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I have a question regarding fixed assets. I depreciated some assets till year end Dec 2012 by mistake, should be depreciated till June 2012. I posted FA to GL till June 2012.
Later I realized the depreciation method is also set up wrong for these assets. So I thought of deleting these assets from system.
Steps I did:
- Printed FA to GL reconciliation report for these assets
- Added reversal entry in GL (to back out balances posted by these assets)
- Deleted the assets from FA
- Re-entered them with correct depreciation method
- Ran depreciation till June 2012 for re-entered assets
My question is I did not do undo depreciation for these assets and deleted them from system. Should I have run undo depreciation till June 2012 and then delete these assets. Are there any chances that balances will be posted to GL for deleted assets for June to Dec 2012 (depr ran wrongly)? Will there be imbalances .. I am sure that only FA posting are done to GL till June 2012 and have added reversing entries for that already.
I did not do undo depreciation as undo depreciation can be done for one asset at a time. So just skipped that should I have done undo deprecation and then delete assets?
Any help is appreciated!!
Regards,
Tina
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