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Reversing fixed asset transactions for India

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You can reverse a fixed asset transaction, reverse taxes for the transaction, and update general ledger accounts. Information about the updates to an asset are displayed in the Books > Balances page for the selected asset.

You can reverse fixed asset acquisitions or acquisition adjustment transactions with the tax that is calculated. The posted tax should also be reversed along with the fixed asset transaction reversal.

As a prerequisite, the Companies Act depreciation and Income tax Act depreciation check boxes must be selected in the Fixed assets parameters page.

  1. In Fixed assets, select a fixed asset. Click Books.
  2. Select the book with a tax layer in the Book field.
  3. Click Transactions to open the Fixed asset transactions page.
  4. Select the transaction that is posted for the acquisition to activate the reverse transaction.
  5. Click Reverse transaction to open the Transaction reversal page.
  6. Enter the Reversal posting date.
  7. Click OK to reverse the transactions.

Example 1

This example shows how to post the Fixed assets journal with an acquisition transaction for a selected fixed asset.

  1. In Fixed assets, select a fixed asset.
  2. Click Books. Select the book and click Balances.
  3. The page displays details that are specific to the selected fixed asset including posted acquisition transaction.
  4. Close the Balances page and click Transactions.
  5. Select a previously posted acquisition transaction and click Reverse transaction.
  6. Return to the Balances page and ensure that the balance of the acquisition transaction has been decreased by the amount of the reversed transaction.

Example 2

In this example, all reversed transactions are displayed in the transaction list for a fixed asset group. The acquisition transaction that was reversed in Example 1 can be traced and reversed.

  1. In Fixed assets, select a fixed asset.
  2. Click Books. Select Transactions and then select Reversed tracing.
  3. In the list of reversed transactions, select a previously reversed acquisition transaction and click Reverse transaction.
  4. Notice how the previously posted acquisition transaction has been restored with a voucher number that is specific to the reversal transaction.