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I have scenario where user has created FA through purchase order. Now, user wants to cancel that FA and move cost to P&L. Can I pass following Fixed Asset Adjustment journal to make NBV zero on FA and other side create cost on P&L. Do i need to take care of PO cancellation ? Please advise
Hello P B,
PO cancellation will not cancel the newly created FA in that PO.
The screen shot what you shared, is showing ledger to ledger transaction. Which means; balance will be adjusted at main account level. But there will be no impact at FA subledger level.
Why you want to cancel that FA created through PO? Is that created by mistake? Because even though a new FA is created; it actually followed the entire purchasing process flow from creation of a new PO to invoicing of that PO! I believe, it passed through workflow approval stages too!
You can simply do this adjustment in Fixed assets journal by selecting the subledger FA account and select the desired offset account on the other side of the journal. Once the journal is posted; automatically main account linked with this FA group, will be adjusted.
Please test this in UAT environment to make sure about the impact.
Best regards,Sourav Dam
Kindly mark this thread 'Yes' if this is answered your query which may help other community members in this forum.
The fastest and simplest way to move the costs to P&L is to scrap the fixed asset.
You can do that in a fixed asset journal by selecting the scrap transaction type.
Scrapping the fixed asset will move the NBV to your P&L and ensure that the fixed asset is closed with a NBV of $0.00
Thank you Sourav & Ludwig for your responses.
Sourav - sorry that was wrong screenshot i have attached, please see following actually i plan to pass an FA adjustment journal with original FA00001 to credit and P&L debit to clear down the NVB to ZERO.
Ludwig - By scrapping the FA will move NBV to P&L but that will be different account and not the one I want, as system will take scrap account from posting profile. I will then have to pass another journal to move from scrap to P&L. Also this was created in error and want to cancel rather than showing as scrap. Please correct me if my understanding is wrong.
Hi P B,
If you have recorded an acquisition posting only and no other fixed asset depreciation/adjustment/... postings then using the posting type fixed asset adjustment is of course the better option.
On the other hand, if also other transactions, such as depreciations have already been recorded, then scrapping seems to be the better option to me.
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