Fixed Asset: Reversing original acquisition entry

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Posted on by Community Member

Hi,

I hope somebody here can assist me.

A fixed asset acquisition entry was processed in June. Depreciation for the asset was processed for June and July.

Unfortunately, I was only informed that the asset was returned in August and replaced with another asset in September. How do I go about reversing the original entry. The depreciation is fine as I know how to correct that.

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KTA 1,200 on at

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I don't get your problem at all because you said that the depreciation is OK but you want to return the asset; that quite confussing. Are you returning it with the original value less those depreciations? A different thing is that you're selling it to the original seller.

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ManishS 86 on at

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So what's the issue if the asset was replaced in August ?

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