Asset change to inventory

[Former Member]

Hi all,

For some of the assets in our company, the auditor suggested us to change it as inventory. it should not in assets.

what is the procedure to follow? shall i retire the asset and take it as inventory or any way to solve this?

Kindly give the procedure.. its very urgent.

Raghav

[Former Member]

only this way or any way to direct change from asset to inventory??

[Former Member]

Maybe you need to retire the asset, and create material, and do manual accounting adjustment. (pass entries)

[Former Member]

any solutions please............

[Former Member]

is there any option to give the a/c entry like this:

Inventory a/c Dr - 1000000

asset a/c Cr - 1000000

because the assets should belongs to the inventories. which t.code we have to change this?