Fixed Assets - EBS (MOSC)

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Asset Correction

edited May 9, 2013 5:33AM in Fixed Assets - EBS (MOSC) 7 commentsAnswered
Hello FA Gurus,

We have asset  that have incorrect costs that has been depreciated for over a year. Here's  my questions.

1. Can still correct the cost?. My guess is not since it won't be consistent with the cost reported in Payables.

2. If it does not make sense to correct the cost,   Can I adjust the accumulated depreciation so that i can have correct or adjusted book value?

3. Does the system will create an entry since I adjust the accumulated depreciation ( Dr. Expense / Cr Accumulated Depreciation or vice versa depending wheter I increase or decrease the value of accumulated depreciation)? Since we are creating a manual entry then we should just delete the entries and not post it?

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