How can adjust the FA accounts in R12

[Gopal Ayog]

Hello,
In my org, by mistake during the month of Dec-14 at the time of retirement of asset I have chosen “Sale of Asset” instead of “Removal of Asset from FA” due to this it was retired but the depreciated amount got credited to Income A/c like profit on sale of FA).

Due to this we have to debit the depreciated amount from Income A/c. and credit the Exp. furniture account as the retirement type should be “Removal of Asset from FA”

What should I do now….should go for adjustment entry in GL or ……….?

 

[Zishan Ali]

You can create a manual journal entry in GL to reverse the journal entry created for Fixed Assets.

[ajkhan80]

Hi Mr. Gopal,

Please check on Subledger accounting if you are able to create the adjustment entry in FA subledger and transfer to GL, if not then as final option create an Adjustment Journal in GL.

As workaround by temporarily unfreezing the Source in GL you can reverse the same journal which came from the FA, but not recommended as standard solution.

[viggora]

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[viggora]

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