Dear All
Scenario: Asset Accounting
For Civil works/Electrical works invoices are not received from Vendors. The amount incurred against Civil/Electrical need to be capitalized by raising provision against vendor.
This is provision for un received invoices from suppliers. Assets need to capitalize in current year.
Note: We have not received invoices from suppliers and assets are put in use.in this case i have gone for provision entry.
Step 1: Reversible Provision entry 31.03.2010(FBS1)
70 CWIP Dr
31 Vendor Cr
Step 2: Capitalization of CWIP 31.03.2010(AIAB, AIBU)
70 Final Asset Dr(Put in use)
75 CWIP Cr
Step 3: Reverse the Provision entry on 01.04.2010(F.81)
24 Vendor Dr
75 CWIP Cr
Step 4: Regular Vendor Invoice on or after 01.04.2010(MIRO)
70 CWIP
31 Vendor.
This is the exact client requirement.
I made entries in current fiscal year and made capitalized and when I try to reverse the provision entry on 01.04.2010
system throwing error as: AA 453: Reversal not possible(Asset Value Date in diff. Fyear from posting date)
Regards
venkataswamy
Edited by: venkataswamy bathini on Apr 21, 2010 12:45 PM