Fixed Assets disposed but still on asset listing? Why

[jackcoate]

We recently disposed of several assets through the Peachtree Fixed asset program. However, they continue to show up on the Fixed Asset deprection report.

How, does one get a disposed of asset off the Depreciation report? Right now my G/L fixed asset account doesn't balance to the Fixed asset listing in Peachtree fixed assets.

[Robert Oyler]

Jack,

Disposed assets will never disappear from your assets reports. They are not listed on the Asset Listing Report except for the date an asset was disposed. However they are accounted for on the Depreciation Expense Report. They will stop accumulating depreciation the month they are disposed.

You can run the Depreciation Expense Report and look in the cost column under the Section 179/ITC Adj/Salvage Value and see a line that says Less Disposals. The total here is the total of any disposed assets at cost and the accumulated depreciation and then is subtrtacted from the Sub total of all the assets, depending on how you selected the sub totals by class, etc.

You should be able to balance to this figure since you should have relieved the total cost of the asset and corresponding A/D from the Asset GL and A/D GL accounts as part of your AJE to record your disposition.

Hope this helps.