1. Get rid of all advertisements and get unlimited access to documents by upgrading to Premium Membership. Upgrade to Premium Now and also get a Premium Badge!

FA Module - Depreciation wrongly done for an Asset

Discussion in 'Oracle Financials' started by yowancristo, Dec 2, 2014.

  1. yowancristo

    yowancristo Forum Advisor

    Messages:
    103
    Likes Received:
    10
    Trophy Points:
    305
    Location:
    Bangalore
    Hi ,

    Can someone provide a solution for below scenario.

    An asset was wrongly depreciated to certain amount and at a later point, realized that it should not be.

    Now for future corrective action - 'Depreciate' option is unchecked for the asset from Asset Workbench. However how to correct the amount that was depreciated already?

    Many thanks,
    Yowan Cristo
     
  2. yramesh77

    yramesh77 Active Member

    Messages:
    3
    Likes Received:
    0
    Trophy Points:
    100
    Hi,

    Retire the asset and upload with correct values of the asset.
     
  3. yowancristo

    yowancristo Forum Advisor

    Messages:
    103
    Likes Received:
    10
    Trophy Points:
    305
    Location:
    Bangalore
    Hi,

    Thanks for the update, But in that case what will happen to amount depreciated already? and this will create a new asset.

    Is there any other method to rectify this without creating a new asset.

    Regards,
    Yowan Cristo
     
  4. yowancristo

    yowancristo Forum Advisor

    Messages:
    103
    Likes Received:
    10
    Trophy Points:
    305
    Location:
    Bangalore
    Hi,

    I found another way to resolve this without retiring the asset,

    Wrongly Depreciated amount can be restored back by running Unplanned Depreciation for the asset with negative amount of already wrongly depreciated value.

    Thanks,
    Yowan Cristo