Fixed Asset Write-Off

started a topic 6 months ago

Currently to affect the Write Off of a Fixed Asset DEAR requires performing an Inventory Write-Off where the subject Fixed Asset is selected together with the specification of an expense account for use in posting the corresponding debit entry to match to the credit value entry posted to the linked inventory account. To properly complete the actual asset write-off or scrapping action per GAAP or IFRS standards, it is then necessary to perform a Journal Entry to recast value from expense account used for Inventory Write-Off transaction into an account representing Gain(Loss) on Sale of Asset, and then enter a Journal Entry to remove the remaining value associated with each asset written off from the corresponding asset and accumulated depreciation accounts to complete the GAAP / IFRS compliant asset write off.  This feature request proposes that DEAR define a form to affect the write off (scrapping) of an asset.  From a transaction perspective, this is a logical extension of the existing Inventory Write-Off form and process where the form recognizes (or knows on entry) that the "inventory" item that is being written off is a fixed asset. This would then immediately be able to recognize the corresponding asset and accumulated depreciation accounts associated with the subject asset (inventory item) to be written off. 

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