Hi Platinum
I just have two
questiones regarding the fix asset register....
1) What do we need
to do when the fix asset need to be disposed or transferred, what kind of
general entries on MYOB and what kind of adjustment need to be done on the excel
spreadsheet
2) When do we decide
to dispose the asset if this asset is not in low value pool,
(<$300)?
Steve
Hi Steve,
ReplyDeleteThanks for your questions.
Please see the answers below,
1) What do we need to do when the fix asset need to be disposed or transferred, what kind of general entries on MYOB and what kind of adjustment need to be done on the excel spreadsheet
Dr AR $$
Cr Gain on Disposal $$
Cr Book value of assets $$ (MYOB)
You should put $0 on disposal column on Excel spreadsheet and stop depreciating that particular asset when you update FAR on the monthly basis.
2) When do we decide to dispose the asset if this asset is not in low value pool, (<$300)?
The general journal is similar to the above, except the book of the asset is zero if you made a gain on disposal. If no gain is made, simply get rid of the assets and no transaction is required in MYOB.
Hope all the above makes sense.
Good luck
Florian