Sell an Asset Feature: Streamlining Financial Operations in Empress

Guides & Tutorials
1

Introduction

Welcome to this user-friendly guide on Selling an Asset in Empress. This feature is a central part of the Empress platform, designed to streamline your financial operations and make asset sales a breeze.

Introduction to the ‘Sell an Asset’ Feature

The Sell an Asset feature in Empress simplifies the process of selling assets from a business perspective. With a simple click, you can record the sale, generate an invoice, and instantly update your accounting records to reflect the transaction. This feature ensures that your financial reports are always up-to-date and accurate, which is crucial for strategic decision-making in business.

Getting Started: Opening the Asset Record

First, navigate to the asset record you want to sell. This can be any piece of property owned by your business.

  1. Open the asset record.
  2. Click on the Sell Asset button.

Upon clicking this button, you will be redirected to a Sales Invoice page, where you can detail the transaction.

Detailing the Sale: Completing the Sales Invoice

On the Sales Invoice page, you’ll need to fill in some critical details about the sale.

  1. Enter the Customer’s name. This is the person or company buying the asset.
  2. Specify the Payment Due Date. This is the date by which the buyer should pay for the asset.

These details are crucial for ensuring that the invoice is directed to the right party and that payment expectations are clear.

Finalizing the Transaction: Submission and Accounting Entries

After you’ve filled out the Sales Invoice, you’re ready to submit it. When you do, several accounting entries will occur automatically:

  • The Receivable Account will be debited by the sales amount. This entry shows the amount that the customer owes for the asset.
  • The Fixed Asset Account will be credited by the purchase amount of the asset. This entry reduces the value of the asset in your accounting records.
  • The Accumulated Depreciation Account will be debited by the total depreciated amount until now. This entry clears the accumulated depreciation associated with the sold asset.
  • The Gain/Loss Account on Asset Disposal will be credited or debited based on the gain or loss amount. This account reflects the profit or loss from the asset sale.

Conclusion: Enhancing Business Processes with Empress

The Sell an Asset feature in Empress streamlines your business operations, making it easy to sell assets and record those transactions accurately. By using this feature, you ensure the integrity of your financial statements, which is vital for strategic planning and decision-making in business.

For any additional information or support, please consult the Empress Help Center or reach out to the Empress Support Team. We’re here to help you make the most of your Empress experience.