Sell an Asset

This article explains how to sell a fixed asset in Qoyod, the required data, and the resulting Journal Entry from the sale (gain or loss).

Path in Qoyod

Fixed Assets › Disposals › Dispose of an asset › Sell

Steps

1. Open the “Fixed Assets” section and select “Disposals”.
2. Click “Dispose of an asset”.
3. Select “Sell”.
4. Fill in the data (see the next section).
5. Click “Save”.

Sale data

• Asset sale reference: prefilled as SE1 and can be edited to be unique.
• Asset category (required): to filter assets.
• Asset name (required): you can pick one asset or several.
• Registered asset reference (required).
• Sale date: prefilled with today and editable. It is reflected in the Invoice issue date.
• Gains/Losses account: must fall under “Other income”. Posted as credit on a gain and as debit on a loss.
• Description (optional).

Data of the asset being sold

After filling in the fields above, the asset data appears automatically:

• Serial number: prefilled from the registered asset page (Edit › Additional information).
• Accumulated depreciation to date: the accumulated depreciation recorded up to today.
• Receipt date: depreciation start date.
• Unrecorded depreciation up to the sale date: if the recorded accumulated depreciation is less than the estimated depreciation between the receipt date and the sale date, the difference appears in this field.
• Book value: asset cost minus accumulated depreciation.

Invoice details

After completing the asset data, the sale Invoice details are filled in (sale price, Customer, tax rate) just like a sales Invoice.

Save options

• Save and sell: to issue the sale Invoice and record the disposal.
• Save: save without approval.
• Save as draft: to edit later.

Actions available on disposal transactions

• View.
• Edit.
• Download PDF.
• Print.
• Delete.

• When E-Invoicing is enabled, editing or deleting a sale requires issuing a Credit Note in line with ZATCA (Zakat, Tax and Customs Authority) requirements.