The Facts: Asset 1 Cap Date 6/21/2007 (prior year) $3206.82, 10 yr. life, Dep Posted in 2007 $267.23 (April begins fiscal yr)
On November 21, 2008, the client erroneously charged the asset an additional $156,162.13 rather than charge a new asset with cap date of 9/2008. No depreciation has been posted on this extra amount as it was after Nov. 15 and December has not been run yet.
I can not reverse the transaction using AB08 because the second line in the original transaction charged another asset erroneously that we fixed by ABAVN and creating a new asset. That amount is no longer in the second asset so it can't be reversed.
I tried both ABAVN to scrap the asset and journalize the loss to a new one as well as ABUMN to do a partial transfer to a new asset. Either way, the entry generated is not right. The entry in both cases credits the cost correctly for the $156,162.13 but also debits Acc. Dep. for $471.34 which is wrong. No depreciation has been taken on the incorrect posting yet so it's taking depr. from the original asset back to cap date.
The $156,162.13 shows in the current year acquisitions report but if I check the current year acquisition radio button it gives me an error message AA417 Retirement of New Acquisition not possible (Transaction Total=0). If I use Prior Year Acquisition, it would work but would recapture depreciation never taken. Can someone steer me in the right direction?