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Fixed Asset GL account correction

  • 18 January 2024
  • 4 replies
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Need to know how to correct Fixed Assets Accounts on the GL Accounts section that is greyed out.  The accounts should have been 14380 - Vehicles - Automobiles instead of 14385 - Vehicles - Other and Accumulated Depreciation Account should have been 14525 - A/D - Vehicles - Automobiles.  I tried changing the Asset Class on the General tab and it said it would update GL accounts but did not update those above.  Vehicle was placed in service on 11/3/23 and has been depreciated for two months.

 

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Best answer by Eric Ratté 18 January 2024, 19:29

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Eric Ratté
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Hi,

Here are the steps that I recommend.

  1. Create a new fixed assets class by copying the current fixed assets class.
  2. Transfer the fixed assets to that new class. You can do this by using the Transfer Fixed Assets processing screen.
  3. Optionally, you can transfer the fixed assets to the previous class using the same screen.

The fixed assets transfer will create fixed assets transactions to affect the subledger that will then created corresponding GL batches to affect the new accounts on the GL.

 

To trigger these transactions, you need a new fixed assets class because you cannot transfer from class A to class A. The system doesn’t detect any change even if the underlying GL accounts have been changed in the class.

Eric Ratte
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If I use a 1/1/2024 transfer date, will it retroactively correct the depreciation back to November?  I would prefer it not to since we have already corrected the GL side with journal entries.

Eric Ratté
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No, the entries will be made on 01/01/2024.

Eric Ratte
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Thank you, sir.  Much appreciated.

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