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Invoice Posted into Fixed Asset Module through A/P, Paid and Applied Needs to Be Reversed

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Posted on by Community Member Microsoft Employee

I erroneously posted an invoice into fixed assets clearing account when it was supposed to be expensed. The invoice was paid already and applied. The payment has been reconciled in the bank rec. I am trying to figure out how to move the amount from the fixed asset into expense. Can I post a journal entry? I think if I do that the fixed asset subledger will not reflect this change and I will always have that invoice as a difference. Second option I was thinking of is creating a duplicate invoice posting into the expense and then creating a credit memo in the A/P module against the fixed asset account. Will that fix my issue or will it create a bigger mess?

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L Vail 65,271 on at

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RE: Invoice Posted into Fixed Asset Module through A/P, Paid and Applied Needs to Be Reversed

Hi,

Have you actually created a fixed asset from the purchase or is it still in the purchase window waiting to be capitalized? If it's in the purchase window waiting to be capitalized, I think you can just create a journal entry and move the amount from the purchase account to the expense account. Then, you'll need to edit the SQL table and delete the left over record in Fixed Assets. The purge utility will not work, it was not written for this purpose.

If you have capitalized the fixed asset, it's time to retire it and make your journal entry to expense it.

Kind regards,

Leslie