You can dispose of an asset in the AutoRec Depreciation Module before the end of its term by ticking the box next to the item on the Assets page, clicking the Dispose button, and setting a disposal date:
After you click Save, the item will become grayed out, and the tick box will change to a cone:
You’ll also see the Disposal amount captured on the Roll Forward page:
If you’d like to undo a disposal, you can do so on the Disposals page by ticking the box next to the item and choosing the Restore option:
Frequently Asked Questions
Q: Why can’t I dispose of a specific asset?
A: You are unable to dispose of an asset if it’s already expired (i.e. the current period is past the asset’s end date or useful life). Please check if the asset is still active.
Q: Does FloQast create a Journal Entry for the disposal?
A: Not yet, but that feature is on the roadmap and will include gain or loss on the disposal.
Q: Will there be a depreciation expense for a disposed asset?
A: No. FloQast doesn’t book a depreciation expense for an asset in the month that it’s disposed of.
Q: Can I dispose of multiple assets at the same time?
A: Yes, just tick the box next to all assets that you want to dispose of and click dispose. We will assume all assets will be disposed of on the same date.