Dispose of a fixed asset

Dispose of a fixed asset

Part 1: Create a fixed asset disposal transaction
1. Click the Open icon. The Select Form dialog box opens.
2. Type fixed asset d in the Filter field.
3. Click the Fixed Asset Disposal list item.
4. Click the OK button. The Fixed Asset Disposal (Filter in Place) form opens.
5. Click the Filter in Place icon.
6. Click the Asset Number drop-down arrow.
7. Click the TC-100 list item. 
8. Type 35000 in the Disposal Amount field. 
9. Press Tab. 
Note: The Gain or Loss Amount changes to 9,829.18.
10. Click the Save icon.
11. Click the Distributions button. The Fixed Asset Disposal Distributions (Linked) form opens. 
Review the information to see the accounts to be affected by the disposal transaction. 
12. Click the Close (X) button on the Fixed Asset Disposal Distributions (Linked) form. You are 
returned to the Fixed Asset Disposal form.
Part 2: Post the transaction
1. Click the Actions drop-down arrow.
2. Click the Disposal Posting list item found near the bottom of the list. The Disposal Posting 
(Modal) form opens with the TC-100 GL accounts and amounts showing in the grid.
3. Click the Process button. The Fixed Asset Disposal Transaction Report opens in a new tab.
4. Close the report tab. 
5. Click the OK button.
6. Click to select the Commit radio button. 
7. Click the Process button. A dialog box opens with the message: “[Disposal Posting] will be 
performed.”
8. Click the OK button. A dialog box opens with the message: “1 F/A Disposal(s) were posted.”
9. Click the OK button.
10. Click the Window drop-down arrow.
11. Click the Close All list item.
Part 3: Verify the fixed asset disposal
1. Click the Open icon. The Select Form dialog box opens.
2. Type fixed assets in the Filter field.
3. Click the Fixed Assets list item.
4. Click the OK button. The Fixed Assets (Filter in Place) form opens.
5. Type TC-100 in the Asset Number field. 
6. Click the Filter in Place icon.
7. Verify Disposed is displayed in the Status Code field.
Note: The Disposal Date and Disposal Amount.
8. Click the Close (X) button on the Fixed Assets form.
Part 4: Review the fixed asset distribution journal
1. Click the Open icon. The Select Form dialog box opens.
2. Type journal entries in the Filter field.
3. Click the Journal Entries list item.
4. Click the OK button. The Journal Entries (Filter in Place) form opens.
5. Click the Journal drop-down arrow.
6. Click the FA Dist list item.
7. Click the Filter in Place icon.
Review the transfer values for the DRL-10 from Department 200 to 300.
Review the gain or loss.
Review the credit to the Asset account and debits to the Accumulated Depreciation account.
8. Click the Close (X) button on the Journal Entries form

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