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Fully dispose Fixed Assets

Use the disposal workflow when an asset is leaving service entirely, resulting in a full asset retirement with the related journal-entry details.

Workflow

Step 1

Open Fixed Assets

Start in Bookkeeping > Fixed Assets > Register so active asset rows are visible.

Fixed Assets register showing active assets for SP Testing 4ever.

Step 2

Open the asset

Select the fixed asset that is leaving service to review its detail page and schedule.

Fixed Asset detail page for Mustard Seed Laptop with the Dispose action visible.

Step 3

Start disposal

Use Dispose to open the retirement form before changing the asset status.

Fixed Asset disposal form opened with disposal date and method fields.

Step 4

Choose date

Pick the date the asset leaves service so Truewind can calculate the remaining depreciation and disposal entries.

Disposal date picker opened on the fixed asset disposal form.

Step 5

Choose method

Select the disposal method that matches how the asset is being retired.

Disposal method menu showing Sale as the selected method.

Step 6

Enter proceeds

Add the selling price or proceeds so the gain or loss calculation reflects the expected cash or receivable amount.

Disposal form with a selling price entered for the asset.

Step 7

Enter fees

Add any selling fee separately so it posts to the appropriate expense account.

Disposal form with a selling fee entered alongside the selling price.

Step 8

Review depreciation

Confirm the final depreciation journal entry before completing the disposal.

Depreciation journal entry generated from the fixed asset disposal details.

Step 9

Review disposal

Check the disposal journal entry lines for the asset retirement, proceeds, fees, and gain or loss.

Disposal journal entry table showing account, class, debit, and credit columns.

Step 10

Select accumulated depreciation

Choose the accumulated depreciation account that should clear the asset's depreciation balance.

Account search filtered for accumulated depreciation accounts in the disposal journal entry.

Step 11

Select cash or receivable

Choose the account that will receive the sale proceeds from the disposal.

Account search filtered for cash accounts on the disposal journal entry.

Step 12

Select gain or loss

Pick the gain or loss account that should receive the difference between proceeds and net book value.

Account search filtered for gain or loss accounts in the disposal journal entry.

Step 13

Select expense

Choose the expense account that should record any selling fee.

Account search filtered for expense accounts on the selling fee line.

Step 14

Review disposal

Verify the date, method, amounts, accounts, and journal-entry impact before using Dispose to complete the retirement.

Fixed asset disposal form ready for final review before using Dispose.

Step 15

Check the register

Return to the register and use Show Disposed Assets when you need to include retired assets in the list.

Fixed Assets register with the Show Disposed Assets control visible.

Before disposing

Confirm the disposal date, method, proceeds, fees, and gain or loss account before saving the disposal.

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