When a fixed asset is sold, retired, or loses value, you need to remove it from your books or adjust its carrying amount. Double lets you handle both disposals and impairments directly from the fixed asset schedule - no manual journal entries or spreadsheet workarounds required.
This feature is available for fixed asset accrual schedules only.
What you can do
From the fixed asset schedule, you can perform two types of asset adjustments:
Dispose of an asset — Use this when an asset is being sold, scrapped, or retired. You can record a disposal with or without sales proceeds. Double will end the depreciation schedule, zero out future accruals, and post the appropriate journal entry to QBO.
Impair an asset — Use this when an asset has lost value but is still in use. You can reduce the asset's book value and adjust the remaining useful life. Double will post an impairment journal entry and recalculate future depreciation accordingly.
Where to find it
You can access asset adjustments from two places:
Accruals tab → Select your fixed asset schedule → Find the asset in the schedule → Click the Actions menu (three-dot icon) → Select Adjust asset value
Close tab → Open the Accruals task → Navigate to the fixed asset schedule → Click the Actions menu → Select Adjust asset value
Clicking Adjust asset value opens a modal with two tabs: Disposal and Impairment.
How to dispose of an asset
Select the Disposal tab in the Adjust asset value modal. There are two scenarios depending on whether the asset was sold.
Disposal without sales proceeds
Use this when an asset is scrapped, retired, or otherwise removed from service without receiving any payment for it.
Select the Date of disposal. This defaults to the last day of the current month-end close period. The date must fall within an open period.
Select the account for Post loss to — this is the account where the loss on disposal will be recorded (e.g., Loss on Asset Disposal).
Enter an optional Memo (this posts to the journal entry description in QBO).
Review the journal entry preview. Double will generate an entry that:
Debits the accumulated depreciation account (total accumulated depreciation as of the disposal date)
Debits the loss account (the difference between original cost and accumulated depreciation)
Credits the original cost account (total original cost)
Click Confirm to post the disposal.
Disposal with sales proceeds
Use this when an asset is sold and you received payment for it.
Check the Sale proceeds received checkbox.
Select the Date of disposal.
Enter the Sale proceeds amount.
Select the account for Post proceeds to — this is the account where the cash or receivable will be recorded.
Select the account for Post gain/loss to — this is where the gain or loss on the sale will be posted.
Enter a required Memo.
Review the journal entry preview. Double will generate an entry that:
Debits the cash/receivable account (sale proceeds amount)
Debits the accumulated depreciation account (total accumulated depreciation as of the disposal date)
Credits the original cost account (total original cost)
Debits or credits the gain/loss account (the balancing difference)
Click Confirm to post the disposal.
How to impair an asset
Select the Impairment tab in the Adjust asset value modal. Use this when an asset has lost value (e.g., damaged equipment, obsolete technology) but has not been fully disposed of.
Select the Impairment date. This must fall within an open period.
Enter the New asset value — this is the revised fair value of the asset after the impairment.
Enter the Remaining duration — the number of months over which the new value will be depreciated going forward.
Select the account for Post loss to — this is where the impairment loss will be recorded.
Enter a required Memo.
Review the journal entry preview. Double will generate an entry that:
Debits the impairment loss account (current net book value minus the new asset value)
Credits the accumulated depreciation account
Click Confirm to post the impairment.
What happens after you confirm
Once you confirm a disposal or impairment:
The journal entry is posted to QBO automatically.
For disposals, all future accruals are set to $0 and the depreciation schedule ends at the disposal date.
For impairments, future depreciation is recalculated based on the new asset value and remaining duration.
The asset remains on the schedule with its full historical depreciation visible. A label indicates that the asset has been disposed or impaired.
If you navigate to a future period where no historical depreciation exists, the disposed asset will not appear on the schedule.
NOTE
Once a disposal or impairment has been applied, the asset can no longer be edited or deleted.
Undoing a disposal
If you need to reverse a disposal after it has been posted, you can undo it directly from the schedule:
Navigate to the asset in your fixed asset schedule (via the Accruals tab or Close tab).
Click the Actions menu on the disposed asset.
Select Undo disposal.
Confirm the action. This will reverse the disposal journal entry in QBO and restore the original depreciation schedule.
Important notes
This feature is currently available for fixed assets only. Prepaid expense adjustments are not yet supported.
The disposal or impairment date must fall within an open close period. If you select a date in a closed period, you will see an error asking you to choose a date in an open period.
The memo field posts to the description field on the journal entry in QBO.