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Fastbase Accounting System - Online Manual

Asset Disposal

Document 103028/1

Entered Fri, 28 Mar 2003 11:59 by Peter Campbell
Updated Tue, 22 Aug 2006 09:17

To dispose of an asset select the asset disposal function from the Processing - Fixed Assets menu.

You will be asked to enter the asset number, sale/disposal date, price and any details that you'd like to record.

The current depreciation figures will be displayed on screen automatically including the gain/loss on sale.

When you are satisfied everything is correct press the "Dispose..." button, you will then be shown a journal that is going to be created. Confirm the details then press "Save" to confirm the disposal of the asset.

When disposing of an asset you must also enter a cash receipt to record the receipting of money, analyse this to the asset proceeds account. Any GST should be handled via the General Ledger - Cash Receipt transaction.

The disposal of the asset creates the following journal:

Asset ControlPurchase Price
Asset ProceedsSale Price
Accumulated DepnAccumulated Depn
Gain/Loss on DepnGain/Loss
Accumulated DepnYTD Depn
Depn ExpenseYTD Depn

FastBase does not currently process capital gains automatically. In the event of a capital gain the system will display a message to this effect, you will need to process this gain any way you see fit. Contact your accountant for advice on current practises.

See Asset Processing for more details about setting up the asset module.

Reversing an Asset Disposal

You can reverse an asset disposal, do this via Asset Maintenance. Select 'More Options' then 'Reverse Asset Disposal'.

You will also have to manually delete the asset disposal Journal, see General Transaction Notes for details.

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