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How to do with the asset that was wrongly added and already depreciated?

Discussion in 'Oracle Financials' started by yingsras, Dec 16, 2011.

  1. yingsras

    yingsras Forum Advisor

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    Hi Everyone,

    If I have an asset which the life year is 5 and already depreciated for 1 year and already transfered to GL. Then I found that this asset is wrongly added. There is no this asset in the inventory and I don't want this asset is in the application anymore.
    What should I do with this asset?

    I tried to adjust the cost of this asset to zero and run the depreciation, then the depreciation of this asset in the period that was run is the minus value of the summary of all of the old depreciation.

    e.g

    Period Depreciation
    Jan-11 <38,884,910.58>
    Dec-10 990,494.82
    Nov-10 958,543.40
    Oct-10 990,494.85
    Sep-10 35,945,377.51
    ** Adjust Cost to 0 at this period and Run the depreciation this period
    ** Depreciation of Sep-10, Oct-10, Nov-10 and Dec-10 is equal to Jan-11

    Will it offset the depreciation between the old cost and the new cost(change cost to zero)?
    Do I have to adjust the journal in the Addition and Depreciation category?

    Has anyone ever experienced this issue? What did you fix this problem ..Do you have any idea and suggestion? please let me know.

    Thanks in advanced.