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What is the difference between Cancel Entries and Reverse Transaction at FA ledger Entries?

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Posted on by joshtechsolutions 4,170
Hi Community,
 
I would like to find out.. at the Fixed Asset Ledger Entries,
 
What is the difference between Cancel Entries and Reverse Transaction?
 
Can you show me step by step and what is the repercussion ?
 
Thank you ! 
Categories:
Financial Management
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  • Verified answer
    Valentin Castravet Profile Picture
    Valentin Castravet 22,078 Super User 2024 Season 2 on at
    What is the difference between Cancel Entries and Reverse Transaction at FA ledger Entries?
    Cancel entries will remove the entries from the fixed asset ledger entries and move them to the cancelled entries page. The reason you would want to do this is because certain functions in the fixed asset module look at the entries and the last date an entry was posted in the fixed asset ledger entries. For example, when you calculate depreciation, the system looks at the last time depreciation was posted. 
     
    The reverse transaction works the same as it does through the system. The system will create and post a transaction that is the exact opposite of what you're trying to reverse. The problem with using this in the fixed asset module is as mentioned above, some fixed asset functionality will look at the fixed asset ledger entries. 
     
  • Suggested answer
    Jun Wang Profile Picture
    Jun Wang 7,072 Super User 2024 Season 2 on at
    What is the difference between Cancel Entries and Reverse Transaction at FA ledger Entries?
    it basically does the same thing, but it is easier to reverse. either way, you need to decide and keep your reversing approach consistent. 
    Jun Wang
  • Suggested answer
    KasparsSemjonovs Profile Picture
    KasparsSemjonovs 3,692 Super User 2024 Season 2 on at
    What is the difference between Cancel Entries and Reverse Transaction at FA ledger Entries?
    In FA Ledger Entries it is advised to use the Cancel entries. 
    This creates a Journal line linked to to this entry, and after posting the original line and correction is created in FA Error Ledger Entries, and not showing in FA Ledger entries anymore.

    The Reverse Transaction is the same as in other entries - this creates just an opposite entry and You see both entries in FA Ledger Entries. 
     
     
    Canceling entries allows some advanced corrections on Fixed Asset - for example, if You Cancel an Acquisition entry, the Acquisition date is empty and You can register a correct date with new entry, but if You reverse it, it will still show the first Acquisition date.
  • Suggested answer
    Judy Profile Picture
    Judy Microsoft Employee on at
    What is the difference between Cancel Entries and Reverse Transaction at FA ledger Entries?
    Hi, please refer to the helpful blog regarding the difference between Cancel Entries and Reverse Transaction at FA ledger Entries:

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