Dear All,
Good day to you.
How do I change an asset class ID from one to another and also reflect the change in the relevant ledger? I saw an answer relating to this on this forum and carried out the process as instructed but the relevant asset ID did change but the value of such asset is not reflecting on the general ledger balance.
Thank you for your response(s).
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Hello Ganiyu
For now, skip this step and proceed with the corrective journal entry on the GL level. Once done, get back to the Fixed Asset GL posting window and process any existing batches, then delete them from the General Ledger.
Your feedback is highly appreciated,
Thanks a lot Mahmoud. However, the GP installed for my firm has no menu to filter by asset ID in the Fixed Asset GL posting.
Okay then, I would suppose the following method which is partially manual in order to correct the historical transaction in bulk and as of a specific date.
Let me give some specific numbers as an example to provide comprehensive illustration
An Asset with the following values:
Supposing that this asset is to be changed from the asset class (computer) to a new class like (X) for instance.
Make sure to change both the asset class and the account group on the Fixed Asset module level. Then, on the fixed asset GL posting, filter by this specific asset id and process the journal entry generated by the system.
On the general ledger, delete the journal entry generated by the system and create a manual journal reflecting the following:
The following journal entry will reverse the associated original amount on the old account group to the new account group as of "31/5/2015", which is the depreciated to date.
Account Dr Cr
Asset Cost - Old 1800
Asset Cost - New 1800
Depreciation Expense - Old 200
Depreciation Expense - New 200
Accumulated Depreciation - Old 500
Accumulated Depreciation - New 500
Your feedback is highly appreciated,
Thanks Mahmoud. I want the change in the historical journal that have been posted already.
Hello Ganiya
Just a quick question, do you want such change to be reflected on the historical journals posted to GL ? Or it should only take effect for the current and future transactions ?
Isn't it possible for you to correct all the historical transactions with one corrective journal entry on the GL level ?
Your feedback is highly appreciated,
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Almas Mahfooz
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