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Inventory - Disposition/Loss or Disposition/Profit
Internal Revenue Manual Part 3. Submission Processing · 2026-10-03 edition · updated 2026-10-04 · United States
These journals are used to record the sale of acquired property and its related profit or loss. These journals may also be used for Installment Disposition.
These are the valid accounts for Disposition /Loss (journal #303).
Account Number
DR/CR
Account Name
4420
Debit
SPC Suspense, NMF
4720
Debit
Sales of Seized Property
6985
Debit
Profit and Loss Sale Acquired Property
7100
Credit
Property Acquired in Payment of Tax
These are the valid accounts for Disposition/Profit (journal #304).
Account Number
DR/CR
Account Name
4420
Debit
SPC Suspense, NMF
4720
Debit
Sales of Seized Property
7100
Credit
Property Acquired in Payment of Tax
6985
Debit
Profit and Loss Sale Acquired Property
This table describes the steps required to complete journal numbers 303 and 304.
Step
Prompt
Description / Action
Select
RACS Main Menu
Highlight/select Inventory.
Apply
Inventory Control Main Menu
Record
Select Disposition/Loss or Disposition/Profit.
Tab or Apply
Account Period
Accept the highlighted current month or select the future month. From the Action Bar select...
Apply
Maintain Source Journal
Document #
Enter the Document Number. The number must match the number used to establish the document on the RRACS inventory.
Tab Key
Prepare Date
Enter the Disposition Date in MM-DD-YYYY format.
Enter or Add Button
Maintain Journal Entry
Amount
Enter the Amount associated with the selected IRS account.
OK Button
Maintain Source Journal
Review input data. If correct, select...
Enter or Add Button
If Application:
Maintain Transaction Journal
Highlight/select Application from the Possible Source Journals. From the Action Bar select...
Action then Add
Maintain Source Journal
No input is necessary for this screen.
Enter or Add Button
Maintain Journal Entry
Select the needed IRS Account.
Tab Key
Amount
Enter the amount associated with the selected IRS account.
Enter or OK Button
Repeat for each account that has an amount.
OK Button
When finished with required data inputs, select...
Cancel Button
If Seizure:
Maintain Source Journal
Deposit Fund ID #
Enter the Identification Number of the deposit fund.
Tab Key
Prepare Date
Enter the prepare date in MM-DD-YYYY format.
Enter or Add Button
Maintain Journal Entry
Amount
Enter the amount associated with the selected IRS account.
Enter or OK Button
In all cases, continue with:
Maintain Source Journal
Review input data. If correct, select...
Enter or Add Button
Repeat for each deposit fund, when finished, select...
Cancel
Maintain Transaction Journal
Message
Select Message to enter up to 256 characters of audit trail information.
OK Button
Post
Review input data. If correct, select...
Post Button
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