Fixed Asset Reclassification - Tax depn book

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Posted on by Nate Shaw

Hi,

I have processed and posted a FA reclassification (merge A-00630 into A-00629) through to the FA G/L Journal and posted it through to the GL.

This used our ACCTG depn book and correctly cleared out the asset card.

Now I want to do the same for our TAX depn book so the asset card of A-00630 is cleared of all balances.

I set up the Fixed Asset Reclassification the same way, but with TAX instead of ACCTG in the depn book code

The issue is I cannot see where the reclassification is sits while it waits to be posted to the FA Ledger Entries.

It is not under the default batch in the FA journal.
I have checked FA Ledger Entries to see if it auto posts - it has not.

Any help would be much appreciated.

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DAnny3211 9,272 Super User 2024 Season 1 on at

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RE: Fixed Asset Reclassification - Tax depn book

hi

when you process a Fixed Asset Reclassification, the entries are created in the FA G/L Journal and then posted to the Fixed Assets Ledger Entries. If you have processed the FA reclassification for the ACCTG depreciation book and it has cleared out the asset card, but you cannot see the reclassification waiting to be posted to the Fixed Assets Ledger Entries for the TAX depreciation book, there are a few things you can check:

Check the Posting Date: Make sure that the posting date for the FA reclassification is in the same period as the depreciation book you are using. If the posting date is outside the period, the reclassification will not appear in the Fixed Assets Ledger Entries.

Check the Depreciation Book Code: Make sure that the depreciation book code you are using in the FA reclassification matches the one in the asset card.

Check the FA G/L Journal: Check if the FA G/L Journal has been created for the FA reclassification. If it has not been created, then the reclassification will not appear in the Fixed Assets Ledger Entries.

Check the Batch: Check if the FA reclassification is in a different batch in the FA G/L Journal. If it is, then you need to select that batch and post it to the Fixed Assets Ledger Entries.

If none of these options solve your issue, then you may want to consider checking the audit trail of the FA reclassification to see if it was processed correctly

check my answer if it helped you, thanks

DAniele
Verified answer

Valentin Castravet 24,925 Super User 2024 Season 2 on at

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RE: Fixed Asset Reclassification - Tax depn book

If your Tax depreciation book is not integrated with the G/L, you can use the following steps to see what batch in the Fixed Asset Journals the system will populate these entries in:

1. Open the Tax Depreciation Book Card

2. In the ribbon, click on Related -> Depr. Book -> FA Journal Setup

3. Look at the FA Jnl. Batch Name field, your entries should be in this batch in the Fixed Asset Journals