Skip to Content
This question has been flagged
accountingassetfixedassetslosspayablesreceivables
1 Respondre
1335 Vistes
Avatar
Zuhair

Hello,

I need advice on how to handle a situation related to fixed assets in Odoo 18. 

Below is the scenario:

  1. Asset Purchase:
    • We bought a vehicle using the Accounting module so that it does not impact our inventory.
    • We created a bill for the vehicle from the Accounting > Vendors > Bills.
    • We selected the vehicle fixed asset account for the purchase.
    • Upon confirming the bill, a fixed asset was automatically created.

  2. Asset Details:
    • Acquisition Date: 01/01/2024
    • Original Price: USD 100,000
    • Book Value: USD 100,000
    • Prorata Date: 01/02/2024
    • Depreciation Method: Straight Line
    • Duration: 5 years
    • Depreciation for 2024: USD 18,333.33

  3. Sale of the Asset:
    • We plan to sell the vehicle on 14/03/2025 for USD 45,000.
    • The vehicle will be sold at a loss.

Question:

We are unsure how to record the accounting entry for the loss on the sale of this asset. Specifically, We need some help:

  • How to properly account for the sale price (USD 45,000).
  • How to handle the depreciation that has been recorded until the sale date.
  • How to record the loss (if any) on the sale in Odoo.

Does anyone has a step by step explanation with the necessary journal entries or any specific configurations we should be aware of.

Thank you in advance.

Avatar
Descartar
Avatar
Loice Makanga
Best Answer

You bought a vehicle for $100,000 and depreciated it over 5 years. By the time you sell it on March 14, 2025, it has $22,152.77 in accumulated depreciation, leaving a book value of $77,847.23.

You're selling it for $45,000, which means you're taking a loss of $32,847.23.


1. Create a Customer Invoice

Go to Accounting > Customers > Invoices

Add the customer and enter the sale price ($45,000)

Validate and register the payment

2. Dispose of the Asset

Go to Accounting > Assets

Select the vehicle and click MODIFY DEPRECIATION

From the Wizard select the Sell Action

Link to the Sales Order you created

Verify the Loss Account

3. Odoo Will Handle the Journal Entries:

After this, your financials will be up to date:

The asset is off your books

The loss is recorded in your P&L

Your cash or accounts receivable reflects the sale

Avatar
Descartar
Zuhair
Autor

Thank you, Loice

Loice Makanga

I really hope it work well

Related Posts Respostes Vistes Activitat
Managing Partial Payments and Aged Receivable Reports in Odoo v17.1 Saas Solved
accounting payments payables receivables
Avatar
Avatar
1
de març 24
3929
How to expand Chart of Account in Balance Sheet?
accounting asset fixedassets assets
Avatar
Avatar
1
de gen. 19
5573
How to Generate Customer Statements in Odoo Solved
accounting reporting payables receivables v17
Avatar
Avatar
Avatar
Avatar
3
de set. 24
7995
How to View Opening Balances for Bank Accounts in Odoo? Solved
accounting bank payables receivables openingbalances
Avatar
Avatar
1
de juny 24
3462
V17.1e Query Regarding Profit and Loss Report Grouping in Odoo
accounting reporting profit_and_loss payables receivables
Avatar
Avatar
Avatar
3
de maig 24
3749