Turn on reversals for Fixed Assets Management

Turn on reversals to correct depreciation mistakes by creating offsetting journal entries instead of deleting original postings. This approach preserves audit history and supports requirements in regions where deletion of posted transactions is not permitted.

Setting Correction treatment to Reverse is permanent at this time. It cannot be changed from Reverse to Revert.

When Correction treatment is set to Reverse, the following actions are prevented:

  • Revert capitalization

  • Revert place in service

  • Revert depreciation

  • Revert asset transfer

  • Revert partial disposal

  • Revert full disposal

  • Delete an AP adjustment that adjusts asset cost

And the following actions are enabled:

  • Reverse depreciation

At this time, only depreciation can be reversed when reversals are enabled.
Subscription Fixed Assets Management

Administration
Regional availability

All regions

User type Business user with admin privileges
Permissions

Administration

  • Application subscriptions: Configure
  1. Go to Fixed Assets Management > Setup > Configuration.
  2. Select Edit.

  3. In the Journals and accounts section, set Correction treatment to Reverse.

    Setting Correction treatment to Reverse is permanent at this time. It cannot be changed from Reverse to Revert.
  4. Select Save.