Entering a mass asset disposition

Alerts and notices

Use a mass disposition to dispose of two or more assets in a single transaction. You can only use one disposal method for all the assets in a mass disposition, so you may need to dispose of some assets individually or create multiple mass dispositions.

This video shows the features described in the steps below.

  1. Go to the activity input folder associated with the asset and click the Asset tab. If you don't see the asset tab:
    1. Select File, then Client Properties
    2. Click the Advanced Properties tab.
    3. Mark Enter Asset Detail.
  2. Select Tasks, then Mass Dispositions, or click the Mass Disposition button.
  3. Click the Add button.
  4. Enter a description that will cover all the assets you're disposing of. For example, if you're disposing of multiple office equipment assets, enter "Sale of Office Equipment". The description is used on asset reports.
  5. Click Continue.
  6. Select the assets you want to dispose of. Please note:
    • Land assets should only be included in mass dispositions that contain other land assets. Otherwise, the disposal information won't calculate correctly.
    • For Partnerships and S corporations, you can mark or unmark the Include Section 179 assets as available assets checkbox.
    • Not every asset will be available to select; there are restrictions.
  7. Click Continue.
  8. Choose a method or click the Disposal Wizard button Method/Life Wizard button to be guided through the disposal data entry.
  9. Enter a date disposed.
  10. The rest of the data entry depends on the disposal method you choose:
    • Sold / scrapped
    • Out of Service: Additional data entry is not required for this disposal method. Depreciation will not be taken after the date placed out of service. The asset remains on file until the disposal method is changed to Sold / Scrapped, or Like-Kind Exchange.
    • Retired: Additional data entry is not required for this disposal method. Depreciation will not be taken after the date placed out of service. The asset remains on file until the disposal method is changed to Sold / Scrapped, or Like-Kind Exchange.
    • Like-kind exchange
    • Casualty / theft: Not available in a mass disposition. If you want to use this method, you'll need to dispose of assets individually.

Note: If you copy assets that were part of a mass disposition, the application creates an individual disposition for each asset in the new client or activity. To re-create the original mass disposition, choose Tasks > Mass Dispositions, select and delete the extra dispositions that the application created for each asset, leaving only one instance of the mass disposition.