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Adjustment to Balancesheet item(Plant & Machinery)

To all in this community,

I was using Tally before migrated to SAP in my work place.My external auditors came with some adjustments to be made on Account of completed year 2010 and those adjustments are to hit in 2011, i mean on SAP now. I then have challenges on how to make entry like this:

Dr. Purchase Account(P & L)

Cr. Plant and Machinery (B/S)

Being adjustment to correct wrong capitalised matrerials during the period.

Former Member
Former Member replied

Well, it appears that you are using Asset Management and hence your P&M account is set as a REconciliation account. Dont worry, here instead of crediting the P&M account directly, you should credit the individual Asset(s) whose value is to be brought down. Use posting key 75 for crediting the assets.

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