How to Discard Assets l Scrap Assets l Asset Management

Discard or Scrap Assets

Discard or Scrap Assets 

Select Asset(s) > Discard or Sell 


Discard any lost item or scrap using the Discard or Sell option. Discarding or sending an asset to scrap populates it into a different report. Here the user can see the reason or amount associated with the discarded asset. These assets can any day be restored back to the main Asset List.  

Select the asset(s) from the asset register and click on the Discard or Sell button:  

 

A pop-up form opens up: 

 

To discard an asset, the user is required to fill all the details in the form: 

On the Discard Asset form, Asset Code, Asset Name, Depreciation Value , and other Finance-related information of the selected asset(s) are displayed at the top of the form. 

 

FIELD NAME 

DESCRIPTION 

MANDATORY 

VALIDATION 

Reason 

In Reason for discarding asset, all the status added under Discarded assets status type are reflected in the Drop-down list.  

No 

Reason can be managed through Status iApplication Settings 

Discard Date 

Select Date from the calendar. The asset can be discarded only on the current or future date. 

No 

 

All vendors added in the application will be reflected in the Drop-down  

Yes 

Vendors can be added through Application Settings. 

Others 

In this field, vendors or customers not added in the application can be included.  

Yes 

 

Drop-down, add tax groups through Application Settings. 

Yes 

 

 

Click on the Save button to complete the process. Users can also print PDF (Save & Print) for physical records.  

After assets are discarded, they are stored in a separate report found under the Reports tab in the Home screen. From this window, the user can restore the discarded or sold assets back to the main FAR. 

Click here tknow more on Restoring Discarded Assets 

On deleting a parent asset, assets linked to that parent asset get deleted automatically. 

 

On-Demand Configurations 

  • Choose backdate while discarding an asset 

  • Change the style and format of PDF i.e. print copy created after clicking on Save and Print.


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