Reversing Asset Transactions

Occasionally asset transactions may be entered improperly into the system or applied to the wrong asset ID, thus creating errors in the depreciation calculation and corresponding accounting entries. To help you reverse the erroneous transaction and correct the issue, PeopleSoft provides the Transaction Reversal feature. The Transaction Reversal feature automatically reverses the transaction last performed on the asset and provides a clear audit trail of each reversal.

Please note the following for transaction reversals:

• Transaction reversal can only be performed on assets that have completed the depreciation process.

• Transaction reversal is permitted for initial asset addition, subsequent asset additions, adjustments, Chartfield transfers, recategorizations, and interunit transfers.

  • Reversal of initial asset addition is permitted only when entries are not yet posted to General Ledger.

  • Reversal of initial asset addition results in deletion of depreciation and accounting entries for that particular transaction.

• Transaction reversal cannot be performed on leased assets, joint venture assets, group assets, or non-financial assets.

• Transaction reversal is performed based on the previous transaction, whether for one book or multiple books—that is, the reversal process automatically reverses the previous transaction performed on the asset.

• Reversal of a transaction other than the initial asset addition results in reversing the cost of the transaction.

• If a transaction is found to be erroneous prior to running the depreciation process, the user must modify the transaction using the Pending Trans Update/Delete page.

  See Pending Trans Update/Delete Page

• Reinstatement of assets that have been retired in error, either partially or in full, is performed using the existing Retire/Reinstate Asset component.

  See Pages Used to Retire Financial Assets

Use the Reversal Reason Codes page (AM_REVERSAL_REASON) to create transaction reversal reasons and corresponding reason codes.

Navigation:

Set Up Financials/Supply Chain > Product Related > Asset Management > Financials > AM Reversal Reason Code > Reversal Reason Codes

This example illustrates the fields and controls on the Reversal Reason Codes page. You can find definitions for the fields and controls later on this page.

Use the Transaction Reversal page (AM_TXN_REVERSAL) to enter the parameters for the reversal and generate the reversal transaction.

Navigation:

Asset Management > Asset Transactions > Financial Transactions > Transaction Reversal > Transaction Reversal

This example illustrates the fields and controls on the Transaction Reversal page. You can find definitions for the fields and controls later on this page.

To reverse a transaction, use this page to enter the parameters for the reversal, then click Save. You must click Save in order for the transaction to be reversed.

Adding and Reviewing Comments

Click the Comments link to access the Transaction Reversal - Comments (AM_COMMENTS_SEC) page and view or add relevant supporting comments to an asset transaction.

This example illustrates the fields and controls on the Transaction Reversal - Comments page.

Field or Control	Description
Comment	Enter comments for an asset.
User ID, Name and Date/Time Stamp	Displays the user ID, name, and date/time stamp related to the user who added the comment. You can edit the date/time stamp after saving the comment.
Source	Displays the transaction source for the asset, such as adjustment, transfer, and so forth.

Adding and Reviewing Attachments

Click the Attachments link to access the Transaction Reversal - Attachments (AM_ADD_ATTACH_SEC) page and view or add relevant supporting documents to an asset transaction.

This example illustrates the fields and controls on the Transaction Reversal - Attachments page.

Field or Control	Description
Add Attachment	Click this button to attach files as supporting documentation for an asset. Supply a description of the file or files that you attach.
File Name	Displays the attached file. Click the file-link to access the file.
Description	Displays a description of the file attachment when one was provided by the user.
User, Name, and Date/Time Stamp	Displays the user ID, name, and date/time stamp related to the user who added the attachment.

Use the Review Reversal Transaction page (AM_REVERSAL_REVIEW) to review details about a reversed transaction.

Navigation:

Asset Management > Asset Transactions > Financial Transactions > Review Transaction Reversal > Review Reversal Transactions

This example illustrates the fields and controls on the Review Reversal Transaction page. You can find definitions for the fields and controls later on this page.

This page displays details for a reversed transaction, such as the corresponding asset book, transaction type, and user ID of the individual who performed the reversal.

Click the Audit Logs link to access the Search Audit Logs pagelet and view detailed audit information for the reversed transaction.

This example illustrates the fields and controls on the Search Audit Logs pagelet.