Today's we will learn how to do a reclassification journal for fixed asset. The aim of doing this is sometime users regroup many fixed asset in one fixed asset and something when they wish to dispose some fixed asset from that group they are not been able to do so because disposal is done fully not partially. To dispose the small quantity of asset, what can be done is to transfer these fixed asset to another asset and dispose it completely. To transfer a fixed asset to another fixed asset you need to do it on reclassification journal.
To access the journal go on the following menu:
Main Menu --> Department --> Financial Management --> Fixed Asset --> FA Reclass. Journal.
| FA Posting Date | Enter the posting date |
| Document No | If no series is set up it will generate automatically else put it manually |
| FA No. | Enter the original fixed asset number |
| New FA No | Enter the new fixed asset number |
| Depreciation Book Code | Enter the depreciation book code |
| Description | Name of the original fixed asset will display there, you can enter a description manually |
| Reclassify Acq Cost % | Enter the percentage amount you wish to transfer |
| Reclassify Acquisition Cost | If you want to reclassify the acquisition cost checked this field |
| Reclassify Depreciation | If you want to reclassify the depreciation cost checked this field |
| Reclassify Write-Down | If you want to reclassify the write down cost checked this field. |
Then Click on the button Reclassify.
Click OK to close.
