Editor
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Accounting Dashboard
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General Accounting Set up
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Chart of Accounts
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Day to Day Transactions
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Sales
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Banks & Bank Reconciliations
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Fixed Assets
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Year/Month End
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Reports
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Purchase Order approval
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POS
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Purchasing
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Non stock purchasing
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Expense Module
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Shopify Sales
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Invoice Reminders
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Customer Statements
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Tax
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Supplier Batch Payment
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Product Categories
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Inventory Valuation Journals
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Analytic Accounts
How to Dispose an Asset
How to Dispose of an Asset
1. Go to the Accounting Module > Accounting > Assets.
2. Open the Asset that you are going to dispose.
3. Click on the MODIFY DEPRECIATION button.
4. After clicking on MODIFY DEPRECIATION > Select the action as "Dispose" > choose a date > Add the loss account > add a note and click on Dispose. ( You need to select the correct asset dispose/loss account. Below account selected is just for demo purposes. Please check with your Accountant if you are not sure which account to be selected).
5. As soon as you click on Dispose, it will direct you to the draft entry that was created for this disposal. Check if all fields are correct. You can click on Post to post this journal entry.
Now you have completed the disposal of assets.
1. Go to the Accounting Module > Accounting > Assets.
2. Open the Asset that you are going to dispose.
3. Click on the MODIFY DEPRECIATION button.
4. After clicking on MODIFY DEPRECIATION > Select the action as "Dispose" > choose a date > Add the loss account > add a note and click on Dispose. ( You need to select the correct asset dispose/loss account. Below account selected is just for demo purposes. Please check with your Accountant if you are not sure which account to be selected).
5. As soon as you click on Dispose, it will direct you to the draft entry that was created for this disposal. Check if all fields are correct. You can click on Post to post this journal entry.
Now you have completed the disposal of assets.
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