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Reply from Ron Roberts on Feb 9 at 5:54 PM In February, post an invoice credit to the vendor and the AUC, reversing the incorrect posting done in November. Settle the negative balance AUC to the final asset, zeroing out the asset cost. Book an unplanned negative depreciation to the final asset in February for the depreciation taken in 2015. After that, the next depreciation run should result in zero cost and zero accumulated depreciation at the end of February on your final asset and your AUC.
Make sure that your AUC allows negative values so the credit can be posted to it.
| | | ---------------Original Message---------------
From: caroline
Sent: Friday, February 05, 2016 8:28 AM
Subject: How to reverse an asset posting in new fiscal year?
In Nov 2015 invoice for fixed asset was booked on an asset under construction. At Nov 2015 end the transfer from AUC to final asset was done. In Dec 2015 depreciation started and was booked. In Februar 2015 the invoice has to be canceled (was wrongly booked in Nov). For this to happen we have to reverse all related bookings in chronological order: depreciation, transfer to final asset, invoice entry. The cancel of these entries is wanted to be done in the new fiscal year 2016, in February. (no changes to 2015).
When we try to manually cancel the transfer to final asset this is not allowed and system returns the message: no posting allowed in financial accounting/fiscal year 2015 closed.
Could you please advise how can we cancel in 2016 the entries related to fixed asset booked in Nov 2015?
Thank you kindly for your support! |
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