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How to cancel/delete the accidently acquire fixed assets from purchase order.

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Posted on by Afazal 744
Hi All,
 
What are the possible ways to cancel the wrongly procured fixed assets from purchase order because I acquired it through PO. I want the system should be on the same position that was on before this procure entry.
 
Categories:
Financial Management
  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 3,698 Super User on at
    How to cancel/delete the accidently acquire fixed assets from purchase order.
    Have you tried Reversing the acquisition transaction(s) within the Asset book?  As others have stated, you won't be able to delete the asset now that it has transactions associated with it, but you can update the Book status to "Closed" which will prevent any future transactions on the asset.
  • Maria Nastevska Profile Picture
    Maria Nastevska 137 on at
    How to cancel/delete the accidently acquire fixed assets from purchase order.
    Hi Afazal,

    if I understood well, you’re looking at deleting the transactions processed against the particular fixed asset and bringing it to status ‘not yet acquired’.
     
    if the answer is yes then please note -
    once a fixed asset is acquired , whether through a PO or by running a FA acquisition proposal, it cannot be deleted. Furthermore, the status cannot go back to ‘not yet acquired’.
     
    What you need to do in this case is - you will basically need to create a correction journal to fix this issue and then you can go to the FA Books and close this asset.
     
    thanks
    Maria
  • Bharath jain Profile Picture
    Bharath jain 509 on at
    How to cancel/delete the accidently acquire fixed assets from purchase order.
    Hi Afazal,
     
    Since the acquisition entry is posted, you can create a correction entry in fixed asset journal. also, you can close the status of Fixed asset so no further transaction can be posted.
     
    Thanks,
    Bharath Jain.
  • André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 285,583 Super User on at
    How to cancel/delete the accidently acquire fixed assets from purchase order.
    Hi Afazal,
     
    You can create correcting entries on fixed asset journals. 

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