Derecognition: Fixed Assets Tab

Field

Used for

Inventory number

Unique number of the asset in the system, previously assigned to it when the asset was input in the system. Choose one from a drop-down list or create a new one. In case you click on Create new, you will be taken to the page of adding new Inventory number.

It is also recommended to create the inventory number and assign it to the type of the fixed asset prior to performing any kind of actions with the fixed asset.

Fixed asset

Name of the asset, previously assigned to it when the asset was input in the system.

Fixed asset account

Account in the chart of accounts that the current asset belongs to.

Warehouse

Name of the warehouse, where the asset required for derecognition is supposed to be transferred.

Warehouse section

Additionally specify the section of the warehouse that assets are supposed to be transferred.

Initial value

Initial value of the asset when purchased.

Accumulated depreciation

Amount of depreciation accrued since the asset was recognized and until the moment of derecognition.

Residual value

Current difference between the initial value of the asset and amount of accumulated depreciation.

Responsible person

Employee responsible for conduction of derecognition procedure.

Field

Used for

Inventory number

Unique number of the asset in the system, previously assigned to it when the asset was input in the system.

Fixed asset

Name of the asset, previously assigned to it when the asset was input in the system.

Initial value

Initial value of the asset when purchased.

Accumulated depreciation

Amount of depreciation accrued before since the asset was recognized and until the moment of derecognition.

Residual value

Current difference between the initial value of the asset and amount of accumulated depreciation.

Responsible person

Employee responsible for conduction of derecognition procedure.