Chapter 4 – Asset Maintenance

Chapter 4.1.2 – Asset Tab Details

There are two types of disposal: non-write-off disposal and write-off disposal.

Non Write Off Disposal

1. Click  to create new disposal for particular asset.

Disposal Date: The date the asset is disposed of.

Disposal Type: Select the type of disposal. The options are non-write-off disposal (tender, quotation, auction, trade-in, gift, buried, burned, disposed, sell-off, and other) and write-off disposal.

Remark: Any additional information.

Check All: Select all assets when the quantity is more than 1.

Uncheck All: Deselect all assets if you selected the wrong asset detail code to dispose.

Total Cost: Cost of asset.

Accumulated Value: Accumulated depreciation of asset.

Net Book Value: The net book value of the asset. Net Book value = Total Cost – Accumulated Value.

Disposal Price: The price of disposal during trade in, sell off & etc. (For non-write-off disposal only)

G/L Code: The GL code for the disposal price must be selected to post to the account.

Profit/Loss: Profit/Loss = Disposal Price – Net Book Value.

Calculate: Click Calculate to calculate the profit or loss of the asset.

2. Click Save > Click Yes to dispose the asset.

3. To dispose of the asset, click . Do not post the asset before disposing of it

The JE Doc No. will be blank if you have not yet posted the asset.

4. Posting can be done at the end of the month.

Example: Generated Journal

Normal Depreciation:

DR Depreciation Acct Code

CR Accm. Deprn. Acct Code

Non Write Off Disposal Depreciaiton Posting Double Entry:

DR Accum. Deprn. Acct Code

CR Asset Acct Code

DR Cash (User Select Acct Code)

DR Profit/Loss Acct Code (Debit is negative, Credit is positive)

Write Off Dispsosal

1. For asset write-off, do not enter the disposal price or G/L code, as the write-off is a total loss due to the asset being unusable.

2. Posting can be done at month end.

Example: Generated Journal

Normal Depreciation:

DR Dpreciation Acct Code

CR Accum. Deprn. Acct Code

Write Off Disposal Entry:

DR Accum. Deprn Acct Code

CR Asset Acc Code

DR Asset Write Off Acct Code