Fixed Asset Wrongly Posted

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Posted on by Vinod Kumar Reddy

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Hi All,

I have scenario i have acquire FA on 1/1/2020 value of 20000 and depreciated for 3months by using Straight line service life method. Now the problem is we got to know actually method of Deprecation is reducing Balance method.

Can any provide how to rectify this issue with detailed steps will be appreciated.

Thanks,

Vinod

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Ludwig Reinhard Microsoft Employee on at

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RE: Fixed Asset Wrongly Posted

Hi Vinod,

If you have posted three months only then I would personally completely reverse all of those transactions and put the fixed asset on hold.

Once that cleansing is done, I would create a new fixed asset from scratch and post the acquisition and the three depreciations.

That's the fastest and easiest way in my opinion to get this resolved.

Best regards,

Ludwig

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saurabh bharti 15,039 Moderator on at

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RE: Fixed Asset Wrongly Posted

Hi Vinod,

You can also follow this:

1. Reverse Depreciation transactions : Fixed asset > Books > Transactions > Reverse

2. Change Method

3. Run depreciation again

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Vinod Kumar Reddy 283 on at

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RE: Fixed Asset Wrongly Posted

Hi Bharati,

Thanks for the reply. Issue almost solved.

What if the previous periods are closed. At that time need to post manual entry for depreciation?

Thanks,

Vinod

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Ludwig Reinhard Microsoft Employee on at

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RE: Fixed Asset Wrongly Posted

Hi Vinod,

If your previous periods are closed then you have to be careful and talk to your accounting team.

That is because they might have already submitted their financial period statements to the management / investors.

If this is the case you might have to do all corrections in the current month.

Please clarify with your accounting team before trying to post corrections.

Many thanks and best regards,

Ludwig

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Marianw on at

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RE: Fixed Asset Wrongly Posted

Hi Vinod,

Thank you for using Dynamics 365 Finance Communities.

You may also refer to the steps detailed in the link below:

https://community.dynamics.com/365/financeandoperations/b/howtodynamics365/posts/how-to-reverse-fixed-asset-depreciation-in-microsoft-dynamics-365

Thank you for marking the thread as answered as well!

Regards,
Marian Wrice
SR Support Engineer
Dynamics 365 Finance

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