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May 20, 2020 at 08:52 AM

Reversing/correcting a past period partial capitalization #COE

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Hello,

We're found that our asset accountant accidentally ran a partial capitalization settlement from an investment project to an asset in the wrong company code a few periods ago. Instead of the new asset master record #200963 in company code 1730, they ran the capitalization rule against an existing asset #200963 in company code 1720 that has been around for years. This settlement was done in period 3 increasing the value of asset 1720|200963 by about $1500, we're now in the first week of period 6 (doing close on period 5).

Ultimately we want to reverse/undo/correct this mistake fully which should include:

  • Returning asset 1720|200963 to its previous value (-$1500), recalculating and correcting the depreciation entries associated to it.
  • Moving the $1500 posting back to the investment project from asset 1720|200963

I've tested reversing the settlement of the investment project using the Run Project Settlement Actuals app and it doesn't allow me to go back to period 3 partial capitalization it only allows me to go back to the reverse the period 4 periodic settlement (expense to AUC).

I'd love to hear what the best recommendation for handling a situation like this is with an errant posting in a past period to an existing asset with value.

Thanks,

Ryan