Fixed Asset Disposal Entry

Fixed Asset Disposal Entry

This is to maintain a disposal value for assets being disposed, so that Gain/Loss on Asset Disposal Report can be produced.

First of all, go to G/L > Fixed Asset Disposal Entry

Click on New

Select fixed asset account, assign transaction date, key in description and disposal value:

Click on OK.

Secondly, create a journal entry for depreciation asset.

Dr Depreciation 14400

Cr Accumulated Depreciation 14400

Thirdly, go to G/L > Gain/Loss on Asset Disposal Report

Click on Inquiry

The report shows that in this disposal:

Cost value of Motor Vehicle = 70,000.00

Accumulated Depreciation = 14,400.00

Disposal value (sold for) = 50,000

Loss in Disposal = 5,600.00

And now you may complete the Journal Entry with these information.

Journal Entry:

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