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De-activate Asset

Loan Performer has the option of de-activating an asset when it's no longer in use or existence. If an asset is deactivated it will no longer be depreciated at the period end but will still appear in the Assets Register report.

How to deactivate an asset

To deactivate an asset you go toAccounts->Assets->Assets Register->Select Item Accountand a screen will be displayed as follows:

Click to select the item that you want to deactivate, e.g., "Water Heater" and then click on the De-activate Asset tab. A screen will be displayed as follows:

• Date Sold: If the asset has been disposed of by selling , enter the date of the sale in this date box.
• Date De-activated: If an asset exists but you no longer use it, you de-activate it by entering the date from which its usage stopped, e.g., "30/04/2012". A Loan Performer dialog will be displayed:

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Click Yes to continue. The Assets Record screen will appear with an extension:

• Calculate Depreciation till: Enter the date up to when Loan Performer will calculate depreciation for the deactivated asset, e.g., "31/12/2011". The Assets Records screen will appear extended:

• Amount to depreciate:This text box is read only and will be populated with the calculated amount to depreciate, e.g., "1,00,000".
• Acc. for exceptional profit and losses: Specify the account to which the profits or losses will be posted in the event of the asset being sold off with any profits or accruing.
• Voucher no.: Enter the voucher number in the textbox, e.g., "3232".

Click the Save button to complete the asset deactivation.

Note that the postings to the General Ledgers will only be possible if a print out of the Voucher for the Depreciation and Disposal of Asset is printed. You will be prompted to do this after you click the Save button.

Related Topics

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