Enter a mass asset disposition
Use a mass disposition to dispose of 2 or more assets in a single transaction. You can only use 1 disposal method for all the assets in a mass disposition, so you may need to dispose of some assets individually or create multiple mass dispositions.
- Go to the activity input folder for the asset and select theAssettab.
- If theAssettab isn't available, take the following steps:
- SelectFile, thenClient Properties.
- Select theAvanced Propertiestab.
- Mark theEnter Asset Detailcheckbox.
- SelectTasks, thenMass Dispositions.noteAlternatively, select theMass Dispositionbutton.
- SelectAdd.
- Enter a description that will cover all the assets you're disposing of.noteFor example, if you're disposing of multiple office equipment assets, enterSale of Office Equipment. The description is used on asset reports.
- SelectContinue.
- Select the assets to dispose.note
- Only include land assets in mass dispositions that contain other land assets, otherwise, the disposal information won't calculate correctly.
- For Partnerships and S corporations, you can mark or clear theInclude Section 179 assets as available assetscheckbox.
- There are some restrictions, so you can't select every asset.
- SelectContinue.
- Choose a method or selectDisposal Wizard
to let the application guide you through the disposal data entry. - Enter a date disposed.
- Enter the remaining data according to the disposal method.
- Out of Service: You don't need extra data entry for this method. Depreciation won’t be taken after the date placed out of service. The asset remains on file until the disposal method is changed toSold / Scrapped, or Like-Kind Exchange.
- Retired: You don't need additional data entry for this disposal method. Depreciation won’t be taken after the date placed out of service. The asset remains on file until the disposal method is changed toSold / Scrapped, orLike-Kind Exchange.
- Casualty / Theft: This method is not available in a mass disposition. If you want to use this method, you'll need to dispose of the assets individually.
note
If you copy assets that were part of a mass disposition, the application creates an individual disposition for each asset in the new client or activity. To re-create the original mass disposition:
- SelectTasks, thenMass Dispositions.
- Select and delete the extra dispositions that the application created for each asset, leaving only 1 instance of the mass disposition.
Related Content
-
Restrictions for selecting assets for a mass disposition
Format:
Article,
2 min read
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Sold / scrapped disposal method
Format:
Article,
7 min read
-
Like-kind exchange disposal method
Format:
Article,
6 min read
