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Fixed Assets Entries Cancellation

Posted on by 280

Hi Everyone.

I am getting an error while i am trying to cancel an acquisition cost entry of a fixed asset. Please assist me for this issue. 

pastedimage1596255769717v1.png

Stay safe.

Thanks and Regards,

Denys De Andrado.

  • Denys De Andrado Profile Picture
    Denys De Andrado 280 on at
    RE: Fixed Assets Entries Cancellation

    Hi Dirk.

    Thanks for the help. I did it as you said. It really worked.

    Thank you so much.

    Stay safe.

    Thanks and Regards,

    Denys.

  • Verified answer
    Dirk Profile Picture
    Dirk on at
    RE: Fixed Assets Entries Cancellation

    Hi Denys,

    Ok, then I see. You cannot cancel the Asquisition costs.

    First you would need to cancel the Appreciation and the two Depreciations.

    Please try that and let us know the outcome.

    Thanks

     Dirk

  • Denys De Andrado Profile Picture
    Denys De Andrado 280 on at
    RE: Fixed Assets Entries Cancellation

    Hi Dirk.

    Below is a screenshot showing the other entries for the Fixed Asset.

    pastedimage1596518704279v1.png

    Yes i used the "Cancel Entries" function in the Fixed Asset Ledger Entry Page.

    Regards,

    Denys. 

  • Dirk Profile Picture
    Dirk on at
    RE: Fixed Assets Entries Cancellation

    Hi Denys

    Do you have other entries for this Fixed Asset?
    If you don't mind ... please create a screenshot with the FA Ledger Entries for the FA in question.

    Did you use the "Cancel Entry" function from the Fixed Asset Ledger Entry page?

     

    And then ... I think your screenshot illustrates a design limitation!
    This is CRONUS setup, right?
    Did you register the original acquisition with a net amount of 100.000 or with an amount incl. VAT of 100.000?
    Did you really use G/L Account 1220 as the "Balance Account" for the original transaction? or did you use a vendor or a bank or cash account?
    Didn't 1220 get used because it is the Acquisition G/L Account in the FA Posting Groups associated with this FA?
    If you would register this journal as it is currently you would get 100.000 credit on 1220 (from the first line) and 80.000 (100.000 - 25% VAT) (from the second line).

    Assuming that you registered the original acquisition with a net amount of 100.000 plus 25.000 VAT ... 
    If you also want to reverse/cancel the VAT then you would need to change the amount on line 1 (to 125.000 -> 100.000 base and 25.000 VAT)
    And you would need to change the amount also on the second line.

    If you do not want / need to reverse/cancel the VAT then you can leave line 1 as it is.
    And you would need to delete the gen. posting type and gen. posting groups on the second line.

    You should see that effect on the amounts and the posting groups also if you add the first line manually (just for a test ... manual adding would not really "cancel" the original acquisition) 

  • ManishS Profile Picture
    ManishS 6,578 on at
    RE: Fixed Assets Entries Cancellation

    Check this if helps.

    manishsharmadynamicsnav.wordpress.com/.../canceling-disposed-fixed-assets-entries

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