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Contents of the Reverse Posted Fixed Assets Entry Screen

Use the fields and options to configure the Reverse Posted Fixed Assets Entry screen.

Although transfers are currently posted in the same Post Fixed Assets Journal screen as depreciation and disposals, you cannot perform reversing transfer entries. To achieve the same effect as a "reversal" of a transfer entry previously made in the current period, you must change the data back to its "pre-change" status in the Asset Account/Organization/Project/Reference1/Reference2 fields and/or the Accum Depr Acct/Organization/Project/Reference1/Reference2 fields (via the Accum Depr Acct Code), either manually on the Asset Master screens or via the Global Change functions. Because the change details are stored in the ASSET_AUDIT_LOG table, posting a second transfer entry in this manner effectively creates a "reversing" transfer entry.

The current Fiscal Year, Period, and Subperiod display on this screen for information purposes only (as they do on the Compute Depreciation screen and on the Post Fixed Assets Journal screen).

Note: You must set up the Current Fiscal Year/Period/Subperiod once on the Configure Posting Settings screen during initialization, and before computing and posting depreciation. Once you have performed the first Fixed Assets posting in Costpoint, the Current Fiscal Year and Current Period fields on the Configure Posting Settings screen are not available to edit, but instead are incremented automatically by the system when the you run the Close Fixed Assets Accounting Period process. (The value in the Current Subperiod field automatically defaults to 1, which you can edit.)

You must specify the FA Journal Sequence No (by which the original entry was posted in the current period) for which reversal is desired for the current period. No Lookup is available. The system validates that the journal sequence number to be reversed is an original entry from the current period for types DEPR, DISP, or DADJ and not a reversing entry (RDEP, RDIS, RDAD). You can reverse only original depreciation entries or original disposal/depreciation adjustment entries.

Note: The system automatically inserts the entry type into the Posting Detail table for every row when you run the Post Fixed Assets Journal process.
  • When depreciation expense entries are posted from the Post Fixed Assets Journal screen, the system writes DEPR to the Posting Detail table.
  • When disposal entries are posted from the Post Fixed Assets Journal screen, the system writes DISP to the Posting Detail table for the disposal portion of the journal entry.
  • Additionally, if a depreciation adjustment related to a disposal is posted from the Post Fixed Assets Journal screen, the system writes DADJ to the Posting Detail table for the depreciation adjustment portion of the journal entry.
  • (When you post transfer entries from the Post Fixed Assets Journal screen, the system writes TRF to the Posting Detail table. The reverse posting process from this screen, however, will not reverse original transfer entries.)
  • When you post depreciation reversal entries from this screen, the system writes RDEP to the Posting Detail table. You cannot reverse an RDEP type entry.
  • When you post disposal reversal entries from this screen, the system writes RDSP to the Posting Detail table for the disposal portion of the journal entry. You cannot reverse an RDSP type entry.
  • Additionally, when you post a depreciation adjustment reversal entry related to a disposal from this screen, the system writes RDAD to the Posting Detail table for the depreciation adjustment portion of the journal entry. You cannot reverse an RDAD type entry.

There is no separate check box for depreciation adjustments on the Post Fixed Assets Journal screen and the same is true for a reversal entry. Because of the connection between a disposal type entry (DISP) and a depreciation adjustment type entry (DADJ), the system writes the entry type to the FA_POSTING_DETL table during posting and automatically posts a depreciation adjustment entered in conjunction with a disposal when disposals are posted. Just as in the original entry screen, you cannot reverse post these two entry types separately. If you select the Disposal check box on this screen, the system automatically reverses the related DISP and DADJ entries associated with the original entry during posting.

You must print the Fixed Assets Journal before the posting can proceed (or you must print it in concert with the posting). You can select the Print Detail Journal by Asset/Item No check box to print the Fixed Assets Journal in detail format, displaying the to-be-posted amounts by asset/item number. (If you have a large number of asset records, you should print a summary journal first to review the totals, and only print the detail version of the Journal if needed.)

Just as a posting from Post Fixed Assets Journal can be identified by the sequence number and Fiscal Year/Period/Subperiod data in the FA_POSTING_DETL table (and its components identified by Type: DEPR, DISP, DADJ, and TRF), a reverse posting executed from this screen will carry similar Type identification: RDEP, RDIS, and RDAD. You cannot reverse a transfer entry or a reversing entry. You can reverse the same original non-reversing sequence number only once.

There are some specific rules regarding type selection and processing order must apply for a specific sequence number when posting a reversal entry.

Rules:

  • If you select both the Depreciation and Disposals check boxes in the Select FA Entry Type(s) to Reverse group box, the system will reverse the DISP entry first.
  • If you select only the Depreciation check box in the Select FA Entry Type(s) to Reverse group box, the system will automatically post reversals that share the same FA Journal Posting Sequence No for DEPR and DISP entry types (and DADJ types) in the FA_POSTING_DETL table.
  • If you select only the Disposals check box in the Select FA Entry Type(s) to Reverse group box, the system will post reversals only for DISP (and DADJ) entry types in the FA_POSTING_DETL table.

You can post reversals of depreciation, disposals, and depreciation adjustments related to a disposal only to the current fiscal year, period, and subperiod combination designated on the Configure Posting Settings screen. You can post reversing entries only for entries originally posted in the current period.

After you close the Fixed Assets period, you cannot reopen it to add additional data or make changes to existing data, or for any other reason. You can, however, make applicable corrections or additions in the next accounting period.

Note: Only G/L Book data for eligible depreciation, disposals, and transfer transactions can be posted to the General Ledger. Although depreciation, disposal, and (original) transfer data is created for and written to history for other books, no posting takes place.

Before posting, you must print the Fixed Assets Journal. You can print the Journal in either detail or summary format when you select the Print Detail Journal by Asset/Item No check box. The Journal provides supporting detail for your journal entries and should be retained as part of the system audit trail. (You can always print reports for all posted transactions, "after-the-fact," in both summary and detail format for one prior period, a range of prior periods, or all prior periods, if needed.)

Although you must print the Journal before posting, you can also print the Journal without posting, to review and correct data. If you exit from the screen or change your selections, however, you must print the Journal again before you will be allowed to post.

Identification

Use the fields in this block to create a new parameter ID or to retrieve a previously saved parameter ID. A parameter ID represents a set of screen selection parameters. After you have saved a parameter ID and its related parameters, you can retrieve them using Query.

You can use the retrieved parameters to produce reports and run processes more efficiently and with greater consistency. The saved parameters are also useful and necessary when you want to run the process as part of a batch job. Many users save a unique set of parameters for each different way they run a report or process. When you select a previously saved parameter ID or parameter description, the associated saved screen selection parameters automatically display as selection defaults. The page setup and print options, if there are any, are also included in the saved parameter ID. You can change any of the associated selection defaults as necessary.

Field Description
Parameter ID

Enter, or click to select, a parameter ID of up to 15 alphanumeric characters. Choose characters for your parameter ID that help identify the type of selections you made on the screen, such as PERIOD or QUARTERLY.

When you save your record, all the selections made on the screen are stored with the parameter ID. Later, you can retrieve the parameter using Query.

You can use the parameter to run the process more efficiently because you can select the parameter ID with its previously defined screen selections. After the default selections display on the screen, you can override the defaults.

Description

Enter, or click to select, a parameter description of up to 30 alphanumeric characters.

Current F/A Period Information

Current F/A Info for Posting

The following fields are non-editable. Because only one accounting period can be opened and designated as "current" at any given time in Costpoint Fixed Assets, you can post entries to the G/L only for the fiscal year, period, and subperiod combination displayed on the Configure Posting Settings screen.

Note: You cannot change the fiscal year or the period on the Configure Posting Settings screen after the first posting. After you post for the first time, only the Subperiod field remains editable. The system automatically increments the Fiscal Year, Period and Subperiod fields, as applicable, when you run the Close Fixed Assets Accounting Period process. (The Subperiod field always defaults as 1.) It is therefore very important to ensure that the fiscal year and period entered on the Configure Posting Settings screen are correct before you post for the first time.
Field Description
Fiscal Year

The current fiscal year from the Configure Posting Settings screen displays in this non-editable field. This is the fiscal year to which all entries will be posted for this posting session. You can change the fiscal year on the Configure Posting Settings screen only before you post for the first time.

Period

The current period from the Configure Posting Settings screen displays in this non-editable field. This is the period to which all entries will be posted for this posting session. You can change the current period on the Configure Posting Settings screen only before you post for the first time.

Subperiod

The current subperiod from the Configure Posting Settings screen displays in this non-editable field. This is the subperiod to which all entries will be posted for this posting session. When you run the Close Fixed Assets Accounting Period process, 1 always defaults into the Current Subperiod field on the Configure Posting Settings screen. If you have more than one subperiod per period, and you do not want to post all entries for this posting session to Subperiod 1, you should return to the Configure Posting Settings screen and change the subperiod before posting.

F/A Journal Sequence No

Enter the FA journal entry sequence number posted in the current accounting period for which you want to post a reversing entry. The original sequence number will be reflected in the General Ledger, will be printed on the Fixed Assets Journal, and will be in the Print Posted Transactions Detail Report.

Options

Select F/A Entry Type(s) to Reverse

Use the options in this group box to choose which type of entry to post. Both check boxes in this group box are clear as default.

There are some specific rules regarding type selection and processing order applies for a specific sequence number when posting a reversal entry.

Rules:

  • If you select both the Depreciation and Disposals check boxes, the system will reverse the DISP entry first.
  • If you select only the Depreciation check box, the system will also automatically post reversals for DEPR and DISP entry types (and DADJ types) in the FA_POSTING_DETL table that share the same FA Journal Posting Sequence No.
  • If you select only the Disposals check box, the system will post reversals only for DISP entry types (and DADJ types) in the FA_POSTING_DETL table.
  • You can post only one reversing entry for the same original sequence number within the current accounting period.
Field Description
Depreciation

Select this check box to post a reversal of the current period depreciation expense entries for the G/L Book (Book 1) for the selected sequence number.

Disposals

Select this check box to post a reversal of the current period disposal entries (and related depreciation adjustments) for the G/L Book (Book 1) for the specified sequence number.

When you select this check box, the system automatically re-creates the disposal data on the Manage Disposal Transactions screens during the posting process.

F/A Journal Print Option

Field Description
Print Detail Journal by Asset/Item No

This check box is clear by default. If you leave this check box clear, the Fixed Assets Journal will only print a summary report of debit and credit totals for each account/organization/project combination. Select this check box if you want to print a detail report that includes a breakdown of each debit and credit by asset/item number for each account/organization/project.

Note: Unlike a "normal" (non-reversing posting entry), no reconciliation report automatically prints as part of the Fixed Assets Journal for both the detail and summary journal report formats.
Allow Posting to Projects Outside of Period of Performance

Select this check box if you want to allow posting of Fixed Assets transactions to a project even if a project-related transaction is outside the project's Period of Performance. Otherwise, clear this check box to stop posting when a project-related transaction is outside the project's Period of Performance.

Note: This check box is only enabled when you select the Show Period of Performance Warning Message check box on the Configure Project Settings screen. When the Show Period of Performance Warning Message check box is clear, this check box is disabled and Fixed Assets transactions will post without regard to any project's Period of Performance.