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Is It Possible to Reverse the Depreciation on Asset if it is wrongly posted

Updated May 19, 2018

Hello Experts,

I have one confusion is it possible to reverse the depreciation on asset if it is wrongly posted. If possible then what can be done and where it will effect what changes can be done?

for example a machine was purchased on january 2014 and charged depreciation 10%. Now in the year end client realised that depreciation supposed to be charge 5%.

thanks in advance.

Comments

26 Dec 2014 6:22 pm Nitesh Singh Helpful Answer

Change the depreciation key in the asset. Rerun the depreciation in AFAB in repeat run mode. The difference gets posted in the current month. The difference can be distributed to remaining months using smoothing method if required.

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