Reverse an asset transfer—Fixed Assets Management

You can reverse a transfer to correct mistakes. For example, you might reverse a transfer that used the wrong transfer date or dimensions. Reversing preserves posted accounting activity by creating offsetting journal entries instead of deleting existing journal entries.

Reversing a transfer does the following:

  • Restores the dimensions and allocation that were assigned to the asset before the transfer occurred.

  • Creates offsetting journal entries by swapping the debit and credit lines from the original transfer journal entries.

  • Retains the original transfer record on the Transfers tab, marks it as reversed, and records the reversal date.

Before you begin

Verify the following:

  • The asset is active and in the Ready for review or In service state.

  • The transfer you want to reverse is the most recently recorded transfer. To reverse an earlier transfer, first reverse all subsequent transfers.

  • No depreciation or partial disposals occurred on or after the transfer date. No cost adjustment occurred after the transfer date. Reverse any subsequent activity first.

Reverse a transfer

  1. Go to Fixed Assets Management > All > Assets.
  2. Find the asset with the transfer that you want to reverse.

  3. Select the asset's name to view it.
  4. Select the Transfers tab.
  5. Find the most recent transfer.

  6. At the end of the row, select More actions > Reverse.
  7. Select a Reversal date.

  8. Select Reverse to confirm.

    A link to the reversal journal entries is available from the transfer record on the asset's Transfers tab.