Answer
When an asset was established there was a mistake and the amount of historical depreciation is incorrect, but the depreciation amount in my GL is correct. I want to adjust the asset balance without affecting the GL balance.

You are going to use the Review/Adjust Depreciation and JV’s to make this change.
1)    Determine which asset needs to be adjusted by how much. You cannot make a summary adjustment to the fixed asset system. All adjustments need to be tied to specific assets.
2)    Use the Review/Adjust depreciation function to make the adjustment. Step by step instructions are in KB 1721. This adjustment has to be made on or before the last depreciation date of the asset. Adjustments cannot be made into closed fiscal years.
3)    After you have made the adjustment transfer the adjustment to accounting. This will update the amount of the asset as well as changing the amount on the GL.
4)    Do a JV to reverse the amounts of the depreciation adjustment on the GL. This will bring the GL back to its original value leaving the asset adjusted.


 
Additional Information
Is there a way to adjust depreciation without affecting the GL balance or having to reverse the entry?

No. You cannot adjust historical depreciation that has been transferred without entries being made to the GL.
 
Article Type
Product Info
Product Line
MIP Fund Accounting
Product Module/Feature
Fixed Assets
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