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We have an asset that has a salvage value and we want to write it off. I can't run a depreciation since it looks like it is fully amortized. It's been fully amortized years ago. Is there a way I can write this off in the Fixed Asset module and not post to to the Financial?
Thank you so much for your help.
MAB
To begin salvage value is how much the asset is worth after it's fully depreciated so it maintaining netbook value is to be expected. Is there a reason you do not retire the asset to close out the asset?
Assuming you do not want to retire there is another way however it does create distributions (just like retiring it will). If you reduce the cost basis and the salvage value by the same amount (so if your salvage value is 200, you would reduce the cost basis on the asset\book by 200) and when saving the book select "recalculate" it will not affect any previous depreciation and will remove the remaining net book value (will create a cost and clearing account distribution to interface to the GL).
No matter which you try (retiring the asset or removing salvage value and the salvage value from the cost basis on the asset\book) I would HIGHLY recommend you test in a test company first so you can make sure the results are what you are hoping to see because both ways are going to create records to interface to the GL.
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