If the assets do not come from AP:
1.- Adjust the asset cost to zero
2.- Then retire the asset in the following period.
The cost adjustment will eliminate the cost and when depreciation is run, all
previous depreciation expense will be recaptured. This effectively eliminates
the transactions from the system. The asset clearing account will be charged
with the cost of the asset and will need to be relieved by whatever transaction
external to Fixed Assets prompted the need to delete the asset.
To adjust the cost to zero:
Navigation: Asset Workbench / Books
Select Book
Change cost to zero and save
Asset's accumulated depreciation will be recaptured when depreciation is run at
the end of the current depreciation period. When subsequently retired, there
will be no accounting effect as the cost and reserve are now both zero.
In case the assets come from AP:
1.- cancel in AP the invoice line transferred to FA
2.- then enter another invoice line against an expense account
3.- Run Create Mass Additions from AP.
This way, the cancelled lines will be transferred to FA where they can be added
to the asset setting cost to 0. Then asset can then be retired.
