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Duplicate Fixed Asset

  • 1.  Duplicate Fixed Asset

    Posted 11 days ago
    I discovered an Asset that has been recorded twice under two separate FA ID #'s.  I need to reverse the depreciation and delete the duplicate asset.  Can someone tell me the best way to do this?  ​

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    Diane Fangman
    Accounting Manager
    Meridian Technologies
    Jacksonville FL
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    Conference-GPUG_200x200


  • 2.  RE: Duplicate Fixed Asset

    GOLD CONTRIBUTOR
    Posted 11 days ago
    Edited by Gerald Buenafe 11 days ago
    Hi Diane,

    If the intention is to delete the asset (via Delete Asset Utility*), then GL adjustments need to be entered.
    * This just erases the asset records from the Fixed Assets module only, and does not reverse the entries made in GL

    On a side note, you may opt to go through the following as these will simplify the GL reversal:
    1. Undo Depreciation
    2. Retire the Asset

    Once done, before deleting the asset, make sure to run the FA-GL Posting routine to generate the FATRX batch in GL.

    Assuming all the depreciation records are reversed and the retirement has been done, the Depreciation, Accumulated Depreciation and Asset Cost entries will be reversed. The adjustment will be between the FA Clearing and the Gain/Loss accounts.

    For reference, here is the data for a 'simple' asset:
    1. Added the asset on 2/1/2027
    2. Depreciated the asset until 4/30/2027
    3. Backed out depreciation to 2/01/2027
    4. Retired the asset on 2/1/2027



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    Gerald Buenafe
    Owner/Consultant
    BTP Technologies LLC
    CHANTILLY VA
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    Conference-GPUG_200x200


  • 3.  RE: Duplicate Fixed Asset

    Posted 10 days ago
    Very Helpful! Thank you!

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    Diane Fangman
    Accounting Manager
    Meridian Technologies
    Jacksonville FL
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    Conference-GPUG_200x200


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