Correcting Depreciation Entries
If you enter an adjusting journal entry to correct a depreciation error, the journal entry might correct the depreciation in the current period, but the error recurs when you run the programs to calculate depreciation in the next period.
You can use journal entries to correct depreciation errors only when the Method of Computation is P or C. If you use Method of Computation P, the system calculates depreciation only for the current period. If you use Method of Computation C, the system allows journal entry corrections at the end of the fiscal year, after depreciation has been calculated. Before making a correction for Method P, depreciation must be calculated and posted in the period when the correction is made.
To correct depreciation errors that have been posted to the general ledger, you must void and post the voided entry to the general ledger, then post the voided entry to the JD Edwards EnterpriseOne Fixed Assets system, or make a correcting entry.
To correct depreciation errors that have not been posted to the general ledger, you must post the final depreciation to the general ledger, which might result in posting to an invalid account that needs to be reopened so that posting can occur. Void the general ledger entry, and then post the voided entry back to the JD Edwards EnterpriseOne Fixed Assets system. Alternatively, make an adjusting entry and post it back to Fixed Assets. Ensure that errors in the JD Edwards EnterpriseOne Fixed Assets system are corrected so that they do not recur.
If a depreciation entry is voided and corrections are made in the JD Edwards EnterpriseOne Fixed Assets system, then depreciation will need to be recalculated.