Retiring Assets (Oracle Assets Help)


	Previous	Next		Contents	Index	Navigation	Glossary	Library

Retiring Assets

You can retire an individual asset in the Retirements window. You can retire a group of assets in the Mass Retirements window.

Partially or fully retiring an asset

Partially or fully retire an asset by cost or units.

To FULLY retire an asset:

1. Choose Assets > Asset Workbench from the Navigator window.

2. Find the asset you want to retire.

Suggestion: For best performance, query by asset number or tag number since they are unique values.

3. Choose Retirements.

4. Select the depreciation Book from which you want to retire the asset.

5. Enter the date of the retirement. It must be in the current fiscal year, and cannot be before any other transaction on the asset.

6. To fully retire the asset, enter all the units or the entire cost.

7. If you are retiring an asset before it is fully reserved, enter the Retirement Convention.

8. Enter the Retirement Type.

9. If you are retiring an asset with a 1250 property class in a tax book:

Select the Straight Line Method and life you want Oracle Assets to use for the Form 4797 - Gain from Disposition of 1250 Property Report.

10. If you are retiring a parent asset, choose Subcomponents to view the subcomponents asset(s) affected by the retirement transaction. You can separately retire these subcomponents if necessary.

11. Save your work.

Oracle Assets assigns each retirement transaction a unique Reference Number that you can use to track the retirement.

Calculating Gains and Losses for Retirements.

To PARTIALLY retire an asset:

Enter the number of units or cost you want to retire.

Attention: If you partially retire by units, you must choose Continue to specify which units to retire in the Assignments window.

Retiring a group of assets

You can retire a group of assets at one time. You enter selection criteria in the Mass Retirements window to choose the group of assets you want to retire.

When you define a mass retirement, you can choose to immediately submit the concurrent request to retire the selected assets, or you can save the mass retirement definition for future submission. You can change the details of any mass retirement before you submit the concurrent request.

You can also reinstate a mass retirement transaction. See: Correcting Retirement Errors (Reinstatements).

Note: When you perform a mass retirement, Oracle Assets creates PENDING transactions that are not PROCESSED until you run the Calculate Gains and Losses program.

To retire a GROUP of assets:

1. Navigate to Mass Retirements window.

2. Enter the Book from which you want to retire the group of assets.

3. Enter the date for the mass retirement. You can back date retirements to a prior period in the same fiscal year, or enter a date in the current open period. You cannot enter a date in a future period.

4. Enter the Retirement Type, or reason for this mass retirement. The type you enter applies to all the assets that meet your selection criteria.

5. Enter the total Proceeds of Sale and the total Cost of Removal for the mass retirement, if any. Oracle Assets prorates these amounts across the assets you select for the mass retirement according to each asset's cost.

6. Choose whether to retire all levels of subcomponents of all parent assets that meet your mass retirement selection criteria.

7. In the Retirements region, use the Asset Type poplist to indicate whether you want to retire CIP, Capitalized, or Expensed assets. Choose the blank option to retire CIP, Capitalized, and Expensed assets.

8. Choose whether to:

Retire only fully reserved assets (check the Fully Reserved - Yes check box

Retire only assets that are not fully reserved (check the Fully Reserved - No check box)

Retire all assets specified in the window ( do not check either of the Fully Reserved check boxes

9. Enter one or more of the following selection criteria for your mass retirement:

General Ledger Depreciation Expense Account range

Location

Employee Name and Number

Asset Category

Asset Key

Cost Range

Asset Number range

Dates in Service range

If you enter a value in more than one field, Oracle Assets includes only those assets that meet all the selection criteria in the mass retirement. For example, if you enter a location and employee, Oracle Assets includes all assets assigned to that employee AND location. Oracle Assets does not include assets in that location which are not assigned to the employee.

10. Choose Retire. Oracle Assets automatically runs the Mass Retirements Report and the Mass Retirements Exception Report.

Choose Save if you want to save the mass retirement transaction for future submission.

11. Review the reports.

If necessary, you can adjust a resulting individual retirement transaction in the Retirements window, or reinstate the mass retirement transaction in the Mass Retirements window.