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After completed the retirement of a fixed asset, then realized that the retirement in with wrong GL posting accounts. Please advise me on how to do a correction for this retirement, and then re-do the retirement again.Thank you.
You can use the Retirement Undo window (Transactions >> Fixed Assets >> Retire Undo) to reactivate a retired asset. You can make the required account changes using Asset Account Window (Cards >> Fixed Assets >> Account) and retire asset again.
Or...you can just fix it directly in the GL with a GL entry, since that's typically the only place where the account numbers really matter.
Do you mean just do a Correction (Back Out) for the posted journal ?
Many thanks to Victoria.
I mean do an adjustment. For example, if the original entry was:
Account 12345 Debit 1000.00 and Account 98765 Credit 1000.00
It instead of Account 12345 it should have been 76543, but the other account is correct, you can simply enter a GL entry for:
Account 76543 Debit 1000.00 and Account 12345 Credit 1000.00
This will get you to the right GL account balances without having to back out and redo the whole thing. Just make sure to put a note on the transaction explaining the the account numbers were incorrect in FA and this is an adjustment for the retirement of Asset XYZ.
Victoria is pointing you in a good direction, but I like the retirement undo just to keep the sub ledger in line with the GL. And who doesn't like the chance for a 'do-over'!
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