How can I best reverse/enter a credit for an asset previously purchased - say in July but we received a credit for the asset in November for the full original amount.


Ideally, this credit note should be applied as an Adjustment on the date that it was received, however for many reasons our Adjustment functionality is (at the time of writing) restricted to apply only at First Use date or at the start or end of a Financial Year.

If you were to apply a Cost Adjustment at First Use to offset the purchase cost of the asset, this will have the effect of reversing the cost and any accumulated depreciation for this asset in your next journal. 

The only downside is that the credit note will not be shown to have applied on the date it was received, instead it will apply from first use. 

However, you can add notes to adjustments to record the intent of the transaction: