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When trying to split a fixed asset I am getting an error "Fixed asset with status Closed cannot have transaction type Depreciation adjustment." when attempting to post the journal. The original asset is in Status "closed' and it is fully depreciated. The original asset is closed in the tax books but not in the financial book. An adjustment on the financial book has resulted in the client wanting to create a "Tax" asset to reflect this adjustment in the depreciation using the split functionality.
Can this be done by resetting the asset's status to "open"?
why are you trying to split a closed asset?
Hi Sharon,
You can do this, but make sure it does not impact in other places.
Good Morning SharonF,
As Rahul indicated, for a closed fixed asset no transactions can be recorded.
If you financial book is still open then select this one and split it. Make sure that you actively select this one before you make use of the split functionality.
In case you cannot make a progress, please be so kind and share some screenprints.
Many thanks and best regards,
Ludwig
Thanks for your response. The user has posted an adjustment to the asset in the Financial book and wants to revalue the asset in the other books by splitting it and placing that value on a separate "tax" asset that will be acquired and depreciated back to zero and scraped. The logic is not all that I follow, however, they are able to do this on "open" status assets and are asking why they can't "reopen" a closed book to do the same.
The split process does create the desired journal, it just won't post the adjustment to the "closed" asset due to the status.
Is there anything that can be done to "reopen" (and I use that term figuratively) the asset's status to process the offset to depreciation and move the same to the newly created asset?
I'd insert screen shots but I am not able to do so via a cut and paste for some reason.
Sharon
Hello Sharon,
If a book is closed then you should be able to open it manually by changing the status. Have you tried doing that?
I don't understand the business scenario that you mentioned, however, as long as this is ok for your accountants and auditors, you can go along with this in my opinion as long as you have something from thin in written ;-)
Best regards,
P.S. Screenprints cannot be attached by copy & paste. You rather have to save them first and then upload them via the 'use rich formatting' button/form.
Hi Ludwig,
Yes, I believed we could do just that...change the status, which we tried. We still get the message about the asset being closed.
Hello SharonF,
Are you still experiencing issues that you described in your last post?
And are you suggesting that, in your last screenshot, the status of the Fixed Asset is no longer closed yet the UI is saying it is closed?
Sorry for the late reply.
I suspect that the error you see is due to the fact that the different books that you have are linked to each other via the derived books configuration that you can make in the books setup form.
Can you confirm that?
If this is the case and provided that you want to post a specific adjustment for a single book only but not for the derived ones; you would temporarily have to remove the linkage in the derived book section.
This should fix the issue.
Yes I am still experiencing this problem and yes the status of the Fixed Asset is no longer closed yet the UI is saying it it..
Hello Ludwig,
Thanks for that reference point. I did in fact check the books setup for derived books. The only book that has been set up with derived books is the Financial Book, which we are not posting to in this split transaction. Still in the test environment I did removed those settings and attempted my transaction again with the same results...an error message indicating the status of the asset is 'closed'.
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