Disposal of Fixed Assets

Proceeds from sale, salvage, insurance or other amounts received which result from the disposal of fixed assets is first applied to any outstanding liabilities against those assets. Gains or losses from the sale of fixed assets is added to or subtracted from the Chart of Account fund that originally acquired the fixed asset. 

• When a fixed asset is disposed of e.g. building is demolished, its book value and accumulated depreciation are removed from the University’s accounts and may result in a non-operating loss.
• The University fixed assets database (Peoplesoft Asset Managment module) is updated to reflect the disposal.
  

Last modified February 02 2012 07:47 AM