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 given path to navigate to Asset List-

Quick Links>Menu> Asset List

On the Asset List page, we can see the ‘Discard or Sell’ option in the Red Rectangle which can be used to discard the asset. Initiate asset discard by selecting an asset or multiple assets from the List of Assets grid as shown below-

Discard Or Sell Assets Form-

To discard an asset, the user is required to fill all the details in the Discard Or Sell Assets form as shown below-

On the Discard Asset form, Asset Code, Asset Name and Location of the selected asset(s) is already displayed. However, some other non- mandatory fields visible on the form are given below-

i) Purchased Price- This field refers to the price at which the asset was purchased.

ii) Sold Value- This field refers to the price at which the asset was sold.

iii) Price Difference- This field refers to the difference amount between the Purchased Price and Sold Value.

iv) WDV- This field refers to the Written Down Value which is the value of the asset post completion of a tenure calculated on the basis of percentage depreciation.

Mandatory Validation-

There are some other mandatory fields visible on the Discard Or Sell Asset form as given below-

i) Reason- The Reason field shows all the status types added under Discarded assets. Status types appear in the Drop-down list. 

ii) Discard Date- Select Date from the calendar. The asset can be discarded only on a current or future date.

iii) Vendor Name- All vendors added in the application will be reflected in the drop-down. Vendors can be added through Application Settings.

iv) Tax Group- Tax groups added through Application Settings appear in the dropdown here.

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

Discarded or Sold Assets Reports-

Discarding or sending an asset to scrap populates it into a Discarded or Sold Assets Reports shown below. 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. On deleting a parent asset, assets linked to that parent asset get deleted automatically.

Standard Configuration

Choose a backdate while discarding an asset.
Change the style and format of PDF i.e. print copy created after clicking on Save and Print.