Account — Intangible assets - loss on disposal

The Intangible Assets Loss on Disposal account is a built-in account in Manager that records losses incurred when disposing of intangible assets. While the default name is IntangibleAssetsLossOnDisposal, you have the option to rename it to better suit your accounting preferences. This guide will walk you through the steps to rename this account.

Accessing the Account Settings

1. Navigate to Settings:

   • Click on the Settings tab in the left navigation menu.

2. Open Chart of Accounts:

   • Within Settings, select the Chart of Accounts option.

3. Locate the Account:

   • Find the IntangibleAssetsLossOnDisposal account in the list.

Editing the Account

1. Click Edit:

   • Next to the IntangibleAssetsLossOnDisposal account, click the Edit button.

2. Modify Account Details:

   Name

   • Default: The default name is IntangibleAssetsLossOnDisposal.
   • Action: Replace the default name with your preferred account name.

   Code

   • Optional: Enter an account code if your organization uses account codes for identification.

   Group

   • Selection: Choose the appropriate group under the Profit and Loss Statement where this account should appear.

Saving Changes

• Update the Account:
  • After making your changes, click the Update button to save them.

Important Notes

• Deletion Restrictions:

  • The IntangibleAssetsLossOnDisposal account cannot be deleted. It is automatically added to your Chart of Accounts when you dispose of at least one intangible asset.

• Related Information:

  • For more details on managing intangible assets, refer to the Intangible Assets guide.

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By customizing the Intangible Assets Loss on Disposal account, you can ensure that your financial statements align with your organization's terminology and reporting standards. Following the steps above will help you successfully rename and reorganize the account within your Chart of Accounts.