How to delete an asset in Fixed Assets in Microsoft Dynamics GP

Note Before you follow the instructions in this article, make sure that you have a complete backup copy of the database that you can restore if a problem occurs.
INTRODUCTION
This article describes how to delete an asset in Fixed Assets in Microsoft Dynamics GP, if the asset has been entered in Fixed Assets and is assigned to the corporate book. This article also describes how to remove the transaction from the general ledger if the asset has been depreciated, and if the transaction has been posted to the general ledger.
More information
Before you follow these steps, all users should log off from Microsoft Dynamics GP.

How to delete an asset in Fixed Assets

  1. To update the general ledger, post the transactions that have not been posted yet.
    1. On the Tools menu under Microsoft Dynamics GP, point to Routines, point to Fixed Assets, and then click GL Posting.
    2. In the Fixed Assets General Ledger Posting window, specify the Beginning Period field and the Ending Period field for the transactions that have not been posted, enter the required information, and then click Progress.
  2. Post the Fixed Assets batch to the general ledger.
    1. On the Transactions menu, point to Financials, and then click Batches.
    2. In the Batch Entry window, select FATRX in the Batch ID field, and then click Post.
    3. Click OK.
  3. Print the "Fixed Assets to General Ledger Reconciliation" report for the asset that will be deleted.
    1. On the Reports menu, point to Fixed Assets, and then click Activity.
    2. In the Activity Reports window, select Fixed Assets to General Ledger Reconciliation in the Reports field.
    3. Insert the option that you want to use, and then click Print.

      Note The "Fixed Assets to General Ledger Reconciliation" report lists all the transactions in the general ledger that will be affected by deleting the asset.
  4. Take a screen shot of the Asset Book window for the asset that will be deleted, and then take a screen shot of the Asset General Information window for the asset that will be deleted.

    Notes
    • To open the Asset Book window, on the Cards menu, point to Fixed Assets, and then click Book.
    • To open the Asset General Information window, on the Cards menu, point to Fixed Assets, and then click General.
  5. Delete the asset in the Delete Asset Utility window.
    1. On the Tools menu under Microsoft Dynamics GP, point to Utilities, point to Fixed Assets, and then click Delete.
    2. In the Asset Delete Utility window, enter the asset that you want to delete in the Asset ID field, and then click Delete.
    3. Click Continue when you are prompted to confirm that you want to delete the asset.
    4. In the Report Destination window, select a destination, and then click OK to print the FA Asset Delete report.

How to update the general ledger

After you delete the asset, the general ledger is not automatically updated. Therefore, you have to enter either adjusting entries or reversing entries in the general ledger. To do this, use one of the following methods.

Method 1

  1. On the Transactions menu, point to Financial, and then click General.
  2. In the Transaction Entry window, select the journal entry in the Journal Entry field. This journal entry is the journal entry that is displayed in the "Fixed Assets to General Ledger Reconciliation" report that is printed in step 3 earlier in the "How to delete the asset in Fixed Assets" section.

Method 2

  1. Reenter the asset in the Asset Book window and in the Asset General window.
  2. Run depreciation on the asset.
    1. On the Tools menu under Microsoft Dynamics GP, point to Routines, point to Fixed Assets, and then click Depreciate One Asset.
    2. In the Depreciate Asset window, select the asset that you want to depreciate in the Asset ID field, enter the depreciation target date, select a book for this asset, and then click Reset Life.
  3. Create general ledger posting transactions.
    1. On the Tools menu under Microsoft Dynamics GP, point to Routines, point to Fixed Assets, and then click GL Posting.
    2. In the Fixed Assets General Ledger Posting window, specify the Beginning Period field and the Ending Period field for the transactions, enter the required information, and then click Progress.
  4. Delete the Fixed Assets batch that was created when the asset was depreciated.
    1. On the Transactions menu, point to Financials, and then click Batches.
    2. In the Batch ID field, select FATRX, and then click Delete.
References
This article was TechKnowledge Document ID: 6028
Properties

Article ID: 865723 - Last Review: 02/05/2016 15:27:00 - Revision: 5.0

Microsoft Dynamics GP 2015, Microsoft Dynamics GP 2013, Microsoft Dynamics GP 2010, Microsoft Dynamics GP 10.0, Microsoft Dynamics GP 9.0

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