Dispose of an asset

If you need to dispose of one asset, you generally use the Fixed assets (FA303000) window.

1. Go to the Fixed assets (FA303000) window.
2. In the Asset ID field, select the fixed asset that you want to dispose of.
3. Select Actions, and then click Dispose.
4. In the Disposal parameters dialog box, enter the disposal parameters:
   1. In the Disposal date field, enter the date of the disposal.

      By default, the system uses the current business date.

   2. In the Disposal period field, enter the financial period of the disposal.

      By default, the system uses the current financial period.

   3. Optional: In the Proceeds amount field, type the proceeds amount that is gained as a result of the disposal.
   4. In the Disposal method field, select the disposal method.
   5. In the Proceeds account field, enter the account to post proceeds from the disposal of the asset.

      By default, the system uses the proceeds account specified for the asset.

   6. In the Proceeds sub field, enter the subaccount to post proceeds from the disposal of the asset.

      By default, the system uses the proceeds subaccount specified for the asset.

   7. If you want to depreciate the asset up to the disposal period (in the current financial period), select the Depreciate before disposal check box.
      
      The system can depreciate the asset automatically during disposal only if system is configured to release all transactions automatically. You can change the settings for release of transactions in the Fixed assets preferences (FA101000) window.
      Otherwise, you need to manually depreciate the asset before disposal.
   8. Optional: In the Reason field, type the reason for disposal.
5. Click OK to dispose of the asset and close the dialog box.
6. Release the resulting transactions as directed by your company's workflow.
   For more information, see: Release multiple fixed asset transactions

The status of the disposed asset is changed from Active to Disposed.
After asset disposal, the system automatically displays the following information on the General settings tab of the Fixed assets (FA303000) window: the date of disposal, the disposal method, and the proceeds amount from the disposal of the asset.