Canceling Entries

If you have posted an erroneous entry, you can cancel it. This means you can mark the posted entry as an error ledger entry and then post the correct entry.

The reason for this feature is that the program uses the FA posting date in many calculations. Entries with incorrect FA posting dates must therefore be corrected.

To Cancel Entries:

  1. Open the Fixed Asset Card window. Browse to the asset for which you want to correct entries.

  2. Click Fixed Asset, Depreciation Books. Select the line with the relevant depreciation book. Click Depr. Book, Ledger Entries. The FA Ledger Entries window appears.

  3. Click the line to be corrected, and then click Functions, Cancel Entries.

  4. The program creates the necessary entries in a journal. Note that the entries are placed in a journal that must be empty and have a number series set up in the journal batch.

  5. Open the Fixed Asset G/L Journal window.

    Note that the program fills in the FA Error Entry No. field.

  6. Enter the balancing account on the line.

  7. Post the line. The entry from the journal line and the FA ledger entry with the FA error ledger entry number will be marked as error ledger entries. This is, however, only possible if the two entries have identical FA posting dates, FA posting types and amounts with opposite signs (that is, debit and credit).

  8. You can now enter and post the correct entry.

Related Topics

Correcting Entries

Canceling Multiple FA Ledger Entries

Checking Canceled Ledger Entries

Checking Error Ledger Entries