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Cancelling Depreciation Instead of Reversing

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Posted on by john.ellis 3,480

Hi:

I could not figure out a way to reverse a previously calculated monthly depreciation for January.  

I accessed FA Ledger Entries, selected all depreciation entries for January, and chose Process...Reverse Transaction.

But, the next window that appeared did not show me that it was reversing all entries.  It showed only three records.

So, I decided to select all records again but instead choose Process...Cancel Entries.

Then, I posted the resulting journal lines.  Of course, it did not provide Accumulated Depreciation in this Fixed Asset G/L Journal or in the "Bal. Account No." column  So, I had to use Edit in Excel to publish the records in the journal with an offsetting balance account.

I have two questions.  When choosing "Select More" in FA Ledger Entries, why would it not reverse for all?  Why did I have to choose "Cancel", instead?  And, is cancel as good as reverse?  Did it reverse Accumulated Depreciation for January as well as Depreciation?

If it would have run Reverse without issue, I would not be posting these questions.  :)

John

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  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 70,099 Super User 2024 Season 2 on at
    RE: Cancelling Depreciation Instead of Reversing

    Hi, As far as I know, the details after clicking Reverse are collected based on Posting Date and Document No., is your details not the same Document No. or Posting date?

    pastedimage1646695210176v1.png

    pastedimage1646695234699v2.png

    Hope this will help.

    Thanks.

    ZHU

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,423 User Group Leader on at
    RE: Cancelling Depreciation Instead of Reversing

    John, when I chose just one FA Ledger Entry and the Process>>Reverse Transaction a screen with all the transactions for the journal that original posted the depreciation was displayed. I do not get a change to choose just some entries....this is what I was expecting.

    You should only have to find one of the entries from your original depreciation journal batch and the reverse should reverse the entire journal. In your case, where you only had three entries there must have been another journal.

  • john.ellis Profile Picture
    john.ellis 3,480 on at
    RE: Cancelling Depreciation Instead of Reversing

    Any other thoughts?  :)

    John

  • Dallefeld Profile Picture
    Dallefeld 11,423 User Group Leader on at
    RE: Cancelling Depreciation Instead of Reversing

    Thanks this, I did not know that it would function in this manner.

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