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.
Hi,
Here are the steps that I recommend.
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.
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.
No, the entries will be made on 01/01/2024.
Thank you, sir. Much appreciated.
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