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REINSTATEMENT ACCOUNTING NOT WORKING (proceeds of sales clearing accounting issue)

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in Assets 2 comments


Proceeds of sales clearing account generated successfully in retirement has not been reversed when reinstating the asset. Status of reinstatement is also shown as invalid.

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An asset was entered with below information in month of aug-21

Asset cost - 10000

DPIS - 02nd September 2006

Life - 10 Years

Dep method - Straight line

This asset was fully retired in the current period (AUG-23) incorrectly with proceeds of sale as 10000. Upon realizing this mistake, asset was reinstated and then retired again with proceeds of sale as 0.

Reinstatement accounting generated has an issue, it shows the status as invalid and the create accounting execution report generated shows the below error

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