When assets are no longer useful due to obsolescent, damage, or wear and tear, you can eliminate the recorded amount of the assets by writing off the value of the assets. To write off assets, go to Assets ➔ Assets ➔ Maintain, select the relevant item and click Write off. An asset can be written off as long as it is active and the budgeted depreciation has been calculated.
Type or select a journal to record the financial entries.
Type or select the date of the write-off.
Select the P&L check box to enable the P&L field so you can specify the profit & loss general ledger account.
Type or select the profit & loss general ledger account to record the financial entries.
Note:: This is mandatory if the P&L checkbox is selected.
Type a description such as the reason to write off the asset.
Click this to write off the asset. A report displaying the details of the process will be displayed.
Click this to cancel the write off.