Payoff [U0103]: Sale of Asset in Inventory Reversal

LeasePak menu: Updates, Daily Work [U01]

Corresponding End of Period process: None

Describes the update in which users can reverse a sale of an asset from inventory.

Notes

Cash Control users: this update does not work with Cash Control.

If you sell an asset from inventory, then run End of Month (End of Period), then reverse the sale, LeasePak will not update depreciation information until the next End of Month.

If End of Period runs Historical Payment Upd/Dtx Cleanup and deletes records pertaining to an asset sale, you cannot reverse that sale.

For sales of assets from inventory and sales reversals, use Asset Movement History [R1003] to track assets' movements out of and back into inventory.

Processing a Reversal

From the main LeasePak menu, select Updates, Daily Work, Payoff [U0103]. From the Payoff options menu, select Sale of Asset in Inv Reversal.

Asset

Type the asset number whose sale you wish to reverse, or click to use Asset Search.

Click OK to continue or Cancel to return to the Payoff options menu.

Field Descriptions

Listed in alphabetical order by displayed field name. To find a field description, locate the field name on the screen display, then look it up alphabetically in the list below.

Amount Received

Displays the total amount that was received at the time of the sale.

Bank Code

Multiple Banks users. Displays the cash account that was used for the sale. Reversing the sale will reverse the transaction made to this cash account.

City Location

Displays the 4-character location code pertaining to the city where the asset is located.

City Rate

Displays the sales tax rate (if any) corresponding to the city where the asset is located. This is the tax rate that was in effect at the time of the sale.

County Location

Displays the 4-character location code pertaining to the county where the asset is located.

County Rate

Displays the sales tax rate (if any) corresponding to the county where the asset is located. This is the tax rate that was in effect at the time of the sale.

Description

Displays the asset description (req.desc_s).

Do you wish to process this sale?

Check the box or type 'Y' to confirm the reversal of the sale.

Net Book Value

Displays the inventory value of the asset at the time of the sale. Reversing the sale will return the asset to inventory at this value.

Sales Party

If applicable, displays 'R' for a sale to a related party (for example, a sale by a captive to its parent company) or 'U' for a sale to an unrelated party. This field has no impact on LeasePak operations.

Sales Tax

Displays the sales tax (if any) applied to the asset at the time of the sale.

State Location

Displays the 2-character location code pertaining to the state where the asset is located.

State Rate

Displays the sales tax rate (if any) corresponding to the state where the asset is located. This is the tax rate that was in effect at the time of the sale.

Suspense Item

If applicable, displays the suspense item used for the sale of the asset. Reversing the sale will recreate the suspense item.

Tax Code

Displays the tax payment code for the asset (req.txp_s).

Taxable Amount

Displays the taxable amount used at the time of the sale. LeasePak defaults the Net Book Value as the taxable amount, but the user may have modified this for the sale.

Total Sale Amount Due

Displays the total amount that was due at the time of the sale, calculated as Net Book Value + Sales Tax.

Confirm the reversal using the Do you wish to process this sale? field, then click OK to process or Cancel to return to the asset selection screen.

General Ledger Transactions

To reverse a sale of asset in inventory, LeasePak reverses all transactions that resulted from the sale. For example, if a sale produces the following transactions:

Debit	Credit	Amount
Clearing	Inventory	10,000.00
Cash 125	Clearing	10,660.00
Clearing	Use Tax Payable	660.00

Reversing the sale will produce the same transactions in reverse:

Debit	Credit	Amount
Inventory	Clearing	10,000.00
Clearing	Cash 125	10,660.00
Use Tax Payable	Clearing	660.00

The information contained in this document is the property of NetSol Technologies Inc. Use of the information contained herein is restricted. Conditions of use are subject to change without notice. NetSol Technologies Inc. assumes no liability for any inaccuracy that may appear in this document; the contents of this document do not constitute a promise or warranty. The software described in this document is furnished under license and may be used or copied only in accordance with the terms of said license. Unauthorized use, alteration, or reproduction of this document without the written consent of NetSol Technologies Inc. is prohibited.

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Payoff [U0103]: Sale of Asset in Inventory Reversal

LeasePak menu: Updates, Daily Work [U01] Corresponding End of Period process: None

Notes

Processing a Reversal

Asset Type the asset number whose sale you wish to reverse, or click to use Asset Search.

Field Descriptions

Amount Received Displays the total amount that was received at the time of the sale.

Bank Code Multiple Banks users. Displays the cash account that was used for the sale. Reversing the sale will reverse the transaction made to this cash account.

City Location Displays the 4-character location code pertaining to the city where the asset is located.

City Rate Displays the sales tax rate (if any) corresponding to the city where the asset is located. This is the tax rate that was in effect at the time of the sale.

County Location Displays the 4-character location code pertaining to the county where the asset is located.

County Rate Displays the sales tax rate (if any) corresponding to the county where the asset is located. This is the tax rate that was in effect at the time of the sale.

Description Displays the asset description (req.desc_s).

Do you wish to process this sale? Check the box or type 'Y' to confirm the reversal of the sale.

Net Book Value Displays the inventory value of the asset at the time of the sale. Reversing the sale will return the asset to inventory at this value.

Sales Party If applicable, displays 'R' for a sale to a related party (for example, a sale by a captive to its parent company) or 'U' for a sale to an unrelated party. This field has no impact on LeasePak operations.

Sales Tax Displays the sales tax (if any) applied to the asset at the time of the sale.

State Location Displays the 2-character location code pertaining to the state where the asset is located.

State Rate Displays the sales tax rate (if any) corresponding to the state where the asset is located. This is the tax rate that was in effect at the time of the sale.

Suspense Item If applicable, displays the suspense item used for the sale of the asset. Reversing the sale will recreate the suspense item.

Tax Code Displays the tax payment code for the asset (req.txp_s).

Taxable Amount Displays the taxable amount used at the time of the sale. LeasePak defaults the Net Book Value as the taxable amount, but the user may have modified this for the sale.

Total Sale Amount Due Displays the total amount that was due at the time of the sale, calculated as Net Book Value + Sales Tax.