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June 23, 2020 5:47 pm
I need to lower the value of a fixed asset. Any advise would be appreciated.
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June 25, 2020 10:34 am
In order to decrease the value of an asset, you would have to book an entry to credit the fixed asset clearing account. Typically, this might be done using a journal entry or a debit adjustment within AP. Once you have that entry posted, then you can navigate to the asset that you want to decrease, and use the Reconciliation tab to select the entry you just made.
Once you hit process, the system will create a reconciliation entry within the FA module to reduce the value of the asset. The entry as part of this process debits fixed asset clearing, and credits the fixed asset account.
