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How Can we Sell an Asset?

By
Zura Tsiklauri
on 6/13/14, 8:50 AM 964 views

I could not find any way to sell the asset in open ERP, which will generate some journal entries like Sales Order. Please Advise

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Bharat Devnani (bde)
On 6/13/14, 9:06 AM

Hello Zura,

Currently, there is no feature to do that, in order to implement this feature, customization is the option.

Regards,

Bharat

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Zura Tsiklauri

--Zura Tsiklauri--
863
| 5 2 6
Tbilisi, Georgia
--Zura Tsiklauri--
Zura Tsiklauri
On 6/17/14, 3:18 AM

Thanks for the answers. I Understand Ad Libitom how the journal entries should look like but the problem is that your answer doesn't give an opportunity to choose the asset you are selling and make the automatic journal entries.

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michel Guénard

--michel Guénard--
1033
| 5 5 8
VIROFLAY, France
--michel Guénard--

VP operations & finance Social entrepreneur Certified Public Accountant Past Chief internal auditor

michel Guénard
On 6/14/14, 8:47 AM

Selling a fixed asset is not a routine transaction (unless you do it very frequently)

Basically the entries(to be posted using the Miscellaneous Journal) are:

  • Credit the fixed asset account for the gross book value
  • Debit the amortization  account for the total of accumulated depreciation
  • Debit an expense account (you may need to create it) called "net book value of fixed assets sold" for the balance of the 2 previous entries.

The you need to book the sale itself:

  • Credit Sales (of fixed assets)
  • Debit: Client or bank

The accounting profit or loss on sale of the asset is the difference between the amount credited to the sales account and the net book value (recorded on the P/L statement)

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Asked: 6/13/14, 8:50 AM
Seen: 964 times
Last updated: 3/16/15, 8:10 AM