same problem.~
S
Rank

@laura01, Thanks so much for the feedback. I will simulate this and feed the back. 

 

S
Rank

@laura01, I have reviewed and simulate the feedback, 

  1. the asset was not brought in through conversion of Purchase to Assets, it was created through adding of new assets under Fixed Asset » Profiles Workspace » Fixed Asset.
  2. The content of the summary Tab (Asset Summary and Tracking Info)were filled as the image below
  3. Then it was removed from hold as it became active
    Process of Asset Creation: Fixed Asset » Profiles Workspace » New Fixed Asset.

    Then, all other fields were update.

  4. Yet the Reconciliation Tab has no transaction to reconcile.

Chris Hackett
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Userlevel 7
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Hi @saheed ridwan domain plusltd c - were you ever able to find a solution for this issue? Thank you!

Chris ~ Let us know how we're doing: https://forms.office.com/r/xmJUdZ1QE5 - A member helped you, please *Like* their post. A member provided an answer to your question, please mark it as *Best Answer*.
S
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@laura01 I also have the same issue and have entered assets under  Fixed Asset » Profiles Workspace » Fixed Asset. Is there a known solution to this as I would like to dispose of a few assets. Thanks

gmercede
Rank
Userlevel 4
Badge +2

Having the same issue.  Acquired a Fixed Asset by creating the profile and brought the depreciation up to current.  Getting the same error. 

There is no transaction under Reconciliation related to this fixed asset.  Everything is released.

Y
Rank
Userlevel 5
Badge +2

Hello @saheed ridwan domain plusltd c 

If there is no intention to reconcile the Fixed Assets with their related transactions in the GL, as a workaround user can uncheck the “Require Full Reconciliation Before Disposal” check box in the Fixed Assets Preferences screen.

Before

 

After

 

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