Dispose Fixed Assets
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      1. Learning
      2. Fixed Assets
      3. Dispose Fixed Assets

      Dispose a fixed asset 

      Overview:  

      • Learn how to dispose a fixed asset 

      Why dispose of a fixed asset? 

      A fixed asset is disposed of in Wiise to remove it from records when it is sold, scrapped, or no longer needed. This also records any gain or loss from the disposal for accurate financial reporting. 

      Note: When you sell or dispose of a fixed asset, you must post the disposal value to record any gain or loss. The disposal entry should be the last entry for the asset, but multiple entries are allowed for partial disposals, provided the total disposal amount is a credit. 

      How to dispose of a fixed asset? 

      Here are steps to post a disposal from the fixed asset G/L journal.  

      1. Search for Fixed Asset G/L Journal on the top right-hand corner of the page. Select the related link. The page displays.  
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      2. Select a new journal line. Enter the required information in the fields. Hover over any field for a description. 
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        1. Posting Date: Enter the date of disposal. 

          Note: Document Type: This is usually left blank in the FA G/L Journal as fixed asset transactions don't commonly use standard document types. The FA Posting Type alone suffices to define the transaction. 
        2. Document No: Provide a unique reference number for the disposal transaction. 
        3. FA Posting Type: Select Disposal.  
        4. Description: Add a note, such as Disposal of fixed asset.  
        5. Amount: Enter the proceeds from the disposal. Use a positive value if the asset was sold, zero if it was scrapped. Record a negative value for a loss on disposal. 
        6. Select Home. Then, select Insert FA Bal. Account.  
          1. A second journal line for the balancing account is created when the disposal posting account is set up.  

            Note: Ensure that the Disposal Account and Disposal Bal. Account fields are set up on the FA Posting Group Card for the fixed asset. 
        7. Select the Home action menu. Then select Post to finalise the disposal.  
      3. You’ve disposed a fixed asset.  

      Note: You can view the disposal ledger entries by going back searching for FA Ledger entries on the top right-hand corner of the page. Locate a line with Disposal in the FA Posting Type field.  

       

      What’s next? 

      Find out how report your fixed assets. 

      If you have any questions, please reach out to support@wiise.com