[EM] Dispose of an Asset Entry

Record the sale of the equipment 

1 - Go to Accounts Receivable>Programs>AR Invoice Entry

           Enter in the Customer that purchased the equipment (if not created, add the customer. Instructions HERE)

           List the Asset in the description

           Code the entry to your Gain/Loss on Assets GL account

           Attach the bill of sale to the invoice

           Post the invoice, File>Process Batch>Validate>Post

2- Go to Accounts Receivable>Programs>AR Cash Receipts to process the cash receipt (instructions HERE)

3- Go to Equipment Management>Programs>EM Assets. 

        Find/enter the equipment number

        Note the original purchase price and the taken amount (This is the accumulated depreciation)

4- Go to General Ledger>Programs>GL Journal Transaction Entry (This entry will clear the asset and depreciation from the books)

           Create a new sequence line; enter +

           Include the Asset number in the description

           Code GL to the assets accumulated depreciation account (listed in EM Assets)

           DEBIT the amount listed as 'taken' in EM Assets

5- Create a new sequence.

           Code GL to the asset account (listed in EM Assets)

           CREDIT the original purchase price list in EM Assets

6- If there is a difference between the accumulated depreciation and the original purchase price of the asset; create a new sequence and code the remaining amount to GL 'Gain/Loss on Asset'.

7- Post the Journal Entry. File>Process Batch>Validate>Post

Mark the Asset as inactive

1-Go to Equipment Management>Programs>EM Equipment

        Find/enter the equipment number

        Go to the info tab

        Change the status to inactive        

2- Go to the Ownership Info tab to update the sold date and sold price

3- Go to EM Asset Setup

       Find/Enter the Asset or Equipment number

       Go to the info tab

       Update the Month Disposed of