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Expense Asset added to Fixed Assets as Capitalized by accident, how do you correct?

Discussion in 'Oracle Financials' started by kcsmiles, Nov 4, 2014.

  1. kcsmiles

    kcsmiles Guest

    We have two assets that were accidently added as Capitalized when they should have been Expensed several years ago. This error was not caught until resently because we do not run any reports that list the Asset Type. In the User Guide under Asset Setup I see a note that states "Once you save the asset, you cannot change the asset type." But I'm wondering if this has happened to anyone else and what they ended up doing to correct this issue. Were you able to retire the asset then reinstate it with a new Asset Type. Did you have to retire the asset and add in a new asset, if so how did you handle the asset number, since you can't reuse the same asset number? Any insight into this issue would be greatly appreciated.

    Thanks,

    kcsmiles
     
  2. yramesh77

    yramesh77 Active Member

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    Re: Expense Asset added to Fixed Assets as Capitalized by accident, how do you correc

    Hi,

    We can able to transfer the asset to the new category...there is of retirement.

    Regards.
    Ramesh