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TOPIC: Disposition of an asset as a trade-in

Disposition of an asset as a trade-in #2763

  • traykev10
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We are doing an exchange of dissimilar assets for which we have traded in a piece of equipment for a new one with a different function and paid $5,000 in doing so. I know how the accounting works but I am having a hard time trying to figure out how to record the disposal in the Asset and Depreciation Module. I am thinking it should be classified as a trade-in but I don't know as to how the "behind the scenes" mechanics work and also will I be able to see a name for the new asset since it is not the same type of equipment. Or should I record it as two separate transactions....a sale of the old fixed asset where the loss is recognized and create a new fixed asset for the purchase so I will have two separate fixed asset numbers and can see each asset. Any information would be greatly appreciated!
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