How to Dispose of an asset
- Select and open the asset that you want to dispose from the asset register. This will take you to the asset's Focus View
- Click the Dispose button at the top of the page
- Select the disposal date from the date picker provided.
- Click Confirm. If you are connected to an online accounting package (e.g. QuickBooks Online, Xero), you will be taken to the screen shown below.
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Select the account you would the gain or loss to be posted to using the drop down menu provided which lists your chart of accounts.
Supplemental notes:
Step 3: If you do not want Asset.Guru to post a disposal journal into QuickBooks Online or Xero, please untick the check box shown below. Otherwise, proceed to Step 5.
Step 4: If you have recently created a new account in your accounting package, please click Refresh Accounts in order to update the list of accounts shown in the dropdown.
Historic Disposals: If the disposal date in Step 3 is prior to the current month, monthly depreciation posted from months between the Disposal Date and the last closed month will not be automatically reversed.
If this is required, this can be done in the Audit History of the asset by reversing the necessary Depreciation Journals. See related articles below.
If a mistake has been made: No worries, our support team can assist to reinstate the asset back to Active status when it can then be correctly disposed.
Simply contact the team with the Asset ID that needs to be reinstated at support@asset.guru.