How do I sell or write off a fixed asset in Kontuly?
In Kontuly, click the asset in Fixed assets, fill in Sell or write off with the date, sale price and the account the sale was recorded in, and click Dispose of the asset. Kontuly brings depreciation up to the date and posts the gain or loss; leave the sale price blank to write the asset off.
- Record the sale first, as an invoice line or bank line coded to an income or clearing account.
- Click the asset in Fixed assets.
- Fill in Sell or write off: the Date, the Sale price (excl. GST), and the account you coded the sale to.
- Click Dispose of the asset.
- Check the confirmation. It shows the depreciation to the date, the book value, the sale price and the gain or loss. Confirm.
Save or undo any other changes to the asset first.
What's posted?
One entry removes the asset's cost and accumulated depreciation against the sale price. The difference goes to Gain or Loss on Asset Disposal, created the first time it's needed under other income: a gain if you sold for more than book value, a loss if for less.
Which accounts can the sale come from?
The income or clearing account you coded the sale to. Not offered: bank accounts (the bank line already records the cash), system, archived or foreign-currency accounts, or any fixed asset's cost or accumulated depreciation account.
I made a mistake
Click Undo disposal. The entry is reversed and the asset is active again.
The GST on the sale is on the invoice or bank line you recorded, not on the disposal.
Related questions
- How do I record and depreciate fixed assets in Kontuly?Register equipment and vehicles in Kontuly's Fixed assets screen, choose prime cost or diminishing value, and run depreciation monthly or yearly.
- Do I need to do a year-end close in Kontuly?No year-end close is needed in Kontuly. Last year's profit moves into retained earnings automatically. What to do at year end instead.
- How do I post a manual journal in Kontuly?Post a manual journal in Kontuly for adjustments with no invoice or bank line, such as accruals, depreciation or corrections. Debits must equal credits.
More about accounts and reports
- How does the chart of accounts work in Kontuly?Kontuly's chart of accounts sorts every dollar into accounts by type and report group. What a new business starts with and how it shapes your reports.
- How do I add, edit or archive an account in Kontuly?Add a new account in Kontuly's Chart of Accounts, change its code, name or GST code, or archive one you don't use. What can't change once it's used.
- How do I void or reverse a journal in Kontuly?Void a manual journal in Kontuly to post a reversing entry on the same date. Which journals must be corrected elsewhere, and what blocks a void.
- How do I lock a period after lodging a BAS in Kontuly?Set the lock date in Kontuly's Settings so nothing dated on or before it can be posted, changed or voided, protecting a lodged BAS or a finished year.
- How do I invoice or pay in a foreign currency in Kontuly?Kontuly lets you invoice, buy and get paid in other currencies. Rates come from the Reserve Bank of Australia, and exchange gains or losses post automatically.