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Evo-ERP and DBA Classic >> Accounting >> how to code money when we scrap sell old machine?
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Message started by Laura Oliver on 02/05/24 at 08:12:00

Title: how to code money when we scrap sell old machine?
Post by Laura Oliver on 02/05/24 at 08:12:00

How should I tell EVO that we scrapped an old machine?

I am thinking GL-B.
create a CR and sometthing like this? I have no idea?
10500 D bank account
15400 C machine asset
18100 D accumulated depreciation
53500 C income from scrap machine

Any suggestions would be appreciated.

Thanks
Laura

Title: Re: how to code money when we scrap sell old machi
Post by Laura Oliver on 02/06/24 at 14:38:10

i WAS TOLD
Suppose you have a piece of equipment that you paid 1000 in 2007. You have fully depreciated it at 1000. You scrap it for 100 in 2023.

The entry is :
10500 banks account dr 100
53500 income from scrap eq cr 100
Record receipt from sale fo equipment

15400 machine asset cr 1000
18100 accumulated depr dr 1000
Write off cost of eq sold for scrap