Fixed Asset Disposals

When a fixed asset is sold, retired, or written off, it must be formally disposed of in Rillet. This process ensures the asset is removed from the balance sheet, accumulated depreciation is cleared, and any gain or loss on the transaction is recorded.

Steps to Dispose of an Asset

1. Navigate to Close Management > Fixed Assets.

1. Locate the Asset

   Find the fixed asset that you would like to dispose from the list, click on the three dots, then select Dispose

1. Review the Asset Details

   Within the pop-up window, confirm the asset information is accurate

2. Enter Disposal Information

   1. Sale Date: The date of the sale or write-off

   2. Sale Value: Amount received, if any

   3. Tax: Enter tax percent or amount if applicable

1. Confirm Disposal

   Once the disposal details are complete, select Dispose

Notes:

• Disposals are irreversible. Ensure all information is correct before proceeding.

• Rillet will automatically calculate and display whether the disposal results in a net gain or loss.

Once disposed, Rillet will automatically post the resulting gain or loss to the appropriate general ledger account, as defined in your disposal settings, and reflect the transaction in the GL detail for full audit traceability.