Field descriptions: Asset disposal popups—Fixed Assets Management

The following table describes each field on the popups for disposing and partially disposing of an asset.

Dispose of asset page field descriptions
Field Description
Partial disposal amount The amount of the asset that's being disposed of. The amount must be greater than zero and less than the remaining depreciation. If the asset has multiple depreciation schedules, it must be less than the minimum remaining depreciation.
Disposal date

The date the asset, or a portion of it, is removed from business operations. This date is also used as the General Ledger posting date for the disposal journal entry.

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

Disposal type

The reason for disposal of the asset. The options are:

  • 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.

If you select Sale, then the Sales price and Disposal GL account fields are required.
Sales price

The amount the asset or portion of the asset was sold for. If the Disposal type is Casualty loss, Theft, or Other, then the Sales price is considered zero.

This field displays when the Disposal type is Sale.

Disposal GL account

The General Ledger account where the Sales price is recorded as a debit during asset disposal. Typically, it is a depreciation expense account, a gain and loss account, or some other special disposal account. This field displays when the Disposal type is Sale and it is required when the Sales price is greater than zero.

This field is read-only. The value is defined on the asset.

If the Disposal GL account is the same as the Gain or loss GL account, there will only be one journal entry for that account during disposal.
Gain or loss GL account

The General Ledger account where the gain or loss amount on an asset disposal is recorded as a debit or credit.

This field is read-only. The value is defined in Fixed Assets Management configuration.
Comments

Enter any notes about the disposal of the asset. For example, you can note who you sold the asset to, provide context, or include reference numbers.
Asset GL account

The General Ledger account where the asset cost is recorded as a credit during disposal.

This field is read-only. The value is defined on the asset.
Accumulated depreciation GL account

The General Ledger account where the accumulated depreciation is recorded as a debit during disposal.

This field is read-only. The value is defined on the asset.