Tip Tuesday: Disposing of Multiple Assets in CMI
Posted by Kassi Mortensen on Tue, Oct 25, 2011 @ 05:04 PM
Have you come across the situation where you sold a company; or a branch of the company; or otherwise needed to dispose of several assets at one time?
Did you know that there is a Multiple Asset Disposition feature with CMI Fixed Assets? Well, there is! For this week's Tip Tuesday, we're going to discuss how to use that feature.
To find this feature, click on Tools in the top left corner of your CMI screen. Then Change Multiple Assets > Disposition.
This brings up the Multiple Asset Disposition Box.
Here you can choose to dispose of ALL the assets in your company by selecting Change all assets OR a specific group of assets by selecting Select Assets to Change.
It also gives you the option of what disposal code you'd like to apply to the assets depending on whether you are selling or abandoning.
If you are utilizing a different basis for each schedule, you can select the schedule that is used to determine the asset basis. In this case either Book or Tax up above. Yours will have whatever schedules you are using within CMI available to you.
You'll then be able to type in your Disposal Date and the Total Sale Amount (if selling, if abandoning this area will be grayed out) for the group of assets you are disposing.
*Something to keep in mind here is that this tool is most useful for assets being disposed of on one date. If you are disposing of assets over several dates, it is best to use the Dispositions tab under Edit Asset to dispose of each individual assets with their own dates.
Once you're finished making your selections as discussed above click ok. If you chose to dispose of all assets, the report will run with those dispositions. If you chose selected assets, the Asset Selection box will pop up next. Here we talked about selecting multiple assets through CMI. You can review that Tip Tuesday on more ways to use that feature.
If you have any questions about disposing of multiple assets within CMI Fixed Assets, feel free to contact us at anytime!
1-800-678-3658 We're here to help!
Have a great week!