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NSC | How to Resolve Creation of Incorrect Assets and its Related Depreciation

edited Jan 10, 2024 4:23PM in Accounting / ERP

Scenario: 

After running depreciation and generating the Monthly Depreciation Report, the user noticed that there is an overstatement in the total Depreciation Amount. The discrepancy was due to the 2 assets that were incorrectly created and were also included in the computation of depreciation for the month. 

Solution: 

1. The Depreciation Journal Entry must be deleted. This can be check on either the Depreciation History record on the Asset Record or on the Monthly Depreciation Report

2. The following fields must be updates: 

On the Asset record:

  • Asset Status = Disposed
  • Current Cost
  • Original Cost
  • Net Book Value = 0
  • Asset Lifetime = 1
  • Last Depreciation Period and Amount

Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru

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