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There was a tweet on asking a question about how to handling a returned asset. Here is the text from the tweet.
The information located in the text of the forum thread http://www.tek-tips.com/viewthread.cfm?qid=1503735, provides good guidance on how to handle this sort of situation.
The only change in the response I would make is that, if you choose the first option, take care with the retirement as you cannot undo a retirement in the previous year. The main thing to understand with this option is you will be given a ‘Previous Year Adjustment’ dialogue box, the amount that you will want to use is the depreciation amount booked in the prior year.
I would highly recommend that regardless of which option you choose that you try this in a test company with a backup of the live data to ensure things come out as expected.
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