Scrapping an Asset
When an asset is no longer usable, it is scrapped.
You can initiate the scrapping of an asset at any time by utilizing the “Scrap Asset” button within the Asset record. Upon confirmation, proceed by clicking “Yes,” and the asset will be scrapped accordingly.
The “Gain/Loss Account on Asset Disposal” specified in the Company settings will be debited by the Current Value (After Depreciation) of the asset.
Scraping an asset triggers the creation of a Journal Entry:
Following the scrapping process, you also have the option to restore the asset using the “Restore Asset” button located within the asset master.
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