Disposing of a Fixed Asset

Assets should be disposed of when it is determined that they are of no further use, have been sold, or are otherwise disposed of. Disposing of an asset removes all traces from the balance sheet so that the fixed asset account and accumulated depreciation account are reduced accordingly. This is achieved using an asset disposal document input form.

This topic assumes that you are familiar with the completion of document input forms. If you need more detailed instructions (such as the selection of dates, periods, and accounts, etc.) please see Completing Document Input Forms.

1. Select Documents, then select Document Input from the menu.
   

2. The Document Input dialog is displayed. Select Drill (...) in Document type, then double-select to select FADP - Fixed Asset Disposals from the Select a document type dialog.
   
   

3. The default input form for the selected document type is displayed in Input form.
   

4. The Number field defaults to the next available number of this document type and you are unable to amend the document number.

5. The Date and Period default to today's date and the current period. These should reflect the date/period that the asset was disposed of. Select OK to confirm your selections. The Asset Disposals input form is displayed.
   

6. Complete the form .

7. Once you have completed and checked the form, press F5 to dispose of the asset.