Fixed assets reversal

sunnyk

HI guys,
i have made one FA. The book value is same as aquisition cost. Now i want to expense out this to Profit and loss so that it will not appear on FA register.
How can i reverse or or cancel this FA entry.

vicbill

If you have already posted to this FA, the best way to close it out is to post a 'Disposal' journal entry against it. Just make sure that the Loss on Disposal account in the posting setup is set to the correct expense account.

Victor