Retire/Delete an Asset

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I recently deleted an asset because we never really had the asset, it was returned, but it has been on the books forever. No depreciation is running and no entries need to be made, but when we pull the depreciation for the month from the Smartlist, it is still included on the list showing an amount for LTD depreciation and NBV. It throws my numbers off and I have to delete them from the spreadsheet each month to match the GL. I recently deleted the asset in hopes that next month it will not show, but I noticed afterward the fixed asset card still appears so I'm thinking it still may appear on the Smartlist spreadsheet. I started thinking that maybe I was suppose to "retire it" or just zero out the the sensitive fields to recalculate depreciation from the life of the asset then just delete the journal entry. Please advise.

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RogerRogerATX 1,515 on at

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Yes, I would say retirement is the best option since you never owned the asset.

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L Vail 65,271 on at

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Hi,

Did you Delete it using the Delete Utility in the Fixed Assets module?

Kind regards,

Leslie

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Community Member on at

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No, I was not aware of this method. I used the method in the GP manual...

1. Open the Asset Book window.

(Cards >> Fixed Assets >> Book)

2. Enter or select an asset ID and suffix.

3. Enter or select a book and choose Delete. The book and all the financial detail of

the book will be deleted.

Do you think that would be better or totally delete the cards and everything?

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RogerRogerATX 1,515 on at

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Ken, I don't think GP allows you to delete a book once there are records in the FA00902 financial fixed asset transactions table.

The "get rid of everything" delete is at Financial-->Utilities-->Fixed Assets-->Delete

This eliminates everything; including financial records so if anything hit the GL it will not be reversed by the module.

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