Fixed Asset Disposal - Documentation Acosys

Used By

accounting or finance staff

Data Type

transaction

Search Keys

Name, Counter Account

When to Use This Form

When a fixed asset is sold, damaged, lost, or no longer used by the company.
When finance needs to remove an asset from the active asset list.
When the profit or loss on asset disposal needs to be calculated and journaled.

Before You Start

Make sure the asset to be disposed of has been selected from the correct fixed asset list.
Check the asset's book value, accumulated depreciation, and current asset value before disposal.
Prepare the proof of sale, official report, or asset disposal approval document.
Determine the counter account and journal date according to finance policy.

Workflow

Open Finance / Fixed Assets / Fixed Asset Disposal.
Select the fixed asset code to be disposed of, then check the name, division, department, purchase date, and asset value.
Fill in the journal reference, counter account, journal date, selling price, and disposal remarks.
Check the profit or loss on disposal created from the difference between the book value and the selling price.
Save once the disposal document and journal are correct.

Key Fields

Field	Explanation for Users	Status
Invoice `transid`	Invoice is the fixed asset disposal transaction number.	Required
Fixed Asset Code `fixedassetid`	Fixed Asset Code determines the asset to be sold, written off, or removed from the books.	Required
Name `name`	Name helps make sure the asset being disposed of is the right one.	Required
Division `division`	Division indicates the business unit that owns the asset.	Required
Department `departement`	Department determines the related department, work location, warehouse, or cost center.	Required
Purchase date `acquisitiondate`	Purchase date helps trace the age of the asset before disposal.	Required
Depreciation Rate (%) `depreciationrate`	Depreciation Rate (%) shows the depreciation rate used for that asset.	Optional
Journal Reference `journalid`	Journal Reference links the asset disposal to the accounting journal that was created.	Required
Counter Account `accountid`	Counter Account is the account used to record the proceeds, write-off, or adjustment of the asset disposal.	Required
Journal Date `journaldate`	Journal Date determines the accounting period of the asset disposal.	Required
Selling Price `salesprice`	Selling Price is the amount received or recognized when the asset is disposed of.	Optional
Last Modified `updatetimestamp`	Last Modified is audit information filled in automatically by the application.	Optional

Details and Relations

This form has no detail table. The data is saved directly from the main fields.

What Happens After Saving

The disposed asset is no longer treated as an active asset in subsequent processes.
The asset disposal journal can affect the fixed asset account, accumulated depreciation, counter account, and profit or loss on disposal.
Book value, selling price, and profit or loss on disposal become the basis for finance review.
If any required data or amounts are not valid, the application rejects the save and shows a validation message.

Common Problems

Disposal cannot be saved: check the invoice, asset code, division, department, journal reference, counter account, and journal date.
Profit or loss on disposal is wrong: check the book value, current asset value, and selling price.
The asset searched for does not appear: make sure the asset is still active and has never been disposed of.
Journal is wrong: check the counter account and the disposal profit/loss account on the asset group.

Available Fields

The following list summarizes the fields available on the form. Rarely used fields are still listed so they are easy to look up during training or support.

Field	Explanation for Users	Status
Invoice `transid`	Invoice is the fixed asset disposal transaction number.	Required
Fixed Asset Code `fixedassetid`	Fixed Asset Code determines the asset to be sold, written off, or removed from the books.	Required
Name `name`	Name helps make sure the asset being disposed of is the right one.	Required
Description `description`	Description can contain the reason for disposal or remarks on supporting documents.	Optional
Division `division`	Division indicates the business unit that owns the asset.	Required
Department `departement`	Department determines the related department, work location, warehouse, or cost center.	Required
Fixed Asset Details `detailasset`	Fixed Asset Details shows additional information about the asset being disposed of.	Optional
Purchase date `acquisitiondate`	Purchase date helps trace the age of the asset before disposal.	Required
Purchase Price `cost`	Purchase Price shows the acquisition value of the asset before disposal.	Optional
Useful Life (yrs) `usefullife`	Useful Life (yrs) shows the economic life used when the asset was depreciated.	Optional
Depreciation Rate (%) `depreciationrate`	Depreciation Rate (%) shows the depreciation rate used for that asset.	Optional
Residual Value `salvagevalue`	Residual Value is the estimated final value of the asset according to the fixed asset data.	Optional
Value When Booked `bookedvalue`	Value When Booked shows the asset's value when it was first recorded.	Optional
Current asset value `currentvalue`	Current asset value shows the book value or the latest value before the asset is disposed of.	Optional
Fixed Asset Journal `journalasset`	Fixed Asset Journal shows the asset's record reference before disposal.	Optional
Journal Reference `journalid`	Journal Reference links the asset disposal to the accounting journal that was created.	Required
Counter Account `accountid`	Counter Account is the account used to record the proceeds, write-off, or adjustment of the asset disposal.	Required
Journal Date `journaldate`	Journal Date determines the accounting period of the asset disposal.	Required
Selling Price `salesprice`	Selling Price is the amount received or recognized when the asset is disposed of.	Optional
Profit/Loss on Asset Disposal `profitloss`	Profit/Loss on Asset Disposal shows the difference between the asset value and the disposal value.	Optional
Others `others`	Others is used for additional references that do not belong in the main fields.	Optional
Created By `usercreate`	Created By is audit information filled in automatically by the application.	Optional
Modified By `useredit`	Modified By is audit information filled in automatically by the application.	Optional
Last Modified `updatetimestamp`	Last Modified is audit information filled in automatically by the application.	Optional

User Checklist

Invoice and the asset being disposed of are correct. Book value, selling price, and profit or loss on disposal have been checked. Journal reference, counter account, and journal date match the disposal document. Finance understands the effect of the asset disposal on the financial reports.

Menu Location

Finance / Fixed Assets / Fixed Asset Disposal
/form/fixedassetdispose