Finance | Project Operations, Human Resources, ...

Need to reverse some Fixed Asset Transactions in a prior year

(0) Share

Report

Posted on by simonsmith101

We have run a year end close process.
We would like to reverse some FA transactions recorded in a prior year but are unable to.
Can we "cancel" the year end close. Open up the previous year period and reverse the transactions. Has anyone any suggestions.

Thanks Guys

I have the same question (0)

All responses (6)

Answers (0)

Suggested answer

Rahul Mohta 21,032 on at

Like (0)

Report

if you have not closed the year and not permanently closed the periods

What needs prior year transactions to be updated on earlier date? Any year end reporting would be impacted because of this prior date posting

Was this reply helpful? Yes No
simonsmith101 2 on at

Like (0)

Report

Thanks Rahul.

We have run a year end close but this is not final. How would I "cancel" the close - correct the transactions and then rerun the year end close?

Was this reply helpful? Yes No
Suggested answer

SouravDam 11,730 on at

Like (0)

Report

Hi Simon Smith,

I hope that your financial records have not been audited yet just because the year close is not the final one.

Also, I hope that all periods in that year are still "Open".

If this is the case; then you can easily reverse the posted entries entries by the following.

--- Either go to every individual fixed asset; click on Transactions and click on "Reverse transactions". This is of course a tedious task!

--- Or; create a new fixed asset journal. Upload / manually select the fixed assets in the journal. Set the date on which you want to record the reversal. Post the entry by flipping the amount.

Means; for example; depreciation entries were recorded in "Credit" column. In reversal entry; just select the asset account and put the amount in "Debit" column to reverse the depreciation entries.

Once you done all reversals; just make sure to generate the TB so that to make sure that the balance is matching as per your expectation.

Then you can re-run the year close.

Before re-running the close; make sure that you have set the Delete close-of-year transactions during transfer check box enabled.

System will automatically delete the previously posted closing entries and record the new closing entries after re-run.

Appreciate if you do the following for safe cause.

--- Deploy PROD db in UAT.

--- Execute the above steps to see 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.

Was this reply helpful? Yes No
Suggested answer

Rahul Mohta 21,032 on at

Like (0)

Report

if your year close is NOT final, then can open the period in which reversal needs to happen, perform reversal as Sourav suggested and then again run year end

Was this reply helpful? Yes No
Suggested answer

SouravDam 11,730 on at

Like (0)

Report

Hello Simon Smith,

Kindly go through the suggestions and provide your feedback.

Best regards,
Sourav Dam

Kindly mark this thread 'Yes' if this is answered your query which may help other community members in this forum.

Was this reply helpful? Yes No
CapsLock 1,419 on at

Like (1)

Report
Hi,

A note to take into account if massive reversal is used:

By reversing transactions with the reversal button, the fixed asset masterdata updates. For example, if I am reversing a depreciation transaction, the depreciation periods remaining update automatically and the reversed periods will come up again when depreciation proposals are generated.

By reversing transactions flipping the amounts in a journal you get a correct trial balance but FA master data does not update. This is, if you are reversing depreciation, you will need to post the new amounts manually, the depreciation proposal will not pick them up. You can try:

Update the fields with data entities

Also take into account if you are going to with this option that you can use the function "Retrieve fixed assets transactions, filter by FA number, dates, transaction type or whatever is useful for you and set to yes the toggle for "invert sign". A journal will be automatically created by the system with the opposite postings. This is definitely quicker than creating a journal manually either in D365 or excel.

Was this reply helpful? Yes No