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  • Standard Operating Procedures - Disposal Asset

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    llk2bbs
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    The document outlines the standard operating procedures for disposing of obsolete equipment. It states that a disposal form must be prepared by the department head with asset details and a photo, equipment must generally be at least 5 years old except computers which must be 10 years old to be disposed of. If the equipment is sold, it must go to the highest bidder unless the general manager approves otherwise, and any proceeds go into the receipt account as miscellaneous income before removing the items from the asset registrar.

    Original Description:

    Dispose old capital goods. Approval process and accounting handling

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    The document outlines the standard operating procedures for disposing of obsolete equipment. It states that a disposal form must be prepared by the department head with asset details and a photo, equipment must generally be at least 5 years old except computers which must be 10 years old to be disposed of. If the equipment is sold, it must go to the highest bidder unless the general manager approves otherwise, and any proceeds go into the receipt account as miscellaneous income before removing the items from the asset registrar.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    813 views2 pages

    Standard Operating Procedures - Disposal Asset

    Uploaded by

    llk2bbs
    The document outlines the standard operating procedures for disposing of obsolete equipment. It states that a disposal form must be prepared by the department head with asset details and a photo, equipment must generally be at least 5 years old except computers which must be 10 years old to be disposed of. If the equipment is sold, it must go to the highest bidder unless the general manager approves otherwise, and any proceeds go into the receipt account as miscellaneous income before removing the items from the asset registrar.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    STANDARD OPERATING

    PROCEDURES
    AND
    INTERNAL CONTROLS

    DISPOSAL OF OBSOLETE EQUIPMENT


    Procedure:
    Disposal form shall be prepared/reviewed by Department head
    Disposal form shall be completed with the details with asset details such as asset id
    and serial number.
    Photo of the disposal items shall be taken for reference.
    Such disposal must be at least five years old and equipment must be at least ten
    years old, with the exception of computers, and have been determined as obsolete
    by the professional administrative staff.
    Equipment may not be sold directly to individuals unless approval given by General
    Manager.
    It will be sold to the highest bidder.
    All proceeds from the disposition of equipment or supplies will be deposited in the
    receipt bank account and take in as miscellaneous income.
    The disposal items shall be removed from Fixed Asset Registrar.
    Disposal form with full supporting documents shall be submitted to Finance/General
    Ledger section for accounting and journal posting

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