If you make an error when posting an acquisition cost, then you can remove the entry with the Cancel FA Entries batch job and then post the correct acquisition entry.
For example, if you post an acquisition with the wrong date, you must correct it. The program uses the fixed asset posting date to perform many calculations. Erroneous fixed asset ledger entries must be removed from the FA Ledger Entry table.
The Cancel FA Entries batch job removes the entries from the FA Ledger Entry table and transfers them to the FA Error Ledger Entry table.
It would be inaccurate to use the Reverse Transactions function. The Reverse Transactions function posts an entry with the opposite sign in the same table. If the Reverse Transactions function is used, the Calculate Depreciation batch job cannot depreciate the fixed asset correctly. For example, if you posted an acquisition cost on May 1, 2002 instead of May 1, 2001 and then used Reverse Transactions, the Calculate Depreciation batch job would not depreciate the fixed asset until May 1, 2002.
Cancel Entries is a function made specifically for fixed assets. Reverse Transactions is a more general function for all general ledger postings.
To cancel ledger entries for one fixed asset, see Cancel FA Entries Batch Job.
To cancel ledger entries for multiple fixed assets, see Cancel FA Ledger Entries Batch Job.
After you cancel the incorrect entry, you can post the correct entry.