Fixed Asset Reversal

In MYOB Acumatica, if a fixed asset has released transactions associated with it, you cannot delete this asset from the system. In this case, you can reverse the transactions and then annul the asset.

For example, suppose that you have created a new asset by converting a purchase to a fixed asset. Then you have realized that the wrong receipt date is specified in the fixed asset record. This date cannot be edited because the corresponding transactions (Purchasing + and Reconciliation + ) have already been released (for details, see Types of Fixed Asset Transactions). In this case, you can annul this asset and again convert a purchase to a fixed asset with the correct settings.

You annul the asset by using the reverse procedure. When you invoke this procedure, all transactions associated with the fixed asset are reversed in the corresponding book in which the original transactions are posted, and the asset gets the Reversed status. For transactions recorded in the non-posting book, the reversal transactions are posted to the same financial period as the period of the original transactions. For transactions recorded in the posting book—that is, in the book that updates General Ledger—the reversal transactions are posted to the period of the original transactions only if this period is open; if the period of the original transactions is closed, the reversal transactions are posted to the nearest open financial period.

Reversing a Fixed Asset

To reverse a fixed asset, on the Fixed Assets (FA303000) form, you need to select the required fixed asset in the Asset ID box, and on the More menu (under Corrections), click Reverse.

Reversal of an asset yields the following results:

• Reversal transactions are generated for all original fixed asset transactions in the corresponding fixed asset book.
• The annulled asset is displayed as Reversed on reports, with the depreciable basis and the amount of accumulated depreciation equal to zero.

The status of the asset at the moment of the reversal must be Active. The reversed asset cannot be deleted or edited.