Correct month end postings if you miss a month

To correct fixed asset depreciation, you must reverse all depreciation postings for each affected asset. Then delete the asset record, recreate it and post the depreciation postings again.

Reverse the depreciation journals posted for an asset

1. Go to Fixed Assets then double-click the asset.
2. Select the Posting tab and note the nominal codes in Balance Sheet Depreciation N/C and P&L Depreciation N/C.
3. Click Save then Close.
4. Go to Nominal codes and select the two nominal codes you noted in step 2.
5. Select Reports then Nominal activity.
6. Select the Nominal Activity report then click Print then OK.
7. Click OK on Criteria Values, check your printer settings, then click OK.
8. From the report, identify the transaction numbers of the journals you need to reverse.
   
   

   TIP: The Details column on the report shows the description of the fixed asset.

9. Back up your data.
10. Click Nominal codes, then Journal reversal, then click OK.
11. Enter the date for the first depreciation journals to reverse then in the Reference field enter DEPREC.
12. Click OK.
13. Select the journals you want to reverse then click Reverse then Save.
14. Repeat steps 6 and 7 for each monthly depreciation journal you want to reverse.

If you have more than one asset, repeat the above steps for each affected asset.

Delete and recreate the asset

TIP: You can use the Duplicate option to generate a new record before deleting the original. However, you must enter a new record reference, the cost price and book value.

1. Click Fixed assets and select the relevant asset record then click Edit.
2. Note the information in the Details and Posting tabs then click Close.
3. Select the record then click Delete then Yes.
4. Select New then enter the asset details you noted. Ensure you enter the correct original cost price for the book value.
5. Click Save then Close.

To post the correct depreciation

1. Back up your data.
2. Click Tools then Period End then Month End.
3. Set the Month End date by choosing the last day of the month option. Enter the first month you require depreciation postings for.
   
   

   EXAMPLE: If the journals you reversed started in January 2025, enter 31/01/25.
   
   

4. Select the Include depreciation of fixed assets checkbox then click Run Month End.
5. Click Yes then OK.
   
   

   TIP: Depreciation is posted only for those fixed asset records not already depreciated on or after the specified month.

6. Repeat steps 2 to 4 for each month up to your latest month end.

If you miss a month for an automatic prepayment, you can't correct this and continue with the automatic postings. Instead, you must delete the automatic prepayment, post manual journals for the missing month, then continue to make manual postings for the remaining period of the prepayment.

Delete an automatic prepayment

1. Back up your data
2. Click Nominal codes then Prepayments.
3. Note the details of the entry you want to delete and select the entry.
4. Press F8 then click Save then OK.

Manually post the prepayment journals

Post manual journals for the missing month, and then each further month until the prepayment ends. For example, if the prepayment was for ten months with four months already posted, there are six postings left including the missing month. Post the missing month, plus five further monthly postings.

1. Click Nominal codes then Journal entry.
2. In the Reference field, enter PREPAY.
3. In the Posting Date field, enter the last day of the missing month.
4. Complete the Journal Entry window as follows, using the information you noted in the previous section:
   

   N/C	Details	T/C	Debit	Credit
   Prepayments nominal code, 1103 by default.	The information is noted from the Details column.	T9		The amount noted from the Monthly Amount column.
   The nominal code is noted from the N/C column.	The information is noted from the Details column.	T9	The amount noted from the Monthly Amount column.

5. Click Save then Close.
   

   TIP: You can post the remaining months now, or each month as part of your month end routine.

6. To post the remaining prepayment journals, for each required month. Repeat steps 1 to 4 using the last day of the month as the posting date.