Reverse Asset – A summary of the activity

This activity allows you to reverse the assets, which are authorized. All the accounting entries generated during authorization will be reversed on reversing the asset. You can search and select the assets in “Active” status for reversal.

The system reverses the accounting entry generated during authorization of asset. The system deletes the tag details from the asset. The system generates a unique reversal number. The depreciation charged for the current financial year will be written back. The tag cost will be written back against the utilized amount for every asset proposal in the “Asset Planning” business component. The capitalization amount of an asset will be written back to the pending capitalization amount.

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