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Hi,
I'm having trouble with the Disposal of a Fixed asset with the free text Invoice. We have created the free text invoice with the desired Assets for sale and posted it.
After a while the finance manager recognized a discrepancy in the Trial balance which came due to the Wrong main account selected in the Free text Invoice, so we decided to reverse the invoice. The main functionality of the reversal does not work in our case as we use a lot of financial dimension and it gives u the error that this voucher can't be reversed because many accounts are applied. First we created a correction Free text invoice which did not help and than reversed it, after that we created the same Free text invoice for the asset but with the negative amount. After posting the reversal invoice we noticed that the invoice did not actually reverse the depreciation, but instead it did credit it more, giving more value to the trial balance account of the depreciation as in the picture below:
The only solution that we could think of is creating a general journal with the affected accounts so we could bring the main accounts in their normal state, keep in mind that the Net Value book of the asset is still 0, so it didn't affect the asset itself.
Creating this journal won't be able to remove the undesired transactions posted at the asset as in the picture I have provided.
Could you please help me with a solution that could fix all the created situation.
Thank you in advance
Hi Lira,
I would suggest that you test the following:
- Sell a fixed asset in the MS standard Contoso demo company USMF and check the vouchers created
- Do the same in your test system
I would expect that the number of voucher lines and transactions is totally different because I expect that you use a different - more detailed - setup.
That's basically what I want to emphasize.
That is, depending on how your fixed asset posting profile is setup, transactions might be summarized on a single ledger account or split up on multiple account for the different posting types available.
Best regards,
Ludwig
Hi Ludwig,
Thank you for your reply. I don't understand what you mean by bridge accounts. Normally if I reverse a Sales Order the accounts used in the posting profile do reverse the entries with negative amount, but in this case it just keeps calculating me the depreciation when I reverse the Invoice.
Kind regards,
Lira
Hi Lira,
What you see and get with the fixed asset sales / reversals highly depends on how the fixed asset module is setup especially the posting profiles.
What you usually see when selling a fixed asset is that the previous postings are reversed often in a summarized way to calculate the realized profit/loss from the sale.
The same basically happens when you post things with a negative amount.
Yet, the accounts used highly depend on your accounting setup and the number of bridge accounts used.
Based on what you write, it looks that you have no specific bridge accounts setup for each and every posting type resulting in summarized postings.
Hope this clarifies things.
Best regards,
Ludwig
Hi Junaid,
I have checked the link you have sent before trying to reverse my Free text invoice, but I think when you are using multiple financial dimensions, the system does not allow you a reversal. In our system the reversal never worked. In the free text invoice it did actually worked only when we had no fixed assets attached to it.
Kind regards,
Lira
Hi Ludwig,
Thank you for your quick reply. The accounts used in the posting profile are according to the finance manager requests. The user did not get it right and used in the main account of the Free txt invoice a wrong account. I did suggest a GL posting as you mentioned, but I was wandering why the Free text invoice reversal of an asset does not reverse the depreciation but it does credit it every time we create the same invoice with negative amounts?
Thank you,
Kind regards,
Lira
Hello Lira,
If only the wrong main account for posting the sales revenue from the asset sale is used then I would personally prefer doing a simple corrective posting in a GL journal.
This will not even take a minute compared to trying to create correction free text invoices, etc.
Irrespective of that, I would recommend that you check your fixed asset posting profiles because they can be setup in a way that the correct main accounts default when you sell a fixed asset through a free text invoice. If your finance manager does not like the account used then you need to overhaul your fixed asset posting profiles.
Best regards,
Ludwig
Hi Lira,
I'm just wondering to know that out of the box option of reverse asset transactions is giving you an error msg while reversing asset disposal transactions.
Can you please share screen shot of error msg.
Also please check the below reference to get an Indication about reversing Asset disposal:
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