Record an asset disposition for a traded asset.
Use Trade Assets to replace an existing asset with a new asset. When you trade an asset, your trading in one asset for another. Another option is to retire the asset and then set up a new asset with the updated asset amount.
For example, if City XYZ purchases a new vehicle to replace an old vehicle, they would use Trade Assets to remove the old vehicle from the database and replace it with the new vehicle. The system will move the old asset's remaining value to the new asset.
In this Topic Hide
Calculate depreciation for the traded asset through the disposition date.
Record a reversing entry for the traded asset's total cost to the Capitalization account.
Record a reversing entry for the traded asset's total deprecation amount to the Accumulated Depreciation account.
Copy the book value (Book Value = Total Cost − Depreciation) of the traded asset to the new asset's Capitalization account.
1. Open Connect Asset Management > Assets > Trade Assets.
The input date and disposition date default to the current date. The disposition type is traded.
2. Select the Disposition.
This is the disposition method. You can add different disposition methods to the menu, see the help topic titled How do I add a disposition?
3. Enter the asset number.
Select the asset numbers of the asset.
Asset Number in Trade Assets
4. Enter the asset number to trade.
Trade to Asset Number in Trade Assets
5. Press Enter again to save the transaction.
The traded assets display.
Updated 08Jan2018
How do I delete a traded asset transaction?