Unposted Depreciation for LVA after transfer from LVA to Semi-Expendable
Last November 2010, we received goods which were purchased as low-value assets, but Accounting advised to reclassify them as Semi-expendables (direct expense). We assign DepKey 0012 (LVA 100% Complete Depreciation in 1 Period) for low value assets in our org so upon GR of the goods, the system calculated and posted full depreciation on the first period after acquisition.
When the end-users reclassified the said assets as expenses (through JV, not retirement), the planned dep for the reversal of the ordinary dep was not posted. (Picture this: Under Posted Values in the Asset Master, there is a posted negative value and a planned positive value both in period 12 2010.) This results to a different SL balance compared to the Acc Dep GL.
What should we do to clean-up the unposted depreciation and subsequently reconcile our SL and GL? We are currently undergoing mid-year audit and it will be very much appreciated if we can get help ASAP.