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Regular Member
 
Group: Forum Members
Last Login: 19/04/2010 8:54:12 AM
Posts: 37,
Visits: 169
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Can you please explain what the difference is between removing an asset account from the general ledger i.e. System Setup >General Ledger Accounts >Assets>Current Assets>Financial Assets>Australian Shares Listed>1151 -AA0133, as distinct from Housekeeping>Utilities>Remove Asset>Australian Shares Listed>1151 -AA0133?
The reason I am asking is, that I now have a number of assets and/or asset accounts that are redundant and no longer required, and was wondering what was the best way to deal with them.
Regards
John
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Regular Member
Group: Forum Members
Last Login: 19/04/2010 8:54:12 AM
Posts: 37,
Visits: 169
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When I go to use the Remove Asset utility I get the following message:-
Account Removal failed
The Account for this Asset has a balance of :$0.00 remaining, or has one or more System References. It cannot be removed automatically.
My only option then is to press OK to continue.
I get a similiar message when I try to remove the same account from the general ledger.
I can't understand what I am doing wrong, as I have reversed all transactions pertaining to the asset and have ensured the balance is zero.
Can you help.
Regards
John
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MySF Administrator
Group: Administrators
Last Login: 17/05/2010 6:31:15 PM
Posts: 464,
Visits: 632
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Hi,
If you need to remove an asset, then using the remove asset utility as outlined in your posting is the right thing to do. This will also attempt to remove the account which represents this asset in the general ledger. However, if there have been any postings against that account, even if they have been reversed, the removal will not be allowed to proceed. The reason for this is that removing the account would mean that existing (perhaps reversed) transactions will point to accounts that do not exist, corrupting existing data and breaking the paper trail.
After the asset has been removed and if the account removal fails, you should make sure that the balance of that account is zero, by reversing any transactions that go to those accounts. One of the ways of checking activity on an account is by double clicking on it. That opens a ledger window which shows all of the transactions which have touched this account.
If the balance of the account is zero and the asset has been removed, there are no other steps required.
Please note that the account and the asset record are two separate things. The asset's account is only a representation of the asset record in the general ledger of accounts. If you remove the asset, the account does not necessarily get deleted, not is the deletion required. If the asset is removed (or sold) its account will stay behind so that existing data is not corrupted. The account will not show on reports (unless it has a balance other than zero) and will not interfere with processing.
Regards,
MySF
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