Part of maintaining an inventory of assets is to record the disposition of assets, and, if applicable, the selling price of the disposed asset. Assets may be disposed of due to several reasons: your organization may replace certain types of assets on a regular basis, the asset may be worn and completed its useful life, or the asset may have been lost, stolen, and so forth. Advantage Fixed Assets enables you to record the disposition of an asset and all of its components, to record the disposition of individual components, or to dispose a portion of the available units for components with multiple units.
Create an instance of the Fixed Asset Disposal transaction.
On the Header:
Enter or select the Fixed Asset Number and take the Auto Apply action.
Enter Event Type of FA04.
If a composite asset enter Selling Price and other disposal details
If Depreciation Structure is Manual, enter the amount of depreciation since the Last Depreciation Date into the Depreciation Amount.
On the Component tab, if the asset is not a composite asset:
Enter Selling Price and other disposal details.
If Depreciation Structure is Manual, enter the amount of depreciation since the Last Depreciation Date into the Depreciation Amount.
Validate the transaction.
If errors exit, fix the errors and repeat step 4. If no errors exist, then continue with Step 6.
Submit the transaction.