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Fixed asset depreciated .05 more than the cost - has negative net book value

An active fixed asset is fully depreciated but it depreciated .05 more than the cost, leaving a -.05 as the net book value.

What's the best way to update the net book value to zero?

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Try the following (in test first of course to ensure results are as desired)

Go to the asset book record (Cards>Fixed Assets>Book).
Take note of the Yearly Depreciation Rate"
Does this match the current YTD depreciation?
Next we need to decide if we are going to have FA show the difference at the end of the previous year.
1. If you want to book the change at the end of the previous year, just adjust the LTD depreciation down the over depreciation (will book to last day of the previous year).
2. If you want it to book in the current year, you will also need to reduce the YTD depreciation. This is where our check on YTD depreciation vs yearly depreciation rate comes in. If we reduce the YTD depreciation and it is less than the yearly depreciation rate we can wind up in a situation where it will try to take the difference again. If the YTD and yearly rate will not be the same, you may also want to set depreciation method to No Depreciation (when you save this will cause the recalc\reset window to come up and you would want to select recalc instead of one of the two reset options).
Finally save the change (and select recalc instead of a reset depending on what you did above in step 4).
Interface the transaction to GL on whatever date needed.
If everything is correct, you can then backup live and repeat the solution.

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