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HOW TO RECORD AN ASSET RETURN

  • 1.  HOW TO RECORD AN ASSET RETURN

    Posted Jun 05, 2019 11:46 AM
    Hello everyone,

    I would like to know how should an asset return be recorded in GP. We recorded assets a few months ago and there also have been depreciation recorded for these assets. We recently had a return of one of the assets. How would I record this return?

    #FixedAssets #AssetReturn​​

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    Deja Pharr
    Hancock Claims Consultants
    Alpharetta GA
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  • 2.  RE: HOW TO RECORD AN ASSET RETURN

    TOP CONTRIBUTOR
    Posted Jun 06, 2019 08:19 AM
    @Deja Pharr,

    It all depends on whether you want the asset record to stay in GP to show history or if you want the asset to completely disappear as if you never owned it in the first place. If you want to see the asset in history, simply dispose of it. You can choose your disposal date. So if you back-date it to the original purchase date the depreciation will reverse as part of your entry. If you want to erase the asset from the FA system altogether, delete it (Financial>Utilities>Fixed Assets>Delete)​. When you do this, it only removes the asset record from FA, but GP will give you the entries that you will need to enter manually to remove the asset information from your GL.

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    Barbara Gavron
    Atlantic Beach / Jacksonville FL
    904-536-0129
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  • 3.  RE: HOW TO RECORD AN ASSET RETURN

    TOP CONTRIBUTOR
    Posted Jun 12, 2019 08:56 AM
    @Deja Pharr

    I agree that it would be dependent on if you want to be able to historically go back.  However, due to the fact that simply removing this would affect prior periods, I would suggest:

    Do the Return in AP to get the money back from the Vendor.  If you are getting a replacement for it or it is being refurbished and sent back you may want to simply continue the asset in the system.

    If you do want the asset out of GP:
    • Retire the Asset in FA Retire
    • Do a GL Reversal of the Depreciation it has already accumulated.


    This would
    • Remove the FA from the cost account
    • the GL Entry will reverse the Accum Depreciation and the Depreciation Expense, but all of this will happen in the current financial period and be traceable from a reporting and auditing standpoint.​


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