Asset disposal is the removal of a long-term asset from the company’s accounting records. It is an important concept because it primarily relates to the company’s capital assets that are essential to successful business operations.
Moreover, the proper accounting of the disposal of an asset is critical to maintaining updated and clean accounting records.
The asset disposal may be a result of several events:
- An asset is fully depreciated and must be disposed of.
- As asset is sold at a gain/loss because it is no longer useful or needed.
- An asset must be disposed of due to unforeseen circumstances (e.g., theft).
Never lose reporting and transaction history on retired assets again. With AsseTrack FAMS you have complete lifecycle management that concludes with asset disposal. When an asset reaches end of life or has been lost simply dispose of it and capture the reason. If the asset is found or accidentally retired you just recover it and it is back in use.
To dispose of an asset, Click on Actions, then Dispose – Add reason for disposal
Under Asset Details, use the filters to locate the asset you want to dispose. I will search by asset tag (WCD12345).
With AsseTrack FAMS Disposal module you can :-
✓ Dispose and Asset
✓ Restore an Asset that’s has been disposed
✓ Export reports in CSV, EXCEL, PDF or PRINT