Disposing of assets
The purchase cycle of assets includes not only the acquisition but also the disposal of assets. You may trade, sell, or dispose of the assets when they stop meeting the needs of your business. Let’s walk through the process of disposal:
- We start by clicking the Options button on the asset Details screen and selecting Dispose from the drop-down menu under it:
Figure 10.12: Asset Options
- When the Disposal screen pops up, enter the date of the transaction and the amount you received for the item, and then under Sales Proceeds, enter the asset account this account was previously coded to.
- If you haven’t run depreciation, you can select to run depreciation and set the date to run depreciation through the sale date. Click the Show Summary button:
Figure 10.13: Dispose asset screen
The summary will show you the details of the transactions, including adjustments to depreciation...
