Hi All,
How can I re-classify assets to anther FA Group, with accounting ajudstment, I want to transfer an asset from FA Group A to FA Group B, so that all current asset values are moved from one FA group to another FA group, and all future entries will be posted as per new FA group. I tried using reclassification journal but system doesn't change the books on fixed assets but just reversing all transactions on reclassification date and post these transactions to the new FA created through reclass process. My point is that if the books and service life still remain as it is then what is the point of changing asset group?
What would be the approach to acheive this.
Regards,
Nakul
Thanks for replying, I can see the splitting of fixed asset functionality but while doing asset splitting I can see only one book selected by the system, does it mean every time I need to to splitting multiple times for an asset if there are multiple books ?
Hi Nakul,
Changing book can be due to following reason:
1. Service life is changed- In this case suggestion would be to Scrap old asset and acquire new one because it should have impact on all past postings as well. Other alternative is change "Service life manually with existing book
2. Depreciation profile changed: That also leads to scrap and re- acquire
Right. Why should it change the books?
If you need to change books then you can use the split fixed asset functionality.
Best regards,
Ludwig
Thanks for the reply, I have seen that on posting re-classficiation entries system brings following changes:
1) It revserses the transactions at original asset level
2) It creates transactions at new asset level
3) It changes to group
but, it doesn't change the books, the books still remain as it is, even the service life doesn't get change. Any thought on that?
Interested to know if both FA groups A and B are identical to each other to take such decision to change the group ?
Alternatively you can use FA clearing account too in order to transfer the balances.
However; this will be a manual approach where FA clearing account will be debited and credited with offset account in the journal to transfer the balances.
Regards,Sourav
Hello Nakul,
Another alternative is using the split fixed asset functionality and transferring 100% of the value to your new asset.
This does, however, not transfer individual transactions but summarized balances for the different transaction types.
Also you need to enable the GL parameter that allows multiple transactions within one voucher.
Otherwise you will get an error message when trying to post.
We have two options to do so,
1. Change Fixed asset group feature: Which will give the above expected results. In this case system does not change the book and service life because that asset has been already started and placed in service with earlier one
2. Reclassification option(Periodic > Reclassification), in which system change both group as well as book,
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