Dispose Partial Fixed Assets in NAV
In this blog, I will discuss how to dispose partial fixed assets in NAV.
If you sell or dispose of a part of fixed asset, you need to split the asset prior record the entry if you.
The following describe the process sequence of task to dispose partial asset.
Scenario: You have posted an acquisition cost for one asset in NAV which contains two pieces of laptop and now you want to sell one of the laptop.
Action Task: You need to split an asset into two assets: one asset having an acquisition cost of 50% of the total acquisition and depreciation amount, and the other one also having 50% of the total acquisition and depreciation amount. Then, use the FA reclassification journal to split one asset into two assets and keeping a part of it as the original asset. Follow by disposal fixed asset process.
Create New Fixed Asset
You need create a new asset first before you transfer the acquisition and depreciation from old asset (FA000070) to new asset (FA000110).
1. Create a fixed asset card for a new fixed asset or use the Copy Fixed Asset function for a new fixed asset
2. On Fixed Asset Menu, select Fixed Assets > Fixed Assets > ACTIONS tab > select Copy Fixed Asset
Split Up Fixed Asset
Use the Fixed Asset Reclassification Journal to split the posted acquisition cost and depreciation.
3. In the Search box, enter FA Reclass. Journals, and then choose the related link or on Fixed Asset Menu, select Fixed Assets Reclass. Journals
4. Create FA reclassification journal line to move 50% of the acquisition cost and depreciation of fixed asset FA000070 to FA000110
5. On the Home tab, choose Reclassify and select ‘Yes’ on the confirmation dialog
6. Close the window (program will create the necessary line in the Fixed Asset G/L journal using the template and the batch that you specified in the FA Journal Setup window for the selected depreciation book)
7. Go to Fixed Asset G/L Journal, open the journal and review the journal lines
8. Post the journal lines
9. Review the book value and posted FA ledger entries and GL entries to ensure that split up fixed asset is correct
Disposal of Fixed Asset
You can Sales Invoice or FA G/L Journal to post disposal entry has G/L integration.
Option 1 – Post from Sales Invoice (require tax invoice)
10. Create a new sales invoice as show
11. Post the sales invoice, system will auto calculate the Gain/(Loss) on disposal upon posting
Option 2 – Post from FA G/L Journals
12. On the Search box, enter Fixed Asset G/L Journal, and then choose the related link
13. Fill in the fields on the line
14. Post the journal lines, system will auto calculate the Gain/(Loss) on disposal
15. Review the book value and posted FA ledger entries and GL entries to ensure that the FA disposal is correct
This blog was written by Katrine Ng
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