Dispose of assets (FA505000)
The window toolbar
- Prepare
- Initialises the processing of the selected transfer transactions: prepares the transactions for posting, or releases the selected disposal transactions and changes their statuses to Released or Unposted, depending on whether the Automatically release disposal transactions check box in the Fixed assets preferences (FA101000) window is selected.
- Prepare all
- Initialises the processing of all listed transfer transactions.
The top part
In the top part, you can specify the criteria to select the records to be displayed in the table below. You can also define the disposal parameters.
- Branch
- The branch of the company to which the assets to be displayed are assigned.
- Asset class
- The fixed asset class to which the assets to be displayed are assigned. Leave the field blank to display assets of all classes.
- Parent asset
- The parent asset to which the assets to be displayed are assigned. Leave the field blank to display assets of all parents.
- Book
- The book to which the assets to be displayed are assigned.
- Disposal date
- The disposal date for the asset, which is the date the asset is removed from service.
- Disposal period
- The financial period in which the asset is removed from service. The disposal period is calculated automatically based on the date entered as the Disposal date, but you can select another period.
- Disposal method
- The way the assets were retired (for example, sold or damaged).
- Total proceeds amount
This field is available for editing only if the Automatic option is selected in the Disposal amount entry field.
The total amount to be posted to the Proceeds account for the assets being disposed of. This amount will be automatically distributed between the disposed assets in proportion to their current cost.
- Proceeds allocation
The way the disposal amount is specified for the assets being disposed of. The following options are available:
- Automatic
- Select this option if you want the disposal amount to be distributed among the disposed assets automatically in proportion to their current cost. Specify the disposal amount to be distributed in the Total proceeds amount field.
- Manual
- Select this option to manually specify the disposal amount for each of the assets in the Proceeds amount column in the table.
- Proceeds account
- The account to be used to record the proceeds from the disposal of assets. By default, this is the account defined for the fixed asset class, but you can specify a different account.
- Proceeds sub.
- The subaccount to be used along with the specified proceeds account.
- Depreciate before disposal
- A check box that you select to depreciate the assets up to the date of the disposal.
- Reason
- The reason for depreciation before disposal.
The table
This table provides the list of fixed assets that meet the criteria specified in the top part. You can perform actions to retire the fixed assets and create (and, optionally, release) the associated transactions for all or selected assets.
- Included
- An unlabelled check box that you can select to include the asset in processing if you click Prepare.
- Branch
- The branch of the company to which the asset is assigned.
- Asset class
- The fixed asset class to which the fixed asset belongs.
- Asset ID
- The unique identifier of the asset.
- Description
- The description specified for the asset.
- Parent asset
- The parent asset to which the asset is assigned.
- Status
- The status of the asset.
- Basis
The depreciable basis, which is the amount that is allocated over the useful life of the asset.
This is a system-generated value; the amount of the depreciable basis depends on the depreciation method applied to depreciate the asset. For some methods, the basis can be equal to the acquisition cost minus the salvage amount.
- Proceeds amount
The disposal amount of the asset.
This column is available for editing only if the Manual option is selected in the Disposal amount entry field in the top part.
- Receipt date
- The date when the asset was received.
- Useful life, years
- The period of time (in years) the asset is expected to be used.
- Salvage amount
- The estimated salvage value of the asset.
- Fixed assets account
- The fixed assets account (an asset account) used to post the actual costs of the fixed asset.
- Fixed assets sub
- The subaccount for the specified fixed assets account.
- Tag number
The tag number of the asset.
Depending on the settings in the Fixed assets preferences (FA101000) window, it can be the same as the item ID of the asset.
- Fixed assets account class
- The account class that groups the asset accounts used for fixed assets.