Fixed Assets Module - Reverse depreciation and remove asset

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Posted on by Community Member Microsoft Employee

We had an invoice incorrectly vouched into the fixed asset account and then processed through the fixed asset module and depreciated (2 separate people doing these processes). This voucher was later reclassed on the GL side as an expense. How can I remove the asset from the fixed asset module and reverse the depreciation so that our GL and Fixed Asset module trial balances match? Thanks!!!

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John_Joyce 1,040 on at

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RE: Fixed Assets Module - Reverse depreciation and remove asset

Yes. Keep in mind the you are choosing the Transaction Type (Depreciation Decrease, Purchase Decrease), but when you enter the dollar amounts, you will enter those as positive numbers.
Community Member Microsoft Employee on at

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RE: Fixed Assets Module - Reverse depreciation and remove asset

Will the debit and credit transactions hit the GL or just the fixes asset module?
Community Member Microsoft Employee on at

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RE: Fixed Assets Module - Reverse depreciation and remove asset

I think I have the same version because all those options are available to me. We just upgraded from SL 2011 to SL 2015 in February. This was very helpful! I am assuming I decrease the depreciation by the amount depreciated in the previous period for this asset and the purchase decrease amount is the total amount of the asset?
John_Joyce 1,040 on at

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RE: Fixed Assets Module - Reverse depreciation and remove asset

Which F/A module? There are several out there from different ISV's.

I literally just ended a conf-call with a client with the same question. They use the PSS Fixed Assets module. I showed them how to use the Asset Transactions screen to enter "Depreciation Decrease" and then "Purchase Decrease" transactions on a specific asset, to reverse the dep'n previously taken and then reverse the total amount of the purchase. After those transactions were posted, we checked the "Closed" box on the main tab of the Asset Maintenance screen for the asset in question.

Hope this helps.

John