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Question

Fixed Asset reversal does not remove asset from GL

  • October 14, 2024
  • 1 reply
  • 66 views
B
Varsity I
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Hi Community

I have a real mystery so I hope someone can help.

Asset purchased and allocated via AP to Class Leasehold Improvements.

Asset created in the FA module to a different Class, i.e. Land & Buildings.

Transaction results Purchase+ debit Land & Bldgs, credit Assets in Progress

Reconciliation+  debit Assets in progress, credit Leasehold Improvements

Reversal of asset does the exact opposite (to reverse)

The problem is that although the asset has been reversed, the original entry (from AP) is still in the GL Leasehold Improvements, meaning that the FA subledger no longer balances to the GL.

Can anyone advise me how to get rid of this correctly?

Thanks in advance. 

      1 reply

      T
      Freshman I
      • tracy27
      • Freshman I
      • April 4, 2026

      I have not thoroughly tested this, but open your Payable for the asset and use the ellipses button at the top and then select Reverse.  Should that not provide you the ability to reverse the entire payable and the item as if you returned or or never purchased it originally.  It requires a second entry but I would think you would have to enter something in payables to get the correct reversing entries.

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