REVERSE POSTED FIXED ASSETS ENTRY

Use this screen to post a reversal of a current period depreciation or disposal Fixed Assets journal entry posting made in the current Fiscal Year (FY)/Period (Pd)/Subperiod (Subpd). A reversal entry can be posted only in the current FY/Pd/Subpd.  Once you have closed the current period, you cannot reverse entries posted the period just closed or any other prior period.

Location

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).

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.

The system automatically inserts the entry type into the Posting Detail table for every row when you run the Post Fixed Assets Journal process.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

• Table Information

  In general, for the reverse posting, the following tables will be involved:

  • FA_POSTING_DETL

    The Posted Transactions Detail table stores all the detailed information related to the posted journal entries, including the asset/item number, Fiscal Year/Period/Subperiod, type, sequence number, transaction amount, POA, and so on. The system writes data to this table when you successfully run the posting process from the Post Fixed Assets Journal screen.

    For a reverse posting, data from the "original" posting must first be retrieved and re-built from this table to form the basis for creating the reversing entry. Once you post the reversing entry, this table stores data equivalent to the data stored from an "original" posting.

  • FA_SETTINGS

    The Fixed Assets Settings table holds the current accounting fiscal year, period, and subperiod displayed on the Configure Posting Settings screen. The posting process uses this data from this table to create posting records on the Posted Transactions Detail table.

    For a reverse posting, the Posted Transactions Detail table is accessed in the same manner.

  • FS_SUM

    When you run the posting process from the Post Fixed Assets Journal screen, the system inserts a summary record into the Financial Statement Summary Acct Balances table for each account/organization to which depreciable assets have been posted. After posting, the FS_SUM table contains the account, organization, and Fiscal Year to which the posting occurred, along with the total cumulative transaction amount for each period. (If more than one Fixed Assets posting has occurred in a single period, the system increments (or decrements) the total amount for the period on a cumulative basis.) No detailed posting data, such as asset/item number, sequence number, entry type, and so on, is written to this table.

    For a reverse posting, the Financial Statement Summary Acct Balances table is used in the same manner.

  • GL_POST_SUM

    When you run the posting process from the Post Fixed Assets Journal screen, the system inserts a summary record into the Transaction Posting Summary table for each account/organization/project to which depreciable assets have been posted. After posting, the GL_POST_SUM table contains the account, organization, project, Fiscal Year/Period/Subperiod to which the posting occurred, along with the journal code "FA," and the total cumulative posted amount for the Fiscal Year/Period/Subperiod for each Journal Entry (posting sequence) number. No detailed data, such as asset/item number, entry type, and so on is written to this table.

    For a reverse posting, the Transaction Posting Summary table is used in the same manner.

  • GL_DETL

    When you run the posting process from the Post Fixed Assets Journal screen, the system inserts a summary record into the Transaction Posting Detail table to match the summary record inserted into the Transaction Posting Summary table. Account, organization, and project information is not duplicated in this table, which contains the entry user ID, the posting user ID, the transaction description ("FA Posting"), and the transaction amount. No detailed data, such as asset/item number, entry type, and so on is written to this table. Rows in this table are linked to rows in GL_POST_SUM via the level key columns and the source key (which is always "210" for Fixed Asset entries).

    For a reverse posting, the Transaction Posting Detail table is used in the same manner.

  • REF_SUM

    If you activate the use of reference numbers, the system inserts a summary record into the Reference Summary table for each account and reference number to which depreciable assets have been posted. After posting, this table contains the account, reference number, and Fiscal Year to which posted, along with the total cumulative transaction amount for each period. If more than one Fixed Assets posting has occurred in a single period, the system increments (or decrements) the total amount for the period on a cumulative basis. No detailed posting data, such as asset/item number, sequence number, entry type, and so on, is written to this table.

    For a reverse posting, the Reference Summary table is used in the same manner.

  • ASSET

    Before posting, the system reads the current period depreciation amount and the amount posted so far in the current period to calculate the amount to post on an asset-by-asset basis. (If these values are equal, nothing will be posted for the asset. If these values are not equal, the system posts the value required to make the cumulative posted amount equal to the current period depreciation amount.)

    • For DEPR type posted entries, the system writes data directly to the Asset Master record (in the ASSET table). When you post depreciation expense, the system adds the amount posted in the current session to the total amount already posted (if any exists), displays the cumulative amount of all postings for the period in the G/L Book Info tab of the Manage Asset Master Information screen, and cumulatively increments or decrements the value in the Amount Posted Curr Pd field. This brings the amount posted into balance with the amount of current period depreciation.

    For a reverse posting, the value in the Amount Posted Curr Pd field is updated appropriately.

    • For DISP type posted entries, the system writes data directly to or changes data in the Asset Master record (in the ASSET table) as follows:

    • For depreciable assets (and for non-depreciable assets for which the Post Disposal to G/L check box has been selected on the Manage Asset Master Information screen or the Post Disp to G/L check box has been selected on the Manage Asset Description Information screen), the posting process writes data to the following Asset Master fields, as applicable:

    • Disposal Date

    • Disposal Fiscal Yr

    • Disposal Period

    • Disposal Subpd

    • Disposal Desc

    • Disp Type

    • Disposal Doc No

    • Posting Date

    • Posting Time

    • Posting Sequence No

    • Posting User ID

    • Disposal Entry Type (System-Generated or Manual).

    For a reverse posting, system sets the data in these fields to blanks.

    In addition, during the posting process for a disposal, the system sets the record status to Disposal.

    For a reverse posting, the system resets the record status to Active.

    Although you can view data in the G/L Book Info tab, Disp Info tab and the Other Books Info subtask of the Manage Asset Master Information screen for an asset that has been disposed of, you cannot save any changes.

    For a reverse posting, the system renders these fields/screens available for edits.

    It is possible to enter a manual disposal for which no data is ever posted by the system.  The preceding information is applicable only to system-generated disposals for which postings and/or reverse postings have been made.

  • ASSET_BOOKS_DISP

    • For DEPR, DISP, and TRF type posted entries, the system writes no data to this table.

    • For DADJ type posted entries (which are optional and, if entered, can be posted only in conjunction with a DISP type entry), the system writes data to this table as applicable.

    For a reverse posting, the system deletes this data.

  • ASSET_OTH_BK_DEPR

    • For DEPR type posted entries, the ASSET_OTH_BK_DEPR table stores data for optional books 2 to 10, as used. Although there is no interface with the G/L for these books, each "posting" process for depreciation expense increments or decrements the current period depreciation expense amount that displays in the Other Books Info subtask of the Manage Asset Master Information screen.

    For a reverse posting, the system updates these fields appropriately.

    • For DISP type entries posted from the Posted Fixed Assets Journal screen, you cannot save any changes to data in the G/L Book Info tab, the Disp Info tab, and the Other Books Info subtask of the Manage Asset Master Information screen, although you can view them.

    For a reverse posting, the system renders these fields/screens available for edits.

    • For a DADJ type entry associated with a DISP type posted entry), the system writes no data to this table.

  • FA_DISP_EDIT

    This table contains the disposal information manually entered on the Manage Disposal Transactions screens. This table supplies data used during posting, such as the gain/loss account/organization/project/reference1/reference2 data, as well as specific disposal data (such as the date, type, description), which will be written to and stored in the ASSET table during the posting process.

    Although it appears as if the system deletes this data as part of the posting process, because none of it is visible on the Manage Disposal Transactions screens after posting, the system does not delete this data until you perform the Close Fixed Assets Accounting Period process.

    For a reverse posting, the original data on the Manage Disposal Transactions screens is restored. The system stores this data in a temporary table in order to re-create it in the event of a reverse posting. The system does not delete this data until you perform the Close Fixed Assets Accounting Period process.

  • OPEN_BILLING_DETL

    For DEPR and DADJ type posted entries, the system writes data directly to the Open Billing Detail table if specific conditions are met at time of posting, as follows:

    • If the account to which depreciation will be posted has been associated with a Project Account Group that has been assigned a Labor or Non-Labor function;

    (Although a labor account would be considered inappropriate for charging depreciation expense, note that there are no Fixed Assets rules regarding the types of accounts to which deprecation can be posted.)

    • If the project to which depreciation will be posted has been set up as a billable project in the Project Billing Master at that project level or higher; and

    • If the Proj Billing Info record is transaction-based.

    Please refer to the documentation for the Manage Open Billing Detail screen in the Billing module for more detailed information.

    For a reverse posting, the OPEN_BILLING_DETL table and Transaction Posting Detail table are used in the same manner.