The Disposal details form is displayed when the Disposals option is selected from the ASSET REGISTER menu.
The following fields are displayed on the Disposal Details form:
Description
Asset class: Next, input the eight-character, alphanumeric
Asset Class code of the Class to which you wish to transfer the
asset, followed by its Item Number within that Class. An
button is available to aid searches.
Item: The Item Number is the identifying, four-digit number
assigned by the user to each Asset Record on the Register. The Item
Number must be unique to the Asset Class in which the Asset Record is
located. Records in different Classes may, however, have the same
Item Number. An
button is available to aid searches.
Description: The full descriptive name of the Asset Class. It may be up thirty alphanumeric characters in length. This will be populated automatically, as will the Short Name, Model Number,, Serial Number, Location, Keeper etc]
Short name: The Short Name of the asset, which may be up to the eight alphanumeric characters in length.
Model number: The Model Number, if any, of the asset. It may be up to eight alphanumeric characters in length.
Serial number: The serial number recorded on the Asset record
Location: The Location at which the asset is currently held. It may be up to eight alphanumeric characters in length.
Keeper/owner: The initials or User ID of the person who is currently responsible for the asset. In the case of motor vehicles, for example, this field identifies the usual driver. It may be up to four alphanumeric characters in length.
Current value
Initial cost: The Initial Cost of the asset, excluding any Additional Costs which may have arisen in the current financial year. If the asset was acquired in the current year, this figure is also the purchase price.
Additional cost: Any Additional Costs which may have arisen for the asset in the current financial year. Those which may have arisen in previous years are included in the Initial Cost figure.
Netbook value: The Net Book Value of the asset; its worth to the company
Residual value: The final Net Book Value of the asset, to which it will fall at the end of its Lifetime, after all depreciation has been calculated and subtracted.
Disposal Details
Disposed: Tick the Disposed check box in order to dispose of an asset. Otherwise leave the check box unset.
Date sold: Enter here the date on which the item was sold.
This date will be reproduced on the Asset Disposals page of the Asset
Record. There is an search facility here
that accesses a calendar.
Sales reference: Enter here any information relating to the disposal of the asset, such as the Sales Ledger Account Code of the customer to whom the asset was sold. This reference will be reproduced on the Asset Disposals page of the corresponding Asset Record.
Disposal proceeds: Enter here the amount of money received for the sale of the item. The amount that you input to this field is reproduced on both the Asset Disposal and the Asset Valuation pages of the corresponding Asset Record.
When the user selects the Process disposal option to exit from the program the system updates the Register and produces a Disposals Daybook.
Depending on how your system is set up, postings will be made to the Nominal Ledger immediately on exiting the program.[ A posting date will be prompted for first] Alternatively, postings will be made on the next run of the Print all daybooks option within the Accounts system. This is typically at the end of the day.
You may use the Disposals report option on the AR Reports & Enquiries Menu to print out a report showing details of the assets that have been sold during the current financial year.
Note: The contents of the Asset Disposal page may be viewed at any stage by using the Add or modify assets option. However, the data fields may be accessed only with the Disposals option.
If you wish to dispose of part of an asset, you must first 'split' the part for sale from the remainder of the asset, using the Asset movement option. Once the asset has been sub-divided in this way, the relevant part may be specified for sale through the Disposals option.
On selling an asset from the Register, the Asset Disposal Daybook is printed showing details of the disposal operation in tabular format. Information is printed under the following headings:
Function: This column shows the operation performed.
Class: The Asset Class of the disposed of asset.
Item: This is the identifying four-digit Item Number of the asset within its Class.
Description: The full, descriptive title of the asset, which may be up to thirty alphanumeric characters in length.
Cost Centre: The Nominal Ledger department of the asset.
Purchased: The date on which the asset was purchased.
Sold: The date on which the asset was disposed.
Cost: The Total Cost of the asset at the time of sale; that is, the Initial Cost plus any Additional Costs that may have arisen since the start of the current financial year.
Book Value: The Net Book Value of the asset.
Proceeds: The selling price of the asset.
In addition to the above, if the Asset Register is integrated with the Nominal Ledger a posting summary is produced. Information is shown under the following headings:
Item: The Item Number of the asset.
Cost Centre: The Nominal Ledger department of the asset.
Expense Code: The Nominal Ledger account of the asset.
Suffix: The Suffix that will be placed against the asset disposal transaction on the Nominal Ledger.
Description: The Description that will be placed against the asset disposal transaction on the Nominal Ledger.
Amount: The financial amount received for the sale of the asset.
Narrative: The Narrative that will be placed against the asset disposal transaction on the Nominal Ledger.[i.e the class and asset number]
On exiting from the Disposals option with the Process-disposal option, the system may or may not post the details of the sale to the Nominal Ledger. Whether it does or not depends on the setting of Auto-print daybooks on exit from Disposals option within the System parameters option, located on the AR System Maintenance Menu.
If this auto-posting option is switched on, the appropriate postings are made to the Nominal Ledger for the Original Cost and Cumulative Depreciation, with a balancing entry to the Disposal Suspense account. If the option is switched off, details of the asset disposal will not be posted to the Nominal Ledger until the next run of the Print all daybooks option within the Accounts system. This is typically at the end of the day.
BUTTONS
Process: Once you click on the Process button to confirm the entered detail, the system updates the Asset Register, prints out the Disposals Daybook, exits the Disposals option and returns you to the Asset Register Menu.
Exit:Will allow you to quit without saving from the Disposals option
Select another Asset using the fields Asset class and Item. You may then return to the Asset Register Menu and any details that you have input in this usage of the Disposals option will be discarded by the system.
