Enter Disposals - Asset Tab

Access this tab using Activities>Fixed Assets>Enter Disposals.

Use this tab to enter a Disposal ID, Disposal Date, Method, Reason, and other pertinent asset information. After you complete the form, click the Dispose button to calculate depreciation for the disposal. Then, transfer the entries to the General Ledger using Activities>Fixed Assets>Transfer Depreciation/Disposals.

Disposal ID: Enter an ID for this disposal, or select one from the drop-down list. We recommend using all numeric IDs. Numeric IDs are generally easier and faster to enter during transaction entry. We also recommend limiting your entry to strictly alphabetic characters (A through Z) or numeric characters (0 through 9), and avoiding the use of symbols.

Transferred: The system displays a "Y" or "N" here. "Y" indicates that the disposal has been transferred, while "N" means it has not been transferred. (You cannot dispose an asset that has already been transferred.)

Asset Information

• Category: Select an existing category from the drop-down list. The system automatically displays any IDs associated with it in the Asset ID box.
• Asset ID: Select an asset ID from the drop-down list. The system automatically displays its category in the Category box.

Select Asset From

• Category: If you select this option button, the system displays all the categories, you set up using the Maintain>Fixed Assets>Assets form, in the Category drop-down list.
• All Assets: If you select this option button, all the active assets you created using the Assets form or the Asset Quick Entry form display in the Asset ID drop-down list.

Disposal Date: Enter the date to calculate depreciation and write off the asset. Disposals calculate through the end of that fiscal month. Disposals calculate depreciation through the end of the current frequency period. If you enter a Disposal Date of 5/8/00 with a monthly frequency, the disposal calculates depreciation through the entire month of May, if appropriate.

Method: Select a disposal method. You can choose from the following methods:

• Sale (S)
• Abandonment (A)
• Like-Kind Exchange (L)
• Taxable Exchange (E)
• Involuntary Conversion (I)
• Transferred (T)
• Casualty (C)
• Retirement (R)
• Other (O)

Reason: Enter a reason for the disposal. This data serves as the transaction description created by the transfer process (Activities>Fixed Assets>Transfer Depreciation/Disposals).