The cash received or the gross proceeds before taxes are deducted from the sale or retirement of assets. This account is automatically calculated as follows:
(v2170.03) Gross Retirements
- (v2190.03) Accumulated Depreciation on Retirements
(v1170.00) Gain on Sale of Assets +
= (v4000.00) Proceeds from Sale of Assets
In forecast periods, you can enter total proceeds from the sale of fixed or depreciable assets sold in the Gain on Sale of Assets (v1170.00) account. If you dispose of working capital accounts, enter only the gain portion of the sale.
The respective working capital accounts should be reduced by the book value of the working capital disposals.