Reverse posted depreciation—Fixed Assets Management

If reversals are enabled in Fixed Assets Management, you can reverse posted depreciation to correct mistakes.

Reversing a depreciation entry does the following:

• Creates a reversal journal entry to offset the original depreciation expense.

• Changes the period state from Posted to Reversed. The period can be reposted when ready.

• Restores the Total accumulated depreciation and Remaining depreciation for the schedule to their values before the entry was posted.

You can reverse in bulk from the Post Depreciation list, or individually from an asset's Depreciation Schedule page. Within a schedule, entries must be reversed in order of most recent to oldest actual posting date, without skipping any entries in between.

Before you begin

Verify the following:

• The entry's state is Posted and its posting date is in an open period.

• No transfers, cost adjustments, or partial disposals occurred after the entry was posted.

• The associated asset is active and its state is In service.

Reverse posted depreciation entries in bulk

Reverse multiple entries across different assets and schedules from the Post Depreciation list. You can reverse up to 500 entries at a time.

1. Go to Fixed Assets Management > All > Depreciation > Post depreciation.

2. From the views dropdown at the top left, select the Posted view.

   Alternatively, manually set the filter on the State column to Posted.

3. Optionally, use the Show dropdown at the bottom left of the list to increase the number of entries per page.

   Showing more entries per page allows you to select and reverse more entries at once.

4. Optionally, apply column filters to narrow down the list of entries you want to reverse.

5. Select the checkboxes next to the entries that you want to reverse, or select the checkbox at the top left of the list to select all entries on the page.

   Within a schedule, entries must be reversed in order of most recent Actual posting date to oldest Actual posting date, without skipping any entries in between. For example, if a schedule has posted entries for January, February, March, and April, and you want to reverse January and March, make sure that you also select February and April.

6. Select Reverse.

7. Select a Reversal date.

   Reversal date requirements

   The reversal date must meet the following requirements:

   • Be after the entry's actual posting date.

   • Be before the next scheduled posting date.

   • Be after the most recent transfer date.

   • Be after the most recent partial disposal date.

   • Be after the most recent AP adjustment date.

8. Select Reverse to confirm.

   A new bulk action run is created. You can monitor the status of the run on the Bulk Action Runs page. You'll receive an email when the run is complete.

   Depreciation entries will remain in the Posted state until the bulk action run is complete, which can take up to 15 minutes. You do not need to revert the entries again unless there's an error in the run.
   

9. To revert more entries, go to the next page of the list view and repeat the steps above.

Next step: View bulk action run status

Reverse a single posted depreciation entry

Reverse entries one at a time in a single schedule from an asset's Depreciation Schedule page.

1. Go to Fixed Assets Management > All > Assets.

2. Find the asset that contains the depreciation entry that you want to reverse.

3. Select the asset's name to view it.
   
4. Select the Depreciation schedules tab.
5. Select a schedule's ID to view it.

6. For the most recently posted depreciation entry, select More actions > Reverse.

   Posted entries must be reversed one at a time in order of most recent Actual posting date to oldest Actual posting date.

7. Select a Reversal date.

   Reversal date requirements

   The reversal date must meet the following requirements:

   • Be after the entry's actual posting date.

   • Be before the next scheduled posting date.

   • Be after the most recent transfer date.

   • Be after the most recent partial disposal date.

   • Be after the most recent AP adjustment date.

8. Select Reverse to confirm.