Transfer of Fixed asset value to CWIP

[former_member284910]

Hi,

By mistake the Accountant booked the values to the Fixed asset. This was contiued since last three years. Right now want to transfer the values to CWIP. Suggest me how to solve this one.

MPR

[Former Member · Accepted solution]

I don't think it's possible to transfer a capitalized asset back to CWIP (I assume this means AUC?)

One suggestion is to post a retirement to the asset, and create an acquisition under AUC using the same values.

[former_member284910 · Accepted solution]

Hi,

Thanks for the early replies...

But for this asset , entries are posted in the last 3 fiiscal years (2006, 2007 & 2008 ).

Balance Sheet also prepared for those years.

Is it acceptable to retire the asset & book as CWIP ?

MPR

[former_member284910]

Please reply

[former_member195124]

MPR

As I mentioend above, You will have to retire and post new assets to AuC / CWIP.

There is no other way.

Goodluck!

Rgds

Zub

[former_member195124]

MPR,

You cannot post Final asset back to AUC class. The best option would be to retire the existing asset and create new asset under AUC Class.

OR try this thread.

Rgds

Zub