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Fixed Assets - Disposal and Account for Trade-In

  • 1.  Fixed Assets - Disposal and Account for Trade-In

    Posted 6 days ago
    I need to dispose of an asset that was fully depreciated and was traded in on a new vehicle. Any idea how to account for this?

    Then the amount of the new vehicle needs to show as $6,000.00 more than the final invoice amount. The amount I will be pulling over from the clearing account to set up the new asset is not the amount I need to use. How can I add that trade-in amount back in?

    Thanks.

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    Tammy Harper
    Charlotte County Airport
    PUNTA GORDA FL
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  • 2.  RE: Fixed Assets - Disposal and Account for Trade-In

    GPUG ALL STAR
    Posted 6 days ago
    Hi @Tammy Harper

    In Financial>Transactions>Fixed Assets>Retire, simply retire the asset that was traded in and use the "Non Cash" Proceeds to record the trade-in Value you received.  This will NOT add cost to the new Asset, though and will record as a Proceed during the retirement process.​

    The retirement will use these accounts (depending on other settings)

    You can then add the new asset as usual but open up the blue arrow next to "Acquisition Cost" and make a note of the additional 6k Like This:





    In the Book Setup it is now right

    Now simply reclass the gain/loss to the Asset Cost Account used by the New Asset and you have a good audit trail code of what happened.


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  • 3.  RE: Fixed Assets - Disposal and Account for Trade-In

    Posted 4 days ago

    Thank you!

     

    Tammy Harper |  Fixed Assets/Accounting Coordinator


    Punta Gorda Airport (PGD)
    28000 A-1 Airport Road
    Punta Gorda, FL 33982
    Office: 941.639.1101 ext:
    Email: tharper@flypgd.com

    NOTICE: This communication may contain confidential and privileged information that is for the sole use of the intended recipient. Any viewing, copying or distribution of, or reliance on this message by unintended recipients is strictly prohibited. If you have received this message in error, please notify me immediately by phone, fax or e-mail.




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