Fixed Asset Disposal Reversal

Finance can reverse a fixed-asset disposal posted in error. Versa records a reversal transaction and removes the asset's disposal date. Confirm with the asset custodian what happened to the asset before correcting the accounting record.

Before you start

• Access: You need GL Posting access in the entity that owns the asset. This permission is also required to open the transaction list.
• Where: Open GL > Fixed Assets > View All. The asset row may have a Tx Details link to its transactions. You can also use GL > List Transactions > View All to find the Fixed Asset Disposal transaction.

Reverse and confirm

1. Find the asset and its disposal transaction.
2. Check the transaction number, date, amount, and asset name.
3. Open the disposal transaction and confirm that Reversed is No.
4. Select Reverse.
5. Review the reversal date. Versa uses the original disposal date by default.
6. If the original disposal date is in a closed period, select Use a Different Date for Reversal.
7. If using a different date, enter a Reversal Effective Date in an open period, no earlier than the original disposal.
8. Select Post Reversal and check for Transaction Reversed.
9. Reopen the original transaction and confirm Reversed: Yes and the Reversed by link.
10. On the fixed-asset list, check that Disposal Date shows Dispose again.

Review the reversal transaction and affected period with finance. If the disposal was real, coordinate the physical and customer or supplier correction separately. A reversal transaction cannot itself be reversed. A corrected disposal must be dated after the asset's last related transaction, so it cannot reuse the original disposal date after the reversal.

If you don't see what you expect

• Reverse is missing: Check your GL Posting access and whether the transaction is already reversed.
• The date is rejected: Use an open accounting period on or after the original disposal date. The message may end Must be during an Open Accounting Period.
• A reconciliation blocks reversal: Versa may say This transaction is linked to a Reconciliation for period ending [date]. Remove this transaction from the reconciliation prior to reversing this transaction. Coordinate that removal with the person responsible for the reconciliation before retrying.