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How to "Correct" Fixed Asset Original Cost?

edited Nov 1, 2022 1:30PM in Ask A Guru 4 comments

We recorded a fixed asset via Journal Entry in 08/2022. August 2022 period is closed.

We have have processed & recorded 3 months depreciation.

We were overcharged for the fixed asset and have received a refund.

I need to correct the Fixed Asset Original Cost, since it was incorrect.

I need to adjust the depreciation schedule to calculate the correct depreciation for the remaining periods

It is not an Asset Revaluation. It was an error in the Asset Original Cost and therefore is recording the incorrect depreciation each month.

How do I correct the Asset Original Cost and have the Depreciation schedule updated to the new correct amount so that the asset and related journal entries are correct and reflect the correct asset value in October?

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