Asset Disposal: Generated Transactions
As you dispose of a fixed asset, you create and process disposal transactions. To update the balances of GL accounts, the system generates the GL transactions described in the following sections.
Transactions Generated for Asset Disposal
When you create and release a disposal transaction, the system generates the following general ledger transaction.
| Account | Source of Account | Debit | Credit |
|---|---|---|---|
| Gain/Loss of Fixed Asset Disposal account | The Gain Account and Loss Account boxes on the Fixed Asset Classes (FA201000) form for the asset class | Asset cost | 0.00 |
| Fixed Asset account | The Fixed Asset Account box on the GL Accounts tab of the Fixed Asset Classes form for the asset class | 0.00 | Asset cost |
| AR Accrual account | The Proceeds Account box on the Disposal Methods (FA207000) form | Proceeds amount | 0.00 |
| Gain/Loss of Fixed Asset Disposal account | The Gain Account and Loss Account boxes on the Fixed Asset Classes form for the asset class | 0.00 | Proceeds amount |
For the asset that was disposed of, you can view the reference number of the GL batch in the Batch Nbr. column on the Transactions tab of the Fixed Assets (FA303000) form. The reference number is also a link that you can click to view the GL batch on the Journal Transactions (GL301000) form.