I D365, when a Fixed asset is Reclassified, then status will be

• Old, reclassified asset > Status = Closed
• New asset status > Status = Open

Closed assets are as per Microsoft: the last depreciation for the fixed asset has been posted and the net book value is 0 (zero)

Closed assets are still in the possession of the company, but 0 net book value.

If the asset is not in the possession of the company, the status should not be Closed. Eg.

Asset is sold > Status = Sold

Asset is scrapped > Status = Scrapped

Asset is reclassified > Status = Closed – this should be different, eg. Reclassified