(IND) Reverse fixed asset transactions [AX 2012]

Updated: November 20, 2012

Applies To: Microsoft Dynamics AX 2012 R3, Microsoft Dynamics AX 2012 R2

You can reverse a fixed asset transaction, reverse direct and indirect taxes for the transaction, and update general ledger accounts. Information about the updated asset is displayed in the Asset group balances form for the selected tax layer value model and depreciation.

You can reverse fixed asset acquisitions or acquisition adjustment transactions on which VAT were calculated. The posted VAT tax codes should also be reversed along with the fixed asset transaction entries. If the settlement process is already run for the original transaction period, the tax amounts which were posted to the VAT recoverable account at the time of posting the original transaction should be reversed to the VAT payable account. All the indirect taxes for India, other than the VAT tax type, that is calculated and posted to the fixed asset at the time of posting the acquisition or acquisition adjustment transaction, are reversed as is when a fixed asset acquisition or acquisition adjustment transaction is reversed.

NoteNote

The Companies Act depreciation and the Income tax Act depreciation check boxes must be selected in the General ledger parameters form.

NoteNote

This topic has not been fully updated for Microsoft Dynamics AX 2012 R2.

  1. Click Fixed assets > Common > Fixed assets > Fixed assets. Select a fixed asset line, and click Books > Value models.

  2. Select the value model with a tax layer in the Value model field.

  3. Click Transactions to open the Fixed asset transactions form.

  4. Select the transaction posted for acquisition to activate the Reverse transaction.

  5. Click Reverse transaction to open the Transaction reversal form.

  6. Enter the Reversal posting date.

  7. Click OK to reverse the transactions.

  8. Click Fixed assets > Setup > Value models.

Example 1

You can post multiple journals to account for the acquisition of fixed assets.

Journal

Value model

Fixed asset group

Fixed asset number

Amount

Date of acquisition

0001_FA

VM1

FAG1

FA-001

75,000.00

01/01/2009

0002_FA

VM1

FAG2

FA-002

65,000.00

01/01/2009

0003_FA

VM1

FAG3

FA-003

35,000.00

01/01/2009

When you post the journals for value model 1 (VM1), the Asset group balances form displays the following details:

  • The amount INR 175,000.00 (75,000.00 + 65,000.00 + 35,000.00) is displayed in the Acquisition field.

  • If you reverse the fixed asset FA-002 using the transaction reversal functionality, the Acquisition field in the Asset group balances form must display the amount as INR 110,000.00 (75,000.00 + 35,000.00).

  • The value of the reversed transaction must not be displayed in the Asset group balances form.

Example 2

When the acquisition transaction that was reversed earlier is revoked, the revoked transaction appears again in the Asset group balances form.

With reference to Example 1, if you revoke the reversal of fixed asset FA-002 using transaction reversal, the Acquisition field in the Asset group balances form displays the amount as INR 175,000.00 (75,000.00 + 65,000.00 + 35,000.00)

  • The revoked transaction is updated back in the Asset group balances form.


Announcements: To see known issues and recent fixes, use Issue search in Microsoft Dynamics Lifecycle Services (LCS).

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