Remove fixed asset in gp when items return 1

[m1b2tran3]

Hi all,

i'm new to GP. Thanks first for your input. 3 asset asset items purchase on 3/08, book and depreciate. Now 4 mos later 2 asset items return. How do I clear it from the books. Vendor reimbursed full value price. what is best to go about doing this.

thanks.

 

[VictoriaYudin]

I think you have 3 choices. I would recommend testing them all in a sample or test company to make sure they will do what you think they will do.

1. Retire the asset as of the purchase date. This should reverse the depreciation entries, at least in the Fixed Assets module. If you actually want to go back 3 months in your GL and reverse the GL entries for each month as well, then you can run 3 different GL Postings in Fixed Assets with the proper cut off dates. If you just want to catch up in one month, then run 1 GL Posting in the current month.

2. Retire the asset as of the date of the refund. This will leave the 3 months of depreciation where they are and create a 'gain on asset disposal' entry that can either be put in a separate GL account or into the Depreciation Expense account.

3. Delete the fixed asset (Tools > Routines > Fixed Assets > Delete) and then make the appropriate corrections manually in the GL. This might be the simplest option, but again, please make sure to test this first.


Victoria Yudin
Dynamics GP MVP 2005 - 2008
Flexible Solutions - home of GP Reports

http://www.flex-solutions.com/gpreports.html

 

[m1b2tran3]

Awesome!!

Thanks Vic