Un-Retiring Fixed Asset that was retired in wrong year

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Posted on by SGuenette

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

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Victoria Yudin 22,768 on at

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RE: Un-Retiring Fixed Asset that was retired in wrong year

Thanks Joseph, this was very helpful!
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RE: Un-Retiring Fixed Asset that was retired in wrong year

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.
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RE: Un-Retiring Fixed Asset that was retired in wrong year

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
SGuenette 85 on at

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RE: Un-Retiring Fixed Asset that was retired in wrong year

Thanks I will discuss the option with the client.
Mahmoud Saadi 32,738 on at

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RE: Un-Retiring Fixed Asset that was retired in wrong year

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,
SGuenette 85 on at

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RE: Un-Retiring Fixed Asset that was retired in wrong year

Also, thanks for your feedback, greatly appreciated
SGuenette 85 on at

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RE: Un-Retiring Fixed Asset that was retired in wrong year

We tried the Undo, but the asset isn't available, we think it is because of the different years.
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Mahmoud Saadi 32,738 on at

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RE: Un-Retiring Fixed Asset that was retired in wrong year

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,