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Fixed Assets Product Guide |
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Fixed Assets Product Guide |
| 4.2.2. Selling an Asset | ||
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 | 4.2. Selling / Scrapping Assets |  |
To sell an asset, highlight the asset you want to sell. Then select the button. The following screen will appear:
One thing that it's important to note is that you can only sell an asset directly via monies received into a bank account. When selling an asset, the following steps are required:
Enter the desired bank account to deposit the sale monies into.
Enter the date of the sale which affects the distribution date of the ledger series.
Enter the amount of the sale exclusive of sales taxes.
If taxes are applicable, enter the tax zone and the tax type.
Press .
A ledger series transaction will be posted with the following transactions:
Debit – bank account
Credit – fixed asset account
Credit – tax account (if applicable)
Debit - accumulated depreciation
Debit or credit – Gain/loss on sale account will depend on whether it was a gain or loss over the book value.
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| 4.2.1. Scrapping an Asset |  | 4.3. Depreciation |