Canceling an Asset

Typically you must dispose of assets rather than cancel them. This is particularly important when Fixed Asset Management is integrated with Accounting because the disposal process sends a message to Foundations with the disposal information that ensures the asset value and accumulated depreciation are cleared from the balance sheet, and any remaining asset value is recorded in the financial accounts. See Disposing of an Asset for more information.

If you simply cancel an asset, all depreciation schedules that are both pending and inactive are terminated. This stops the release of further depreciation messages to Foundations and might result in an incomplete record of depreciation in Accounting. Once an asset is canceled, you cannot regenerate its depreciation schedules.

If you are generating or exporting a depreciation schedule associated with this asset, wait for the process to complete before canceling the asset.

To cancel an asset:

  1. Click the Fixed Assets tab.
  2. Search for the fixed asset that you want to cancel.
  3. Click the name of the fixed asset that you want to cancel.
  4. Click Cancel Asset.
  5. Click Yes.