Asset Disposal

Disposing of an Asset

There are three stages involved in the disposal of an asset:

  1. You must identify the asset to be disposed of by setting the Asset Status to Ready for Disposal. You can do this manually using Asset Records (FAS), or you can change the status for a range of assets using Asset Disposal Selection (FAE).
  2. You should use Ledger Entry (LEN) to manually post any sales proceeds for the asset, if it has been sold.
    Note:  Do not remove the asset static data if sales proceeds are to be posted after disposal. The asset sale proceeds posting does not need to contain an Asset Marker.
  3. You must then use Asset Disposal to dispose of the assets by generating transactions that reduce the asset values to zero, and remove the selected asset details. If Force Journal Listing is switched on in Ledger Setup (LES), then a listing of the generated transactions is printed.
Note:  If you are using over-expenditure checking, transactions are posted during Asset Disposal even if budgets are exceeded.

If you choose to remove asset details, note that they are still accessible in Ledger Inquiry.

Once an asset has been processed by Asset Disposal, the Disposed flag is set for the asset on Asset Records (FAS).