How does AssetAccountant handle adjustments to asset transactions long after journals have been posted?
I don't have to roll back multiple journals do I?
No you don't!
Just make any adjustments you require to the affected asset(s) - E.g.
- acquire a new asset at a previous date
- dispose of an asset at a previous date
- correct an incorrect disposal or acquisition amount
- change acquisition, disposal or any other event dates that may have been entered incorrectly long ago
- change depreciation rates/methods may have been entered incorrectly
- reverse or add past transactions prior to your journal end dates
- reassess assets
AssetAccountant journals can detect 'past transactions', or transactions that have occurred prior to your last journal.
For example, if you run a journal as at 31 January, then dispose of an asset with an effective date of 15 January, you can run an additional journal as at 31 January and AA will pick up and post the difference.
Effectively AA runs an adjusting journal automatically for you.
Similarly, if you then reversed that disposal, you could run a third journal as at 31 January that will show the reversal amounts.
We often suggest on occasions like this to just run a journal with the same date as your last journal and, as long as there aren't many other 'past transactions', you should be able to clearly see the effect of a reversal or any other changes you made.
See also: Depreciation calculations seem to be incorrect in journals