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 in Application 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 to know 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.
Related Articles
Discarding Assets
How To: Discard Asset(s) in Asset Infinity A user can discard any lost item or scrap asset using the Discard or Sell option. A user can Select the asset(s) from the Asset List and click on the Discard or Sell button to discard asset(s). Use the below ...Permanently Deleting Assets from the System
Permanently Deleting Assets from the System Asset(s) > Discard or Sell Permanently delete an Asset using the Discard or Sell option. Deleting an asset permanently removes the asset from the application and cannot be restored in the future. ...Transferring Assets
How to Transfer Assets? Select Asset(s) > Transfer Asset Initiate asset transfer by selecting an asset from the asset grid on the dashboard. The asset can be transferred from one user to another or from one location to another or a combination of ...Updating Asset Details
Update Single Asset through Edit Double click on an asset from the asset register. A screen open ups with all details of that particular asset. Click on the Edit button given on the Asset (view) interface. The asset form opens in an editable ...Adding Assets in Bulk
How to Add Assets in Bulk? HOME PAGE > ADD ASSET > UPLOAD MULTIPLE ASSETS An organization may require to upload a number of assets/line items. This may consume a lot of time if they continue to enter one entry at a time. Asset Infinity provides ...