Hi Wayne:

The asset can be adjusted if it is within your current fiscal year or your previous fiscal year. Please be sure this adjustment has been verified by the accountant before proceeding because it will affect the income statement and balance sheet.

Thank you so much for the reply.  It was in the last years fiscal period.  In the prior fiscal period let say the capital asset was $100 and there was an additional asset $10,000.  The payment of the costs came out of the bank account (1060) and was posted against a GL Code (5901) that was an expense code.  So the bank account was adjusted down by $10,000 and then the offsetting account was the expense account (5901).  So when I look at last years income statement there is an expense GL code/account that is $10,000.   There is also a GL capital account for buildings (1833) and then an accumulated amortization account for buildings (1834).  So 1833 which should have the previous total plus the $10,000 doesn't show that.  

Thank you again!

A simple entry can be made to transfer the expense to the Asset account. However, as it is in a prior year this should be discussed with the person who prepared your year end reports and filed the necessary forms with the government. There is more at stake than just the bookkeeping, Amortization may also have to be adjusted and these two entries will change the Balance sheet and Income statement. The accountant who completes the year end work would be best to discuss how to do this properly and complete the adjustments in the filings.