A journal entry to write off an asset is a document that records the reduction of the value of an asset due to its usage or exhaustion over time. It can be used to write off assets taking into account physical damage, depreciation, obsolescence, and disposal losses. When writing off an asset from your business books, it’s important to record the exact amount being written off and make sure you maintain a detailed audit trail. Doing this will ensure accurate tracking and accounting of your company’s assets.