💰 Asset Liquidation Management
How to liquidate assets and track disposal proceeds using Asset Management module for Concord CRM
Last updated
How to liquidate assets and track disposal proceeds using Asset Management module for Concord CRM
Last updated
When assets reach end-of-life, become obsolete, or need to be disposed of for other reasons, the Asset Liquidation feature helps you document the disposal process, track financial recovery, and maintain complete records for accounting and compliance purposes.
From Assets Section: Navigate to the Assets section and click on the specific asset you want to liquidate. Look for liquidation options in the asset detail page.
From Asset Liquidations Section: Go directly to Asset Liquidations to view all completed liquidations across all assets or create new liquidation records.
Click on the New Liquidation button to start documenting the asset disposal process. This opens a comprehensive form for recording all details about the liquidation transaction.
Liquidation Code: System auto-generates unique code (LQ-00000001), but you can modify if needed for your organization's tracking system
Asset: Select which asset is being liquidated (if not pre-selected)
Quantity: Enter the exact number of units being liquidated or disposed of
Liquidation Amount: Enter the total amount received from the sale or disposal (can be 0 for donations/disposals)
Liquidation Time: Set the date and time when the liquidation was completed
Description: Provide comprehensive details about the liquidation method, buyer information, disposal reasons, and any relevant circumstances
Remaining Quantity: Shows current available/total quantity (e.g., "15 / 20" - helps track inventory impact)
The system automatically validates several aspects:
Asset Validation
Confirms the selected asset exists and is available for liquidation
Checks current asset status and availability
Validates user permissions for liquidation operations
Financial Validation
Ensures liquidation amount is numeric and not negative
Allows zero amounts for donations or disposal without proceeds
Quantity Validation
Ensures liquidated quantity is positive integer
Prevents liquidating more quantities than available
Validates against current asset inventory levels
Data Integrity
Requires all mandatory fields to be completed
Ensures liquidation time is valid date
Click Save to complete the liquidation record. The system automatically:
Generates unique liquidation code for tracking and financial reporting
Updates asset status history with liquidation transaction details
Records financial transaction with amount and timestamp
Links liquidation to parent asset for complete audit trail
Validates all data through secure database transaction
Creates permanent record for accounting and tax purposes
Status history updated with liquidation details and financial information
Liquidation appears in liquidations list with unique tracking code
Complete audit trail of all asset disposals and proceeds
Compliance records for regulatory and audit requirements
Sequential numbering (LQ-00000001, LQ-00000002, etc.)
Automatic generation prevents duplicates and ensures tracking
Customizable prefix if needed for accounting integration
Liquidation amount tracking for accurate financial records
Zero amount support for donations or disposals without proceeds
Detailed description field for disposal method and circumstances
Date/time tracking for accurate transaction timeline
Quantity specification for inventory impact assessment
Asset linkage for complete lifecycle documentation
Automatic status recording when liquidations are processed
Timeline maintenance for complete asset lifecycle
Historical reference for future disposal decisions
Liquidation Code: Unique identifier for each disposal transaction
Asset: Which asset was liquidated
Quantity: Number of units disposed of
Liquidation Amount: Financial proceeds from disposal
Liquidation Time: When the disposal was completed
Validation Rules
Liquidation code must be unique across all transactions
Quantity must be positive integer minimum 1
Liquidation amount must be numeric and cannot be negative
Liquidation time is required and must be valid date
Financial Considerations
Zero amounts allowed for donations or disposals without proceeds
Negative amounts not permitted - use separate expense tracking
System Behavior
Database transaction ensures complete data integrity
Status history automatically updated for compliance tracking
