Introduction/Purpose:

The Asset Partial Sales feature within the Asset Management module allows users to record and manage partial sales of company assets. This functionality ensures accurate tracking of asset values before and after sales, facilitating proper financial reporting and analysis. Key data captured includes the sale date, asset classification, sale percentage, and associated financial impacts.

Dependency:

• Integration with Financial System: The partial sales process integrates with accounting systems, enabling seamless updates to asset valuations and ensuring that sales are accurately reflected in financial records.
• Profit and Loss Tracking: Effective allocation to profit and loss accounts ensures that any financial impacts from partial sales are monitored and reported appropriately.

How to Navigate:

To access the Asset Partial Sales feature in the asset management system, follow these steps:

• Click on Transactions: Choose the Transactions option to proceed to transaction-related activities.
• Find Asset Management Section: Locate the Asset Management area within the transactions list.
• Click Asset Partial Sales: Click on Asset Partial Sales to enter the section and manage partial sales records.

Listing:

The Asset Partial Sales listing page provides a detailed view of all recorded partial sales entries. Users can see the following information:

• Document No: Unique identifier for each partial sale record.
• Asset Partial Sale No: Reference number for tracking specific sales.
• Date of Sale: The date on which the partial sale was executed.
• Asset Name: The name of the asset involved in the sale.
• Asset Classification: Classification category for the asset.
• Book Amount Before Sale: The asset’s value before the partial sale.
• Sale Percent (%): Percentage of the asset sold.
• Sale Account: The account used to record the sale transaction.
• Sales Amount: The total amount received from the partial sale.
• Book Amount After Sale: The asset’s remaining value post-sale.
• Profit and Loss: Financial impact recorded from the sale.
• Approval Status: Current status of the partial sale entry.

Users can perform the following actions in the Asset Partial Sales section:

• Add New: Initiates the creation of a new partial sale entry.
• Search: Allows users to find specific entries using relevant keywords or criteria.
• Clear Cache: Removes temporary data to ensure the latest updates are visible.
• Delete: Permits removal of selected entries, enhancing data management.

Recording & Update:

To add a new partial sale entry, users must provide comprehensive details, including:

• Date of Sale: Specifies the date when the asset is sold, which is critical for maintaining accurate records and timelines in asset management.
• Asset Name: Indicates the specific name of the asset being sold, ensuring clarity and precision in tracking asset disposals.
• Asset Classification: Identifies the category assigned to the asset, aiding in organized asset reporting and compliance requirements.
• Book Amount Before Sale: Represents the asset’s recorded value prior to the sale, which serves as a baseline for assessing financial changes resulting from the sale.
• Sale Percent (%): Indicates the percentage of the asset sold, which is essential for understanding the scale of the transaction.
• Sale Account: Refers to the account used for recording the proceeds from the sale, facilitating accurate financial tracking and reporting.
• Sales Amount: Total revenue received from the partial sale, providing valuable insights into the cash flow impact of the transaction.
• Book Amount After Sale: Reflects the asset’s remaining book value following the partial sale, which is crucial for ongoing asset valuation and management.
• Profit and Loss: Captures the financial effect of the sale on profitability, assisting in strategic financial planning and analysis.
• Approval Status: Indicates whether the entry has received approval, ensuring adherence to compliance and oversight protocols.

Additional Actions:

• Submit: Finalizes the entry by saving and submitting it for processing, completing the partial sale record within the system.
• Discard: Cancels the entry and clears all previously entered information, providing a way to maintain data integrity and prevent errors.

Approval Process:

Once a partial sale entry is submitted, it enters the approval process, where the status is closely monitored to ensure all records undergo necessary reviews. Upon final approval, updates to asset values and financial records are executed, maintaining the integrity of the organization’s financial reporting and asset management systems.