Dispose of assets

Use this to dispose of assets.

If an asset has depreciated to a value of 0 (zero) then you do not need to dispose of it but can delete it.

Disposing of an asset writes off the net value of the asset. You must account manually for any residual value of an asset.

Outcomes

Using the Disposal Transaction Date, the Net book value is:

Credited to the asset's Balance sheet account.
Debited to the asset's Profit and loss account.
Set to 0 (zero) on the asset record.
A disposal date is set on the asset.

A fixed asset transaction posting is also made. This contains the following information:

Reference	The asset code.
Narrative	The description, Disposal of asset.
Transaction Date	The disposal date.
Transaction Type	This is type Disposal.
Accounting Period	The accounting period in which posting (and disposal) will be made.
Old Net Book Value	The old net book value.
New Net Book Value	The new net book value.
User name	The user name.
User number	The user number.
URN	The transaction unique number.
Posting Value	The net book value posted.

To dispose of assets

Open: Nominal Ledger > Fixed Assets > Dispose Asset.

A list of assets is displayed, showing the Code, Description, Last Depreciated date, Depreciation Method, Residual Value and Net Book Value.

Note: Only assets that still have some Net Book Value are shown.

Select the assets that you want to dispose of.
Click Dispose.
Select the Disposal Transaction Date.

This is the date you are disposing of the assets. This defaults to today's date.

The nominal postings and the asset transaction will have the date you specify here.

To dispose of the assets, click Dispose.