Dynamics Community Forum Thread Details

Fixed Assets entry duplication in GP

Hi, I entered assets in GP and ran depreciation (for Dec '15) but later found out that these assets were already entered by someone last month (Nov '15) using different class IDs and asset numbers. So the fixed asset clearing account is not cleared now due to a balance after the depreciation was run and posted. Please note that the assets I entered were saved using the right numbering convention. Now I have to take off the assets entered in the previous month and re-run the depreciation. Can someone help with the correct course of action? Kindly advise?

You might want to take a copy of your live database over to the test company and play with the options before you do this in live.

First off - post any unposted Fixed Asset transactions so you have everything in the GL.

Second - retire the Fixed Assets that have been entered incorrectly. This is where you might need to play. If you don't "proceeds" in the retirement, you will probably get a large loss go to the gains/losses account. So I think the best course would be to put the purchase price in non-cash proceeds. Depending on your averaging convention, the depreciation may or may not back out automatically.

Third - do the GL posting and correct all GL accounts. You will probably have a journal to do between non-cash proceeds and the clearing account (if they are different) and you may need to back out the depreciation.

I am not sure why you need to rerun depreciation - if you ran it already, it should stay run.

Hope this helps.

Cheers

Heather

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