Void Asset Transaction

Module Guide: Void Asset Transaction

Module Location

Fixed Asset > Void Asset Transaction

Module Objective

The Void Asset Transaction module serves as a correction tool to void an asset lifecycle transaction (such as a sale or write-off) that has been incorrectly recorded in the Asset Transaction module. This process does not delete the data, but rather creates a reversing journal to neutralize the accounting impact of the original transaction and maintain the integrity of the audit trail.

1. Main View (Transaction List)

The main page of this module displays a list of active asset transactions that can be voided.

View Explanation & Filters

This page is for finding and selecting the transaction to be voided.

• Filters: You can search for a specific transaction by Document Number, a Date range, or Transaction Type (e.g., DisposalAsset).

• Transaction List: The table below will display all transactions that match the filters, which are ready to be voided.

Button Functions

• [Void]: The main action button to run the voiding process on a selected transaction.

2. Steps to Void an Asset Transaction

1. Find the Transaction: Use the available filters to find the asset transaction you wish to void.

2. Select the Transaction: Select the transaction to be voided by checking the box in the leftmost column of the corresponding row.

3. Run the Voiding Process: Click the [Void] button in the bottom-left section of the page. The system will likely ask for your confirmation before proceeding with the voiding process.

3. Process Results

After a transaction is voided, the system will:

1. Automatically create a reversing journal to neutralize the accounting impact of the original transaction.

2. Reactivate the asset that was previously deactivated (for example, because it was sold) in the asset register.

Tips & Important Notes

• The "Void" process does not delete data; this is the correct accounting practice for correcting errors.

• Ensure you have sufficient authorization before voiding a transaction, as this action will affect the asset records and the General Ledger.

• This module is an important control tool for the Fixed Asset Accountant to ensure data accuracy.