Welcome to the Sage Fixed Assets Support Group on Community Hub! Available 24/7, the Forums are a great place to ask and answer product questions, as well as share tips and tricks with Sage peers, partners, and pros.
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…
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…
