Dispose of an Asset Item That You Sold

When you sell an asset item, you process its disposal to enter a cash receipt and remove the asset item from your general ledger book.

If you are selling an asset item that has depreciation processed for it, you must run disposal processing for the item in the most current accounting period.

A cash receipt transaction is posted automatically for the disposed asset item in the accounting period in which you process the disposal.

To dispose of an asset item that you sold, complete the following steps:

1. From the Vision Navigation menu, click Asset Management > Disposal Processing.
2. In the Asset field on the Disposal Processing form, click to open the Equipment Info Center lookup and select an asset item that you sold.
   • You can select only one asset item to dispose at a time.
   • You can select an asset item with an active or inactive status.
3. Optional. After you select an asset item, click Asset Review on the toolbar of the Disposal Processing form to open the Asset Review application to review information for the asset item. The Asset Review application opens in a dialog box. Click OK on the dialog box to return to the Disposal Processing form.
4. In the drop-down list in the Disposal Type field, select Sold.
5. In the Disposal Date field, enter the date on which the disposal of the asset item takes effect. This date is also used as the transaction date for the disposal posting.
6. Enter the information in the Transaction Entry section, which includes a reference number, any comments, the bank for the cash receipt, and the sales price of the asset item.
7. On the toolbar of the Disposal Processing form, click Run to process the disposal.
8. On the dialog box that asks if you are sure that you want to dispose of the selected asset item, click Yes.
9. On the dialog box that tells you the number of disposal entries posted and the posting sequence number, click OK to return to the Disposal Processing form. The form is now cleared and ready for processing another asset item disposal.

   A cash receipt is automatically posted for the disposal. It records the cash receipt, removes the asset item's accumulated depreciation and depreciation basis, and records any gain or loss. You can view the posting log for the cash receipt in Transaction Center > Posting Log.

   The following fields on the GL Book tab in the Equipment Info Center are automatically updated:

   • The Asset Status field changes from Active to Disposed.
   • The disposal date that you entered on the Disposal Processing form displays in the Disposal Date field.

   The following information is added in Asset Management > Asset Review for the asset item:

   • A row of disposal information is added to the Summary grid on the Summary tab. The Book column for the row displays Disposal. The disposal amount (accumulated depreciation that is reversed when you run disposal processing) displays in the General Ledger column and in any additional book columns you have.
   • A row of disposal information is added to the History grid on the History tab. The Transaction column in the grid displays Disposal-Sold for asset items that you sold.