Assets consolidated pool going negative when rolling over

[Whickette]

Low Value pool has rolled over with a negative balance and is creating a negative depreciation amount in the journal. How to do I correct the consolidated pool balance to nil as the remainder of the asset was put against an income item in the prior year.

[MelissaJoan]

Hi Whickette,

thankyou for your enquiry.

There are two option to fix this issue:

1/ Adjust the opening Written down value of an asset or multiple assets in the pool.
Could try and add an asset to the pool. The objective is to adjust the OWDV so it is zero.

2/ Deleted the AssetsLive period and change the sale price of the asset being sold so the Closing Written Down value is zero.

The difference is the profit to be entered as a journal in the General Ledger.
You may not be required to delete the period. Can try unselling the assets, selling them with a different sales price aswell.

The second option is the recommended procedure and how to avoid a negative pool balance.

Kind regards,