Undo acquisition of fixed asset

Question

Hi. I want to learn on how to undo acquisition of an asset

Bob Mc · Answer

I recommend that you add a note to the asset record explaining why or how this asset record was created in error and therefore should not be depreciated. 
 After you save the note, inactivate the asset.

Bob Mc · Answer

Hi, Lorenap, 
 There are indeed some scenarios where it's okay to delete the asset. When teaching the Intermediate class, e.g., I will often point out that you can delete the last asset in your company and the system number will generally be re-assigned to the next newly created asset. (This will work if the asset was created in the Depreciation software, but not if the asset was created by another program such as having been "sent" from the Planning software.) 
 However, if you delete an asset higher up in the numbering scheme, that system number does not get re-assigned. In some cases, this can be embarrassing if an auditor should ask "what happened to the missing asset?" As a general rule, therefore, we recommend to our clients "don't delete assets." You can accomplish your objectives by inactivating the asset instead and yet still see the asset in your database. But I also suggest putting a note on the asset record to explain why it was inactivated. This makes for a nice audit trail. 
 Period close operations are a good practice to lock in and protect the last depreciation figures that were calculated to the end of a fiscal period, anchoring them to that moment in time. Because these assets were depreciated, the period close must match the date of the last depreciation run and is therefore set only on those assets depreciated, i.e., active assets. 
 If you apply the period close to All Complete Assets, only the active assets get the period close. It is not set on inactive assets, though they might be in the group, nor is it set on disposed assets or others. It's only set on active assets.

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Undo acquisition of fixed asset

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