FA write off process

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Hi ,

i am new to navision. Can any one help me for write off the fixed assets, journal entries to post. My company wants to write off some of the fixed assets.

Thanks,

Mahesh

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RobertasR 5,004 on at

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Hi Mahesh,

I think you mean 'disposal'. Theoretically, 'write-off' in NAV is just decrease in value, rather than a complete write-off.

If your depreciation book is integrated with GL (any postings to FA Ledger are automatically posted to GL), then you go to the 'FA G/L Journal', put the line for Fixed Asset (Account Type = Fixed Asset, Account No. = the number of your fixed asset), and chose the FA Posting Type = Disposal. Your Posting Date is the date of disposal, and the FA Posting Date should match Posting Date.

If the setup is correct (Acquisition cost on disposal account and depreciation cost on disposal account are defined in the FA Posting Group setup) then posting the journal would dispose-of the fixed asset.

Hope that helps.

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Paras mehan 3,518 on at

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Hi Mahesh,

Go to FA GL Journal and create line for that and also mention FA Posting type as a write down in line and post.

You also can use disposal to write off total value of that FA.

If Once you posted disposal for that FA then system will not allow you to post any transaction in future for that particular FA Card.

Best Regards,

Paras Mehan

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FA write off process 172 on at

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Hi Robertas,

Thanks for quick reply. i want write off the assets not to dispose,what ever the asset cost , accumulated depreciation and depreciation value write down to zero. when trying to post FA G/L Journal it is not allowing to post my FA journal. Is there any setting need to change in GL set up.

Thanks,

Mahesh

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Paras mehan 3,518 on at

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what error its showing at the time of posting?

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RobertasR 5,004 on at

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The difference between write-off (write-down) and disposal is:

- Write-off credits your Balance Sheet Write-down account, debits P&L with the same amount

- Disposal reverses (credits) Acquisition balance sheet account, reverses (debits) Depreciation balance sheet account and debits P&L with the difference

If you want to decrease value of FA, without reversing acquisition and depreciation balance sheet accounts - then write-off is the way.

Make sure that the Write-Down Account and Write-Down Expense Account are defined in the related FA Posting Group.

Robertas

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FA write off process 172 on at

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Hi Paras Mehan,

Below mentioned error i am getting while write off or disposing the asset.

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RobertasR 5,004 on at

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Hi Mahesh,

your Account Type should be 'Fixed Asset' and Account No. - the number of the fixed asset to dispose. System will work out where to post the disposal value based on the setup.

Robertas

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Hi Robertas,

Thank you very Much. Now i am able to post disposals and asset value is going to be Zero.

But i have one small question. if have post disposal for $0 the remaining book value of the asset is going to post Gain/Loss Acc . and the asset value is Zero , accumulated depreciation and depreciation is Zero. Is that correct?

Thanks,

Mahesh

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RobertasR 5,004 on at

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Yes, that is correct.

Robertas

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Thanks for your all help..

Thanks,

Mahesh

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