Asset wrongly capitalized

Hi
I wrongly capitalized one asset of Rs.12000 (Doc date, posting date and asset value date: 15th July 2010). Depreciation is also posted till December 2010
Now as per auditors, the same should be expensed out in repairs account. WDV as on today is Rs.7350.
Now i need to reverse the entire transaction (including depreciation, accumlated depreciation). Vendor is paid in july itself.
FY is from April 2010 to March 2011. I tried with ABNAN. But its telling that the date is not in closed period.
Please help how can i rectify.

Hi,
Steps you should follow.
1) First change the depreciation key in the asset master to "000" (zero depreciation)
2) Do repeat run of depreciation, so that the depreciation recalculates and the net depreciation posted will be come zero.
3) Scrap the asset. Here the entry will be
         Loss on sale of asset
            To Asset
4) Mannualy post an entry
           Expense (corresponding GL)
                To Loss on sale of asset.
Note: First try this scenario in you Dev or Quality Server.
Hope this helps.
Thanks and Regards
Om
Edited by: Om Prakash Arjuna on Jan 12, 2011 12:56 PM

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