Disposing of an Asset

Whether an asset is lost, destroyed, sold, or entered by mistake, we recommend that you dispose of the asset instead of deleting it or canceling it.

To dispose of an asset:

  1. Click the Fixed Assets tab.
  2. Search for the fixed asset that you want to dispose of.
  3. Click the name of the fixed asset that you want to dispose of.
  4. If you have not already done so, specify the additional asset disposal information:
    1. Click Edit.
    2. [Optional] Select the reason the asset was disposed of from the Method of Disposal drop-down list.
    3. Enter the date on which the asset was disposed of in the Disposal Date field.
    4. Enter the amount the asset was sold, salvaged or transferred for in the Disposal Value field.
    5. [Optional] Complete the remaining Asset Disposal fields. See Asset Disposal.
    6. Click Save.
  5. Click Dispose.
  6. Click Yes.
  • Depreciation schedules that fall after the disposal date are terminated.
  • If the asset has any depreciation schedules with the status "Pending" that fall before the disposal date, you must export them manually. They are not exported automatically by the disposal process.
  • If an asset is disposed of part way through a year, this might result in part of that year remaining in a depreciation schedule.
  • The Disposal Value amount is not used when calculating the disposal value in the related disposal journal. When you dispose of an asset, its depreciation is calculated based on the accumulated depreciation until the disposal date.