Sale of Fixed Assets in X3

This process can be used when a fixed asset is sold to a customer.

In this example asset FA002 will be sold

Book value: $17,500
Accumulated Depreciation: $874.99

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Step 1: Running the Sale of Asset

Go to Fixed Assets/ Sale of Asset

Header Section
Site: specify the site in which the asset is located
Invoice Type: specify your standard sales invoice type. If there is need a
special invoice type can be created for asset sales
Customer: define customer ID # of the party purchasing the asset
Collective: specify the accounts receivable collective code
Sale Date/Accounting Date: date that the asset is sold
Paying BP: will default from the Customer
Payment Terms: will default from the Customer
Invoice Amt Tax: specify the sales price of the asset
Comments: optional comment field

Lines Section
Fixed Asset: fixed asset being sold
Reason: the reason the asset is being sold (reasons codes can be populated
in misc table 316)
Inv Amt-Tax: sales price of the asset

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 Log file that is generated when the process is run indicating the journals that
were created.

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Step 2: Viewing the Journals that were created from the process

Go to Financials/ Journals/ Journal Entry

The first journal is to realize the depreciation expense generated in the period
before the asset was sold

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 The second journal was to realize the gain/loss on the sale of the asset.

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Step 3: Updating the Invoice that was created for the sale

Go to AP-AR Accounting/ Invoices/ Customer Invoices

This is the respective invoice that was generated on for the sale of the asset.
On the lines tab the Account field can be updated with the applicable
gain/loss account.