Manually write off a fixed asset by posting journal entries to show the value of the write-off within the Nominal Ledger.

NOTE: If you have Sage 50 Accounts Professional, you can use the Fixed Assets Register to manage your fixed assets. Don't have Sage 50 Accounts Professional?

1. Go to Nominal codes then click Journals entry.
2. Enter the Reference and Posting date for the write-off journal.
3. Enter the relevant details on the Journal Entry window.
   
   

   TIP: Enter the posting date as the date you're writing off the asset.

   This example shows a fixed asset with an original value of £10,000.00. The depreciation posted to date is £9,900.00 and a write-off value of £100.00.

   N/C	Name	Details	T/C	Debit	Credit
   0050	Motor Vehicles	Write Off Asset	T9		10,000.00
   0051	Motor Vehicle Depreciation	Write Off Asset	T9	9,900.00
   8005	Fixed Asset Write Off	Write Off Asset	T9	100.00

   NOTE: Use nominal code 0050 for Fixed Assets, 0051 for accumulated depreciation expense, and 8005 is the Fixed Asset Write Off. If your nominal codes differ, replace them with the appropriate codes.

4. Select Save then Close.

You've now written off the asset value from your accounts. The balance sheet shows the asset value as zero and the net book value as an expense under the Fixed Asset Write Off code. If you created a Fixed Asset Record for this asset, manually remove it from the Fixed Assets Register.