How do i increase or decrease vaule of asset that was capitalized in prior

Question

How do I increase or decrease the value of an asset that was capitalized in prior year (2011)? The prior year and current year depreciation also needs to be adjusted to reflect the change in asset value.
1)Assets were created in FY11 with an 11/15/2010 date
2)The assets were given incorrect costs.
3)I need to adjust the cost of several assets .The net amount of all cost adjustments will be 0$.
4)Some of the assets will be adjusted down to 0$. These need to be disposed of.
5)I tested few few assets in testing client using ABZON.
ABZON will not allow me to input the original acquisition date because it is in prior fiscal year. To test, I used a period 1 date (4/15/11).  Using 4/15/11 will not adjust the prior year depreciation.
ABZON also does not deactivate the asset so after I processed the asset decrease using ABZON, I used ABAVN to dispose of the asset.  This created an entry to the gain/loss account for the depreciation that was taken in FY11 (prior year).
For example: one asset with acquisition value: 2272.05 and depreciation posted in prior year (2011)is 53.97
Acquisition value 2272.05 has to be zero with other asset adjustment.
How can prior year depreciation (53.97) can be adjusted in the current fiscal year
Need your help on this.
Regards,
Lucky

Answer 1

HI,
My transaction type is not 7* series but it is 336.Please help me to get this done.
I mean it is settled from project and WBS element to Assets(144 assets) using CJ88,so i tried reversing it in CJ88 but it thrown me error message as Fiscal year is closed, I opened fiscal year for asset accouting for previous year.
i already did ABZON with value date 4/15/2011 for one asset among 144 assets and did asset retireemnt,so when try to reverse in CJ88 (value date :11/15/2010)its throwing me below message
retirement was already posted on the asset 00000xxxxxx 0000 on 20110415. Based on the value date 20101115 of the transaction, this transaction should have been included in the calculation of values for the retirement.
Reagrds,
Pandu
Edited by: luckypandu on Mar 9, 2012 3:46 AM