At the time of depreciation run we selected actual dep key is
5% but we taken 7% so the depreciation was posted wrongly how
to rectify it?
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Answer / Tarun Gupta
To rectify the incorrect depreciation posting when using an actual depreciation rate of 5%, but you entered 7%, follow these steps:
1. Determine the correct depreciable amount by applying the correct depreciation rate (5%) to the asset's book value.
2. Calculate the incorrect depreciation amount that was posted using the wrong depreciation rate (7%).
3. Adjust the asset's book value by adding the difference between the correct and incorrect depreciation amounts.
4. Correct the depreciation posting for the affected periods, using the proper actual depreciation rate of 5%.
5. Update the financial statements as needed to reflect the corrected depreciation.
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