The Fixed Asset Cancellation (FC) transaction is used to cancel (undo) a wrongly entered Fixed Asset. A component has to be cancelled completely. There is no partial cancellation of a component, that is, some units of the component cannot be cancelled. Nor can only one accounting line of the component be cancelled. If the amount on one of the accounting lines of a component has to be reduced to zero, the Fixed Asset Increase (Decrease) transaction is the tool; in which case the asset entry will not be removed from the Fixed Asset Registries.
The steps in this task follow the path of cancelling an entire asset. If only one component needs to be cancelled, then after the Auto Apply on the Header the component lines that should remain should be deleted from the transaction. The alternative is to choose the Asset Component and use the Auto Apply on the Component tab.
Create an instance of the Fixed Asset Cancellation.
On the Header, enter or select the Fixed Asset Number you are transferring and take the Auto Apply action.
Validate the completed Fixed Asset Cancellation.
If errors exist, fix the errors and repeat Step 3. If no errors exist, then continue with Step 5.
Submit the transaction.