Is there a best process for reversal or deletion of fixed assets. Also, once they are deleted, is there a way to report on what was deleted?
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By reversal, what exactly do you mean?
A deletion of a fixed asset should only be done if there are no transactions for that asset (ie. it was added to the fixed asset ledger in error) due to the fact that asset records must be maintained in perpetuity. Deleting an asset is discussed in the manual and an edit listing is automatically generated when an asset is deleted and purged from the system. I would be VERY careful as this is a PERMANENT process and you wil lose all information once confirmed and deleted.
The only time I have deleted an asset is in the event that an asset was added with an improper asset tag number (at the current time I maintain over 27,000 individual assets) with absolutely no transaction postings to the G/L. In the event this occurs, I keep all documentation on the error.
You could retire the asset. You will have an audit trail if you retire it.
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