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 Worksheet / Purchase for guidance on disposing of 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.
- Select the Property Account the depreciable asset belongs to
- Enter Description (the details of the event, or use the Class default "Fixed Asset Sale")
- Enter Termination Date (the date the Item was disposed)
- Termination Value (the amount the depreciable asset was disposed for, inclusive of GST (if applicable).
- 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.
- Click Submit
Navigate to Fund Level > Investments > Depreciation Worksheet.
- Edit the relevant fixed asset(s) by clicking the (edit) link alongside the fixed asset.
- Under Disposal, select the relevant Fixed Asset Disposal event which relates to the depreciable asset.
- Enter the net disposal amount received for the asset, under Termination Value.
- Select Save.
Ensure the Disposal Date you enter is after the Purchase Date which has been entered.