NetAsset - Asset Disposal Invoices
Overview
Circumstances may require the disposal of an asset before or after it’s been fully depreciated. In these instances, a disposal entry is required to remove the asset (and accumulated depreciation), and settle any cash paid or received with an offset to the gain/loss account. For more information on this entry, reference the NetAsset Disposal article. If there is cash that will be received from the disposal of the asset, NetAsset can automate the creation of an invoice for this disposal.
STEP BY STEP PROCESS
- After selecting Dispose on the applicable asset, enter the amount in the "Cash Received to Dispose Asset" field.
- Once an amount has been input in this field, complete the fields under the Invoicing Information section.
- Input the applicable information for "Invoice Date", "Customer", "Item", "Price Level", and "Sales Order".
- Note, the invoicing item selected should be mapped to the Sale of Assets Receivable/Payable Clearing Account.
- After double-checking the inputs for the asset disposal, click Dispose.
- Once the disposal is processed, you will be able to see the disposal information for this asset and the corresponding invoice created under the "Disposal" subtab on the asset record.
- The invoice will automatically pull the item and customer information and tag the asset to which it corresponds.
- All further actions for this invoice will follow the normal NetSuite processes.