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Lorenaaa

Dispose with impairment loss

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Hello, 

I have an asset for 73,000 with a total accumulated depreciation of 70,000. We had to write an impairment loss for 3,000 and no further depreciation will be posted.

Everything that has happened on the asset was posted manually to the gl but the boss wants the asset to be in the system when we run the disposals for the rest of the assets. 

My question is should I bring in this asset as fully depreciated for 73k or 70k? I am not expecting to see a gain/loss on the dispsoal JE but this is also my first time seeing an impairment drop the value down to zero. 

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    Hello Lorenaaa,

    I am a technician, not an accountant. I am really good at being able to tell you what to do to complete a particular objective especially if I know All the detailed book information on the asset, but the for the whys or what you should do, I really could not say.

    Technically speaking, impairments are not supported by the program which only means that we have no set procedure to accomplish an impairment.

    You have a choice between a partial disposal, which does not sound like what you want since that would create a Gain/Loss, or just change the value of asset to set it to the new impaired value which will not show a Gain/Loss.

    To be able to say anything else, I would need more information about the asset.

    ~Delray

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