Writing off Assets in March with incorrect depreciation in April.


I have the following situation and was wondering if anyone had encountered it before, and if so if they had found a way round it?

Some Fixed Assets that were incorrectly depreciated for April, so the entries were reversed. The assets now need to be written off as of March, but NAV will not allow it due to the April postings.

Does anyone know of a way round this?

Many thanks in advance

Did you cancel April depreciation?

I suggest that not really - because Cancel entries only create Journal entries for you in some batch of FA G/L (or FA if not Integrated in G/L) journal, you must POST them.

It can be checked easily - if in Fixed Asset - Depr.Book - Ledger entries you still see them, they haven’t been posted. After Posting they move to Error Ledger entries, and you will be allowed to Dispose your FA

If you have ver5, where is second option - Reverse entries, and you used it, you now have even TWO April depreciation entries with opposite signs, thus blocking Disposal.
Select them BOTH, Cancel them, post Journal - and Disposal will work. While Canceling leave blank Use new Post.Date & Posting Date, or you will be in trouble again :slight_smile:


Forgot this for clarity…

When in GL Journal with generated entries, you must do 2 things before posting:

  1. Put checkmark in column Correction (you may need to Unhide it, by default its hidden) - as Cancel entries creates Deprec.Amt in Credit, which will double turnover in G/L accounts, but STORNO (negative Debit in this case) accountants like better.

  2. Select all lines and Functions - Insert FA Bal.Account

Order is not actually important - only if vice versa, then you will have twice the count of lines to checkmark Correction :slight_smile:

Sorry for not replying sooner. Modris. This is the solution. The user needed to cancel both their original incorrect Fixed Asset Entry and their contra-journal and they were then able to dispose of the asset.

Many thanks