Fixed Asset Disposal Entry

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This is to maintain a disposal value for assets being disposed, so that Gain/Loss on Asset Disposal Report can be produced.



First of all, go to G/L > Fixed Asset Disposal Entry

Click on New

Select fixed asset account, assign transaction date, key in description and disposal value:





Click on OK.




Secondly, go to G/L > Gain/Loss on Asset Disposal Report

Click on Inquiry






The report shows that in this disposal:

Cost value of Motor Vehicle = 70,000.00

Accumulated Depreciation = 14,400.00

Disposal value (sold for) = 50,000

Loss in Disposal = 5,600.00


And now you may complete the Journal Entry with these information.


Journal Entry:







See also Depreciation and Net Book Value Report.







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