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Fixed Assets even exchange

  • 1.  Fixed Assets even exchange

    SILVER CONTRIBUTOR
    Posted 7 days ago

    I fumble through fixed assets. I have three items that have mfg. defects. The mfg. has offered an even exchange on the items. Because we are a local government, I have to bring the old assets before our board to surplus these items. We have had these items for over 1 year and they have been depreciated but still have a residual value. I have to assign new asset numbers to the newly acquired items brand new with an original value. How would you all suggest I handle this? Did I mention I fumble through fixed assets! Please help. Thanks.



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    Denise McCaughan
    Administration Support Manager
    Southern Manatee Fire & Rescue District
    Bradenton FL
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  • 2.  RE: Fixed Assets even exchange

    TOP CONTRIBUTOR
    Posted 7 days ago
    Hi @Denise McCaughan

    First off, I recommend training.  Next Thursday I'm giving an Academy Course on Fixed Assets that will cover all aspects of setting it up and using it.  If you'd like, go ahead and register for that - it's 4 hours of FA Training.

    But, to answer the question here - you just need to Retire the Assets in GP.

    ​For these, since it's even, do NOT record any Cash Proceeds or Non-Cash Proceeds nor any Expenses of Sale.

    You can choose to retire by Quantity (if you have several quantities on one asset ID), or by a Certain Cost (reduce the cost of the asset) or, as I would recommend here, just by a percentage - 100%.


    If you have more than 5 or so, use the "Select Assets" and create an "Asset Group" of these items and use the "Mass Retire" feature.

    Best of Luck!!

    Please let me know if you have any other questions on this.

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    Jo deRuiter, MCP, DCP
    "That GP Red Head"
    AISLING DYNAMICS CONSULTING, LLC
    WEBSITE: https://aislingdynamics.com/
    BLOG: https://community.dynamics.com/gp/b/gplife
    770-906-4504 (Cell)

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  • 3.  RE: Fixed Assets even exchange

    SILVER CONTRIBUTOR
    Posted 7 days ago
    Thanks Jo. That is exactly what I thought. ​I must say though, you make it look so easy. Thanks again!

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    Denise McCaughan
    Administration Support Manager
    Southern Manatee Fire & Rescue District
    Bradenton FL
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