Correcting Accumulated Depreciation
We have certain assets that should have been set up as non-depreciating assets but were marked for depreciation in error. They now show as fully depreciated in our assets application. We need to reverse this depreciation that was calculated and recognized in prior periods (and in some cases prior years). We attempted to use the Depreciation override form using a negative depreciation amount. We set the overrides up to post before depreciation had been run and tried both depreciation and adjustment in the “used by” column. We have been able to adjust depreciation for assets that are still depreciating using the Override, but the Override entries for the fully depreciated assets are not changed to Posted and do not affect the accumulated depreciation balance. The profile FA: Enable Depreciation Override is set to Yes. Is there another way to correct these assets’ accumulated depreciation? Thanks.