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Fixed Asset Reclass

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Posted on by Michelish

I am trying to reclassify an acquisition that was mistakenly added to a fixed asset, and it should have been a new one. This happened on 7/1/21 - I did the reclassify and it created the journal entries in the Fixed Asset G/L Journals, but it's giving an error when trying to post. It's saying "Accumulated Depreciation must not be positive on 07/01/21 for Fixed Asset No. = COMP2 in Depreciation Book Code = Company.

How do I change the accumulated depreciation so this entry will post? Or is there something else going on?

Thanks.

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Teddy Herryanto (Th... 13,466 Moderator on at

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RE: Fixed Asset Reclass

You can cancel the entries and post the new entries to the new asset.
Michelish 30 on at

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RE: Fixed Asset Reclass

Is there another way to move that value to a new asset?
Michelish 30 on at

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RE: Fixed Asset Reclass

Yes I am using the reclass journal, and it created the entries automatically.
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Dallefeld 175 User Group Leader on at

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RE: Fixed Asset Reclass

Normally you cannot post positive depreciation entries but Typically in the Reclass Journal it will allow this. Are you sure that you are using the FA Reclass Journal?