Correcting Acquisition Cost Errors in Dynamics NAV


One of the top customer questions we receive in the Fixed Assets area is about correcting Acquisition Cost Errors.

For example, an acquisition cost has by mistake been posted the 1st of May 2002 instead of the 1st of May 2001. The mistake is corrected by removing the entry with the function Cancel Entries and then posting the acquisition with the correct date. The function Cancel Entries is on the FA Ledger Entries form.

It would be inappropriate to use the function Reverse Transactions. The function Cancel Entries removes the entries from the FA Ledger Entries form and transfers them to the form FA Error Ledger Entries, whereas the function Reverse Transactions posts an entry with the opposite sign. Therefore, the batch job Calculate Depreciation cannot depreciate the fixed asset until the 1st of May 2002 if the function Reverse Transactions is used.

Note that Cancel Entries is a function specifically made for the fixed asset functional area whereas Reverse Transactions is a more general function for all general ledger postings.

- Henrik Sonne.

Comments (2)

  1. modric says:

    Its OK with Cancel Entries and FA Ledger, BUT WHY correspnding G/L entries (when Depr.Book is integrated with G/L) are NOT made with opposite sign (Storno or Correction), thus unnecessarily growing turnover in G/L Accounts?

  2. Henrik Sonne says:

    Your remark is very relevant.

    There are 2 ways to get general ledger entries posted with ‘Correction’.

    1.

    You can add the field ‘Correction’ to the Fixed Asset G/L Journal – this requires the use of the form designer. Then checkmark the field, ‘Correction’, after the journal lines has been created by the function ’Cancel FA Entries’.

    2.

    You can add the field ‘Mark Errors as Correction’ to the Depreciation Book Card form – this requires the use of the form designer. Then the function ’Cancel FA Entries’ will automatically checkmark the field Correction the journal lines it creates.

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