I need your assistance. We need to “decapitalize” an asset that had been capitalized and settled earlier in the year
What we need to do is:
· Go back to the original date that the asset was capitalized.
· Reverse out the depreciation that was taken on that particular asset.
· Take the dollars that were originally designated as the cost basis of the asset and reclass them to a balance sheet accrual account.
Please let me know what we can do to adjust this.