Disposing of assets using the quick disposal form function

You can dispose of an asset with one screen. You also have the ability to define the Proceeds and Expense amounts for each book. Use this procedure to dispose of assets using the Quick Disposal form function.

The Quick Disposal form function can only be used on full disposals.

Dispose of assets using the quick disposal form function

Access Disposals (AM40.1)
Define the disposal information using these guidelines to specify field values:

Type

Select one of the predefined disposal types.

Note: When you report on assets, you have the option to include, exclude, or include only disposed assets; you also have the option to specifically include, exclude or include only disposed assets with a type of Purge.

Property

To further define the disposal code, add a property code. Property codes are user-defined.

Proceeds and Expense

If you specify a value in the Proceeds or Expense fields, you must also specify the currency values. Use these fields to specify gains or expenses generated by the disposal of an asset. For example, the sale of an asset could generate advertising costs but also result in a net gain if the asset is sold for more than its book value at the time of depreciation.

These values are used in the calculation of gains and expenses for all books unless you specify values for specific books on the Book Override tab.

Disposal

Select Full (F) to dispose of the entire asset.
Use the Book Override tab to define the Proceeds and Expense amounts by book. Specify this information:

Book

Select the book that you want to override.

Proceeds

Specify the book proceeds amount if the value is different from the default proceeds amount specified in the Proceeds field on the Main tab.

Expense

Specify the book expense amount if the value is different from the default expense amount specified in the Expense field in the Main tab.
Select the Quick Disposal form function to dispose the asset.

Note: You will not be taken to the Gain or Loss (AM40.3) screen to accept or edit the gain/loss and depreciation calculations.
If journal entries are created, you will not be taken to the Journal Entries (AM40.4) screen even if the Display Journal Entries option is enabled in the System Options (AM16.1). You can still open the Gain or Loss (AM40.3) screen or the Journal Entries (AM40.4) screen to see what was calculated or created before you release the asset.
To print assets by a specific disposal code or disposal property, use the Disposal Options tab.

Verify the accuracy of disposals by running the Disposal Report (AM240) with an N (No) in the Release field to produce a report of disposals to be verified.
If any information is incorrect, delete the disposal record and then add it again on AM40.1.

After you create a disposal record, you cannot change it. You must delete it and then add a new disposal record.

Release the disposal record.


Release Method	Options
Batch	Run Processing Release (AM170)
Online	Use the Release form action on AM40.1

Note: This procedure can transfer journal entries to the General Ledger and to the Strategic Ledger applications. The journal entries are posted as part of the General Ledger and Strategic Ledger processing cycles.

Related reports and inquiries


To	Use
List assets disposed of during a specified disposal date range or all recent disposals not yet updated by book.	Disposal Report (AM240)
List items disposed of during a specified disposal date range or all recent disposals not yet updated by book.	Item Disposal Report (AM245)
List disposals for analyzing them by book. You can view asset, tag, date, basis, and book value.	Disposal Analysis (AM95.1)
List transactions by transaction type and date range. You can view posting date, asset, tag, account, and transaction amount by process type.	Transaction Analysis (AM80.1)
List new assets created by partial disposals along with all other existing assets for a company.	Asset Analysis (AM70.1)