Fully dispose of assets in bulk—Fixed Assets Management

You can use the import service to dispose of multiple assets at once. Fully dispose of an asset when your organization no longer has possession of it or it’s removed from service. Only assets that are in service can be disposed of.

Fully disposing of an asset does the following:

  • Changes the asset's state to Disposed.

  • Calculates the gain or loss amounts and creates disposal journal entries.

  • Records the disposal on the asset's disposal tab and on each depreciation schedule.

  • Changes the state of Not posted depreciation entries to Canceled.

Before you begin

Verify the following:

  • Depreciation entries that are on or before the disposal date are posted.

  • The asset is in the In service state.

  • The asset is active.

Step 1. Download the template and add data

  1. Download the template file.

  2. Open the file.

  3. Add the IDs of the assets that you want to dispose of.

  4. For the State column, enter Disposed.

  5. Enter a Disposal date for each asset.

    The disposal date must meet the following requirements:

    • Be after the in-service date.

    • Be on or after the most recent partial disposal date, if any.

    • Be after the most recent transfer date, if any.

    If no depreciation has been posted, the disposal date must also meet the following requirements:

    • Be before the scheduled posting date of the first not posted depreciation entry across all schedules.

    If depreciation has been posted, the disposal date must also meet the following requirements:

    • Be after the actual posting date of the most recently posted depreciation entry across all schedules.

    • Be before the scheduled posting date of the next not posted depreciation entry across all schedules.

    In the following scenario, the valid disposal dates are from August 2nd to August 30th.

    In-service date: August 1st

    Example 1: Depreciation schedule
    Period Scheduled posting date Actual posting date State
    1 August 31st -- Not posted
    2 September 30th -- Not posted
    3 October 31st -- Not posted
    4 November 30th -- Not posted
    5 December 31st -- Not posted

    In the following scenario, the valid disposal dates are from December 1st to December 30th.

    In-service date: August 1st

    Example 2: Depreciation schedule
    Period Scheduled posting date Actual posting date State
    1 August 31st -- Historically posted
    2 September 30th -- Historically posted
    3 October 31st October 31st Posted
    4 November 30th November 30th Posted
    5 December 31st -- Not posted

  6. Enter a Disposal type for each asset.

    • Sale: You receive a payment in exchange for the asset or portion of the asset.

    • Casualty loss: The asset or a portion of the asset is destroyed or damaged due to an unforeseen event or accident. No payment is received.

    • Theft: The asset or portion of the asset is stolen. No payment is received.

    • Other: The asset is disposed of for any other reason. For example, it might still be in your possession, but it has reached the end of its useful life or has no resale value. No payment is received.

  7. Enter a Sales price for each asset.

    If the asset wasn’t sold, enter zero.

  8. Optionally, enter comments about the disposals.

  9. Optionally, enter a Disposal GL account ID if the asset does not already have one assigned.

  10. Save the file.

Step 2. Import the file

Subscription

Company

Fixed Assets Management

Regional availability

All regions

User type

Business
Permissions

Company

  • Company setup checklist: Run

Fixed Assets Management

  • Asset: Edit
Configuration A Fixed Assets Management journal must be assigned in Fixed Assets Management Configuration to record non-depreciable asset disposals.

  1. Go to Company > Setup > Import data.

  2. Select New import service.

  3. Find the Fixed Assets Management section.

  4. Next to Assets, select Update.

  5. Upload your file.

  6. Verify that the fields are mapped correctly.

    Learn about mapping fields.

  7. Select Complete.

  8. If there are any errors, review and correct your data.

    Learn about fixing errors in the import service.

  9. Select Import.

Field mapping reference

If you encounter errors, verify that the fields are mapped correctly.

Field mapping

Incoming field

Destination field
Asset ID Asset ID
State State
Disposal date disposal.disposalDate
Disposal type disposal.disposalType
Sales price disposal.salePrice
Disposal comments disposal.comments
Disposal GL account ID Disposal GL account ID