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AlberthLC
Level 1
June 22, 2023
Question

Loss to abandonment of fixed assets

  • June 22, 2023
  • 1 reply
  • 3 views

In Dec 2022, the company (SCORP) decided to abandon a fixed asset and disincorporate it. It had a book value of $387K, it was recorded as loss or abandonment of assets in the item of expenses. My question is: Where should I record that loss or expense within the Lacerte system. Thank you all.

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1 reply

abctax55
abctax55
Level 15
June 22, 2023

You "sell" the asset(s) for zero dollars, and then let the very expensive software compute the gain/loss for you.

"....it was recorded as loss or abandonment of assets in the item of expenses"  You don't do it this way.

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