How to Clean up the netbook value when the fixed assets is retired

(1) Share

Report

Posted on by Linda Lao

220

Hi, I have some fiexed asset retired and still have balance at the net book value

example Accquisiton Cost $22841.95 nad LTD Depreciation Amount $17,181.32 Net book value $5,660.63, right now my Subledger is not balance to GL, how I I correct this?

*This post is locked for comments

All responses (7)

Answers (0)

Community Member on at

Like (0)

Report

RE: How to Clean up the netbook value when the fixed assets is retired

Frank, I don't think you can access the asset on the Book screen once it is retired.
Suggested answer

Frank Hamelly | MVP... 46,527 Super User 2025 Season 1 on at

Like (1)

Report

RE: How to Clean up the netbook value when the fixed assets is retired

Linda, try changing the LTD Depreciation value in the Book card to drive NBV to zero. As long as all other values are correct in GP, including the GL, this should work.
Community Member on at

Like (1)

Report

RE: How to Clean up the netbook value when the fixed assets is retired

Hi Frank, Thanks for the reply

I checked the Financial Detail Inquiry, and it shows the retirement, so everything is okay there.

This is what I see in the Asset Book Inquiry window (apologies for the ugly scribbles). The NBV circled in red there isn't affecting anything important, but it is showing up in reports, which can be confusing.

Thanks!
Community Member on at

Like (0)

Report

RE: How to Clean up the netbook value when the fixed assets is retired

No, the NBV I see is the NBV at the time of retirement.
Suggested answer

Frank Hamelly | MVP... 46,527 Super User 2025 Season 1 on at

Like (1)

Report

RE: How to Clean up the netbook value when the fixed assets is retired

I would look at the Financial Detail Inquiry under the LTD Depreciation link in the Book card to review the details of the retirement for something unusual.
Abdo Khoury 14,855 on at

Like (0)

Report

RE: How to Clean up the netbook value when the fixed assets is retired

Dear

Does the amount you see in the Net Book Value after retirement equals to the acquisition cost ?
Community Member on at

Like (1)

Report

RE: How to Clean up the netbook value when the fixed assets is retired

Is anyone able to shed some light on this please?

I have a similar situation where an asset has been retired (sold), but still shows a positive net book value in the Asset Book. The asset wasn't fully amortized/depreciated before retirement, but the cost and accumulated amort. were both properly removed from the GL in the Post to GL routine. Why does it still show a non-zero NBV? Is this some left over information from asset retirement?

Thanks