Recording an asset write off and asset sale
We are a not for profit community garden.
Recently our garden vehicle was written off in an accident.
We received a payment from the insurance company after paying the excess.
We used the insurance payment to buy a new mulcher for the community garden.
We subsequently sold the old mulcher.
My questions are:
1. How do I record the write off of the vehicle in MYOB?
2. How do I record the sale of the old mulcher, as it is no longer part of our assets list?
