This article will guide you through the process of disposing or writing-off depreciable assets held by a property. If the property has been sold, refer to Depreciation Sale / Disposal for guidance on disposing of the property's depreciable assets.

When a fixed asset is disposed of, you will need to process a Fixed Asset Disposal event.

 Navigate to Fund Level > Transactions > Investment - Sell > Fixed Asset Disposal.

1. Select the Property Account the depreciable asset belongs to
2. Enter Description (the details of the event, or use the Class default "Fixed Asset Sale")
3. Enter Termination Date (the date the Item was disposed)
4. Termination Value (the amount the depreciable asset was disposed for, inclusive of GST (if applicable).
5. Enter GST on Sale (GST received in the termination value.)
   

   If you are selling multiple fixed assets for the property, it is best to create unique Descriptions for each disposal.

   
6. Click Submit

Navigate to Fund Level > Investments > Depreciation Worksheet.

1. Edit the relevant fixed asset(s) by clicking edit next to the fixed asset.
   
   
2. Under Disposal, select the relevant Fixed Asset Disposal event which relates to the depreciable asset.
3. Enter the net disposal amount received for the asset, under Termination Value.
   
   
4. Select Save. 

Ensure the Disposal Date you enter is after the Purchase Date which has been entered.

What's Next?

Learn more about Depreciation Schedule and Depreciation Sale / Disposal