If an asset has NBV remaining when it is disposed, you have to delete all remaining months dollars out of the deprecation schedule so that the EM Depreciation Processing doesn't post depreciation to the GL causing a reconciling issue and subsequent journal entry. A disposal date doesn't stop the system from posting any depreciation remaining on the asset unless you manually clear the asset schedule. This is very time consuming of you are doing yearly fixed assets write offs.
Guest
| Company | PLH Group Inc |
| Job Title / Role | Sr Fixed Asset Accountant |
| I need it... | Yesterday...Come on already |
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I agree with this! It is counter-intuitive that a disposed of asset could possibly still be depreciated. The system gives no warning that you have to zero out the schedule, so I wound up with a bunch of depreciation taken on assets we don't own any more. Cleaning this up took ages.
I have done the update schedule button after we disposed and that clears out the depreciation that was already scheduled after the disposal month.