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You can unsell an asset that has been incorrectly sold or part sold. All entries created by the sale of an asset will be reversed.

When you undo the sale of an asset, MYOB Assets Live will:

  • debit the asset control group with the original cost of the asset.

  • credit the Realisation account with the original cost of the asset.

  • (Australia) debit the Realisation account with the calculated total depreciation.

  • (Australia) credit the Accumulated depreciation account with the calculated total depreciation for the asset.

  • calculate the profit / loss on sale and credits / debits the profit or loss on sale accounts as appropriate.

  • debit or credit the Realisation account with the profit or loss on sale.

  • calculate the capital gain taxable (Australia only) and non-taxable amounts and debit the appropriate accounts.

  • credit the Realisation account with the gross capital gain.

  • in integrated mode, the appropriate entries are posted to the general ledger depending on whether accounting or taxation depreciation calculations are integrated. The entries are dated with the disposal date.

You can only undo the sale of an asset in the year it was sold.

To undo the sale of an asset
  1. Open the Assets Listing page. See Opening an asset year.
  2. Select the sold asset that is to be unsold. The row containing the selected asset is highlighted.
  3. Click Unsell on the Tasks bar.
    OR
    You can select Functions > Unsell from the right-click menu. A message is displayed requesting confirmation to unsell the selected asset.
  4. Click Yes. The selected sold asset is unsold and reverts to an active asset for the current and subsequent years. All entries created by the sale of the asset are reversed or Click No. The selected sold asset remains sold. No changes regarding the sold asset are made.