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Hello,
We are currently in a situation where Fixed Assets were given a wrong FA Posting Group and entries were posted with a wrong FA Posting Group. This continued to happen for years where there was no procedure to assign FA Posting Groups and users used their own judgement to assign FA Posing Group.
Ex: A fixed Asset with FA Posting Group VEHICLE was used but the correct one should have been MOBILE
Can I change the setup in FA Posting Setup? What will happen to the historical data of the Fixed of being changed to another FA Posing Group. how would I resolve the issue.
Thanks,
Eri Aron
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Thanks Alexander,
Appreciate for your help.
Hi Eri
As per Alexander Answer you can Change FA Posting Group But Before Changing it I Recommend you to Runt the "Book Value 01" Report for the Last month you have completed the depreciation, in that Report Option Tab you need to Select Depreciation Book, Starting Date and Ending Date for the Month you have Run the Last Depreciation and Group Totals you Select FA Posting Group and Select Print per Fixed Asset option as well, now you will get all the assets and sub total for FA posting Group wise and Grand Total should be match to the G/L Accounts of all the fixed Assets. After print and Saving to Excel This Report. you have asset list and its balance with the Posting Group wise.(as it is with wrong posting group)
now you change the posting group as as per the Correct Accounts for all the asset after finishing this you can print again the Same report now you will have asset subtotal with correct Posting Group, (new posting will go with these gorps) you need to do small reconciliation to match G/L Posted Balances with correct posting groups. once you find the correct G/L accounts balances to be adjust between the accounts you can pass G/L Journal and Correct both Sub ledger and G/L accounts.
First of all, FA Posting Group VEHICLE should have been tied to certain G/L account, where the balance depreciation has been booked. Also, there should have been a cost account, where the depreciation cost has been booked. I suppose the periods are already closed and there is no need to make direct changes to the posted transactions.
You can modify FA Posting Group in the depreciation book in the FA card, and further calculations of depreciation will be done to new G/L accounts, tied to a new FA Posting Group. But, changing the group would not affect the previous postings, mainly - the Acquisition Cost Account.
All those G/L accounts might be different for your MOBILE and VEHICLE posting groups. Thus, just changing the FA Posting Group will not affect the initial acquisition account, where the initial FA value is booked.
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