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Reverse Fixed asset purchase

  • 11 March 2022
  • 7 replies
  • 497 views

Hi All,

 

I have select wrong fixed asset in convert purchase to asset. How can I reverse it?
 

I try to create FA Transaction with transaction type purchase + with negative amount, and it FA Accrual is on debit and asset is on credit (batch nbr FA000155), the asset balance is deducted but it showing error on fixed asset reconciliation tab “The current cost of the 00000026 fixed asset and its unreconciled amount must have the same sign.” and in the convert purchase to asset is not showing the journal of batch nbr FA000155).

fa adjustment purchase + with negative amount
error info reconciliation
gl journal from fa adjustment

 

convert purchase to asset not showing the FA000155 journal


 

Regards,
Sergius Ketaren

 

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Best answer by vkumar 26 April 2022, 03:37

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7 replies

Userlevel 3
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Hi Sergius,  Did you try using the Reverse option on the Fixed Asset?  This will reverse the asset and associated transactions, and return it to the list of purchases to convert to assets.  

 

Hi Kristen,

If I reverse the transaction, this Asset will be reversed (include existing depreciation). My requirement only reverse the wrong purchasing + transaction (1 transaction only).

hi @vkumar 
Could you help me on this?

Userlevel 7
Badge +11

Hi @sketaren 

Reversing the asset and creating new asset with correct information is correct process.

The purchasing + transaction is created based on the GL account setting. Once transactions are generated, the GL account cannot be changed.

Were any changes made to the GL account on the Fixed asset profile

Can you let us know the original Purchase + transaction (Dr and Cr accounts ) and the GL accounts you intend to see after correction. 

 

Regards,

 

Hi @vkumar 

The requirement is to reverse the second purchase + transaction only.

 

Userlevel 7
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Hi @sketaren were you able to resolve this issue? Thank you!

Userlevel 7
Badge +11

Hi @sketaren 

For your last question, you may create FA Transaction of type Purchasing+ with negative value.  Ensure the remaining information is same as original Purchasing + transaction. This should work as manual reversal transaction. 

Hope this helps,

Regards,

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