Managing Fixed Asset Disposals

How to Dispose of a Fixed Asset

1. Go to Accounting > General Ledger > Fixed Assets.
2. Find and open the asset.
3. Select Disposal from the actions at the top right.
4. Enter the required Disposal Date.
5. Select the appropriate Net Proceeds GL Account.
6. Enter the Net Disposal Proceeds:
   • If no payment was received, enter 0.00.
   • If the asset was sold, enter the amount received and select the GL account where the proceeds should be posted.
7. Review the calculated gain or loss.
8. Save the Disposal.
9. Review the journal created by Accountability before proceeding to the next asset.

If the asset is not fully depreciated, Accountability uses its remaining balance and the proceeds entered to calculate the gain or loss. If the asset is fully depreciated, review the journal to confirm that the asset cost and accumulated depreciation were removed correctly.

Dispose of Multiple Assets

Each Fixed Asset must be disposed of separately. Accountability does not currently support disposing of multiple assets in one transaction. Complete the disposal and review the resulting journal for each asset before continuing to the next one.

Reverse an Incorrect Disposal

If an asset was disposed of by mistake, do not delete the Fixed Asset or create a replacement asset. To reverse the disposal:

1. Go to Accounting > General Ledger > Fixed Assets.
2. Find and open the affected asset.
3. Select the associated Disposal link at the top of the asset.
4. Open the Disposal transaction.
5. Delete the Disposal transaction.

Deleting the Disposal removes the incorrect disposal transaction while retaining the original Fixed Asset.

Important: Delete only the Disposal transaction. Do not delete the Fixed Asset itself.