Recording asset disposal details

If your agency has disposed of an asset, you can use either Add Asset Valuation or the Asset Valuation InfoViewer to specify the asset's disposal value and other information for your financial statements. You can also use Lookup Asset Valuations to dispose asset valuations in bulk. When you dispose of an asset, the profit or loss on the transaction is calculated using this equation:

P/L = Disposal Value - Revalued Amount + Accumulated Depreciation

  1. Load the valuation that you want into the Asset Valuation InfoViewer and click Edit.
  2. Select the Disposal tab.
    Note: In Add Asset Valuation, you can specify disposal information under Disposal Details.
  3. Specify this information:
    Disposal Date
    Specify the date of the asset's disposal. The date must be after the last recalculation date for the valuation, and it must be within an accounting period as defined in Accounting Period Setup.
    Disposal Description
    Specify any comments about the asset's disposal.
    Disposal Value
    Specify the value of the asset at the time of its disposal.
  4. Specify any other information about the asset disposal.
  5. Click Update.
    A summary of the calculated depreciation for the asset is shown. This depreciation information will be added to the asset's valuation record and shown on the Depreciation tab of the Asset Valuation InfoViewer.
  6. Select the Remove Disposed Valuation from All Valuation Groups check box to remove the valuation from all valuation groups to which it belongs. Select the Expire Asset Associated with This Valuation check box to expire the asset associated with the valuation.
  7. Click OK.