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Marie.Brooks

Asset previously disposed - additional funds received months later

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Hi All,

Looking for help on how to record the following:

On 9/22/20 - we received funds to dispose of two assets.  At this time I disposed of them in Sage and a Gain was calculated.  Now it's 3 months later and we received additional funds for these assets that I did not know about back on 9/22/20.  How do I include these additional funds in Sage for this?  I know my accounting entry it would all go to the Gain on Sale of Asset account, just not sure how to make Sage reflect this.

Thanks,

Marie Brooks

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    Hello Marie,

    It is also possible to edit the Proceeds in the disposal directly - see How to edit a disposal for the details. In either case you do need to re-run depreciation on the asset to ensure the reports will be correct afterwards.

    ~Delray

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    Hi, Marie,

    Assuming you have not yet filed your tax return for 2020, here's what you could do.

    Open the Asset Detail view of the asset you disposed of in Sep.  Before you proceed with the following steps, you may want to print the Transactions tab to have a reference for what you originally entered on the disposal, or at least copy the key information such as date of disposal, proceeds, expenses, etc.  

    Use the command Delete Last Transaction to clear the disposal.  Then, dispose of the asset again but this time include the new proceeds you just received.  This will increase your gains on the transaction and may result in a higher taxable income for the year.

*Community Hub is the new name for Sage City