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Reclassification from inventory to fixed asset

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Posted on by Community member

Hello,

We wanted to reclassify the inventories to fixed assets, as it's not for sale anymore. Please help to navigate it in BC.

Thank you!

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black_s 323 on at

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Reclassification from inventory to fixed asset

I would suggest below:

1. Change the Inventory Adjustment account of the items in the Gen. Posting Group to be the Asset Acquisition Account that you intend to use.

2. Post a negative adjustment of the items. This will debit the Inventory Adjustment account( Asset acquisition account in our case) and credit the inventory account thus closing the stock count and inventory value.

3. On the depreciation book code, disable the G/L Integration for the asset postings.

4. Use the fixed asset journal to input the acquisition value for the assets that matches what is already in your general ledger Asset acquisition account in our case. The fixed asset journal does not

5. Enable the G/L Integration in the depreciation book.

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