You’re offline. This is a read only version of the page.
85
Client accidentaly retire an asset for 07/30/2013 when it should have been 07/30/2014. The asset is fully depreciated. The client would like to undo the retirement, but it isn't showing up.
Had the following one so far
Put in a new asset and set the dates on the book for life to date and year to date depreciated amounts. Also need to make a journal entry to bring in the asset from the P&L if any gains / losses were recorded as part of the original retirement.
Any other suggestions on the best method to fix the asset
*This post is locked for comments
Thanks Joseph, this was very helpful!
You need SQL skills to fix this. If the Fiscal year of the retirement is prior to the Book Current Fiscal Year, you'll need to make some changes behind the scenes in SQL.
1. Run a Select * from FA40200 and note the CURRFISCALYR of the books.
2. From SQL studio, update the FA40200 table and set the CURRFISCALYR to the year that the asset was retired in.
3. Then you can go into GP and undo the retirement. Interface the transactions to the GL and delete them.
4. Go back to SQL studio and update the FA40200 to set the CURRFISCALYR to what is was before you updated it the first time.
Don't try this if you don't know SQL, you can get your "GP Var" or partner to help you with this. I've done it many times and it works.
Hello to all
This post is of interest to me as I have just done the same thing. Very annoying to say the least.
Is it something that should be reported as a bug. While you can retire it into a closed year you cannot un-retire it! I really would like to be prevented from being able to retire an asset into a closed period.
Luckily for me this was an asset with no value as it is an active asset that was already fully depreciated at 'take-on' date by the new entity. It will just mess with any historical reports that I run.
Your thoughts?
Judi Carson
You may proceed with the first proposed solution, by adding a new asset and deleting the old one then.
You are most welcome
Please feel free to verify the answer in case it meets fulfills your inquiry,
Hello there,
This has been a common old method to deal with incorrectly retired assets, creating a new one and consider the same parameters (YTD, LTD), acquisition cost ...etc
This is an effective and straight to the point method, since you are considering both the FA and GL module. One point to add up, you may delete the incorrectly retired asset for data quality purposes.
Another suggestion which I have used with incorrectly retired asset is the "Retirement Undo", although, I have never tested that on a fully depreciated asset, additionally, there are few constraints related to retirement date fiscal year and the current fiscal year of the book. Consider this option after few testing to get things cleared.
Your feedback is highly appreciated,
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,240
Super User 2024 Season 2
#2
Martin Dráb
230,149
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (