Fixed Asset For Sale – In Holding

A past client of ours called and wanted to take an existing asset and mark it held for sale, but stop depreciation.  It has been listed but not sold, but when it does sell he wants to have Sage FAS calculate the gain loss.  He can do  of the following – whichever makes the most sense for the actual asset:

1.       Dispose, mark as sold, enter $1 for sale proceeds, and enter a note in the notes tab pending sale.  Once sold come back to disposal tab, change the proceeds (CAN YOU DO THAT) and update with the actual value received for sale. 

2.      Do the same as above, but reset depreciation so you can update the cost of sales and re-dispose.

3.      Process as a transfer, and change the transferred asset depreciation method to NO.  then tweak it out as disposal once sold.

4.      You can utilize a field in FAS to mark as “Sold/Pending Sale” – make the asset inactive until the sale goes through.  Then he can make the adjustment(s) manually as necessary.  Then when he processes the next period of depreciation, FAS will catch up the depreciation calculation.

Written by both: Scott Swarts and Angie Bolton-Lyons

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