Hello,
We have finished running depreciation up until July 31 and are trying to dispose of an asset Aug 1. We received no funds and the loss should equal the NBV at that date, $8.36.
When I go to dispose of the asset, the "Asset Information" box…
Recently found out that a company billed us in error and in turn we set up an asset we never had in December 2018. Vendor gave us a credit memo for the asset which we took against payment of other invoices in October 2020. I need to dispose of this asset…
So my user did a bunch of disposals for the month of May. A few assets had a gain/loss from disposal. She ran her depreciation and then Disposal report for May to verify all looked correct.
She proceeded with Period close for May. The other day she…
The concept of impairments is only used for financial reporting purposes and never for tax. For tax purposes, an asset is either depreciable or not. It is a different story under GAAP (Generally Accepted Accounting Prnciples), however.
Under both…
