Scrapping an Asset

When an asset is no longer usable, it should be scrapped. You can scrap an asset anytime using the "Scrap Asset" button in the Asset record. A journal entry will be created if you scrap an asset. The "Gain/Loss Account on Asset Disposal" account mentioned in the Company is debited by the Current Value (After Depreciation) of the asset. After scrapping, you can also restore the asset using "Restore Asset" button from the asset master.

Asset

  1. Asset Maintenance
  2. Asset Value Adjustment
  3. Asset Depreciation