Back out a Fixed Asset GL journal entry

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I have searched everywhere on the internet and cannot find anything!

We have the fixed assets module in GP that we depreciate our fixed assets in and then it creates a journal entry that is in a batch to post to the GL.

We ran depreciation for May and when we went to the batch screen to post accidentally left the posting date at June 16, 2015. So the assets were depreciated for May but was posted on June 16. When I try and void the journal entry that was posted in the GL, it states that it cannot be voided. The only way we could think of voiding the journal entry was to post a manual journal entry.

Has anyone every ran into this issue before or does anyone know how to back this journal entry out without having to reverse it manually?

Thanks,
Andrew

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Mahmoud Saadi 32,738 on at

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Well, the solution is to simply reverse the depreciation from the Fixed Asset module. I have previously provided such an answer for another case in the community on this link

Let us know if you need any further assistance,

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Redbeard 12,931 on at

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Andrew,

Likely the confusing thing is the window where this procedure is performed is called Depreciate One Asset. Here is an overview of the process from the help file.

You can reverse depreciation for an asset by entering a target date that is before the date through which the asset book has been depreciated. The target date cannot be before the first day of the current fiscal year defined in the Book Setup window for the book being depreciated.

Use the Depreciate Asset window to reverse depreciation for an asset.

To reverse depreciation for an asset:

Open the Depreciate Asset window.

(Financial >> Routines >> Fixed Assets >> Depreciate One Asset)

Enter the asset ID and suffix of the asset to reverse depreciation for.

Enter the depreciation target date. This date must be before the date through which the asset book has been depreciated.

Select a book and choose Depreciate.

Close the window.

You will also need to re-run the GL Posting interface for the target period (the period depreciation is being reversed for) and make sure you post the results June 16, 2015 to offset the erroneous posting to June.

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Community Member on at

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So for the month of May if the depreciation batch was accidentally posted on June 16 when it should have been May 31 it is okay to do it this way and just have the reversing batch post on June 16?

Then once it has been reversed do it the correct way for May and have it posted on May 31?

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Redbeard 12,931 on at

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Exactly.

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Community Member on at

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I selected April 30 to reverse May's depreciation and nothing happened on the progress bar. Is this something that we have to have our SA set-up? I clicked "depreciate" and another window opened up that asked is I was sure and I selected OK and nothing happened after. I tried checking the process monitor and there was nothing listed in there either. Please help and thank you in advance!

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Redbeard 12,931 on at

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Please make sure you're using Depreciate One Asset, selecting the correct asset and the correct depreciate to date to reverse the depreciation (i.e. April 30, 2015 to reverse May's depreciation)

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Community Member on at

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We have hundreds of assets in three different books. If we have to reverse one asset at a time this could take hours. Is there any other way to do this?

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Redbeard 12,931 on at

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Andrew,

Dynamics GP 2013 has the ability to reverse depreciation for more than one asset at a time. It is highly visible on the Depreciation Process Information window. If you are not seeing the checkbox, you are on a previous version, and do not have this feature available.

Since you have hundreds of assets, it is impractical to reverse depreciation one asset at a time. I would recommend booking a Adjusting Journal Entries to reverse the depreciation transaction on June 16, 2015 and book it to May 31, 2015. I can't think of a better approach.

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Community Member on at

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This is for one asset at a time. I have to reverse the depreciation for All Assets and four different Depreciation Books.

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RogerRogerATX 1,515 on at

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Do you have "Reverse Depreciation" on the Depreciate window? If you don't, it's not available for your GP version :(

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