This chapter covers the following topics:
Retire an asset when it is no longer in service. For example, retire an asset that was stolen, lost, or damaged, or that you sold or returned.
You can retire an entire asset or you can partially retire an asset.
When you retire an asset by units, Oracle Assets automatically calculates the fraction of the cost retired
When you retire an asset by cost, the units remain unchanged and the cost retired is spread evenly among all assignment lines
You cannot retire assets by units in your tax books; you can only perform partial and full cost retirements in a tax book. Also, you can only perform full retirements on CIP assets; you cannot retire them by units, or retire them partially by cost.
If you perform multiple partial retirements on an asset within a period, you must run the calculate gains and losses program between transactions.
Gain/Loss = Proceeds of Sale - Cost of Removal - Net Book Value Retired + Revaluation Reserve Retired
If you partially retire a units of production asset, you must manually adjust the capacity to reflect the portion retired.
Use the Mass Retirements window to retire a group of assets at one time. You specify selection criteria, including asset category, asset key, location, depreciation expense account segments, employee, asset number range, and date placed in service range, to select the assets you want to retire. You can also elect to automatically retire subcomponents along with the parent asset.
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.
When you submit a mass retirement, Oracle Assets automatically runs the Mass Retirements Report and the Mass Retirements Exception Report. You can review these reports, perform a mass reinstatement, or adjust an individual retirement transaction if necessary.
If you wish to simultaneously run this program in more than one process to reduce processing time, Oracle Assets can be set up to run this program in parallel. For more information on setting up parallel processing and the FA: Number of Parallel Requests profile option, see: Profile Options and Profile Options Categories Overview.
Oracle Assets does not retire the following types of assets, even if they are selected as part of a mass retirements transaction:
Assets with transactions dated after the retirement date you enter
Assets that are multiply distributed and one or more values do not meet the mass retirement selection criteria
For reinstatements, assets retired during a prior fiscal year
You can retire an asset or a group of assets from any depreciation book without affecting other books. To retire an asset from all books, retire it from each book separately, or set up Mass Copy to copy retirements to the other books in the Book Controls window.
Each retirement transaction has a status. A new retirement receives the status PENDING. After you run depreciation or calculate gains and losses, the status changes to PROCESSED.
When you reinstate a PENDING retirement, Oracle Assets deletes the retirement transaction and the asset is immediately reinstated. If you reinstate a PROCESSED retirement, Oracle Assets changes the status to REINSTATE, and you must rerun the Calculate Gains and Losses program or run depreciation to process the reinstatement.
When you perform a mass retirement, Oracle Assets creates PENDING retirement transactions. If you submit a mass reinstatement before running the Calculate Gains and Losses program, Oracle Assets immediately reinstates these assets. If you submit a mass reinstatement to reinstate PROCESSED retirements, you must rerun the Calculate Gains and Losses program or run depreciation to process the reinstatements.
If you retire an asset for which you took an investment tax credit (ITC) and the ITC recapture applies, Oracle Assets automatically calculates it.
You can undo asset retirement transactions, and Oracle Assets creates all the necessary journal entries for your general ledger to catch up any missed depreciation expense. You can reinstate an individual or mass retirement transaction. For multiple partial retirements, You can reinstate only most recent or processed retirement. You cannot reinstate an asset retired in a previous fiscal year. You can only reinstate assets retired in the current fiscal year.
Oracle Assets lets you use a different prorate convention when you retire an asset than when you added it. The retirement convention in the Retirements window and the Mass Retirements window defaults from the retirement convention you set up in the Asset Categories window. You can change the retirement convention for an individual asset in the Retirements window before running the Calculate Gains and Losses program.
If you set up a book to divide depreciation by days and to use both a daily prorate convention and a daily prorate calendar, and if you retire an asset in that book in the current period, Oracle Assets takes depreciation expense for the number of days up to, but not including, the date of retirement. If you perform a prior period retirement, Oracle Assets backs out the depreciation expense through the date of retirement. If you reinstate the asset, Oracle Assets catches up depreciation expense through the end of the current period.
You can retire retroactively only in the current fiscal year, and only after the most recent transaction date.
You can enter proceeds of sale and cost of removal amounts when you perform a retirement or mass retirement. For a mass retirement, you enter the total proceeds of sale and/or the total cost of removal amounts, and Oracle Assets prorates the total amounts over the assets being retired according to each asset's current cost.
Oracle Assets uses the following formula to prorate the proceeds of sale amount across the assets you select:
Proceeds of Sale (per asset) = Current cost of asset/Total current cost of all selected assets X Proceeds of Sale
Oracle Assets uses the following formula to prorate the cost of removal amount across the assets you select:
Cost of removal (per asset) = Current cost of asset/Total current cost of all selected assets X Cost of Removal
Related Topics
Correcting Retirement Errors (Reinstatements)
Calculating Gains and Losses for Retirements
Journal Entries for Retirements and Reinstatements
Mass Retirements Report and Mass Retirements Exception Report
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 retire an asset by cost or units.
Choose Assets > Asset Workbench from the Navigator window.
Find the asset you want to retire.
Tip: For best performance, find by asset number or tag number since they are unique values.
Choose Retirements.
Select the depreciation Book from which you want to retire the asset.
Enter the date of the retirement. It must be in the current fiscal year, and cannot be before any other transaction on the asset.
To fully retire the asset, enter all the units or the entire cost.
If you are retiring an asset before it is fully reserved, enter the Retirement Convention.
Enter the Retirement Type.
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.
If there is a trade-in asset that will be used to replace the asset you are retiring, enter the asset number of the trade-in asset.
Note: The trade-in asset must have been added to the Oracle Assets system before you retire the current asset, if you want to track the trade-in asset in the retirement transaction.
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.
Save your work.
Oracle Assets assigns each retirement transaction a unique Reference Number that you can use to track the retirement.
Optionally calculate gains and losses to change the status of the retirement transaction from PENDING to PROCESSED. See: Calculating Gains and Losses for Retirements.
Select Assets > Asset Workbench from the Navigator window.
Find the asset whose invoice information you want to change.
Tip: For best performance, find by unique values, such as asset number or tag number.
Select Find to navigate to the Assets window.
Choose the asset whose source lines you want to retire.
Select Source Lines to navigate to the Source Lines window.
Choose the source line or enter the amount you want to retire.
Select Retire to navigate to the Source Line Retirement window.
Modify the necessary fields.
Note: You cannot modify units retired or cost retired. You must cancel out of the retire window before changing the units or cost information. You can change this information in the Source Lines window. Source Line window changes are propagated to the Retire window when you navigate to it.
Select Done to save your work.
Enter the number of units or cost you want to retire. The salvage value is reduced proportionately by the ratio (Retired Cost)/ Cost.
Note: If you partially retire by units, you must choose Continue to specify which units to retire in the Assignments window.
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. An exception to this is when you perform mass retirements by units, the status is automatically set to PROCESSED.
Navigate to Mass Retirements window.
Enter the Book from which you want to retire multiple assets.
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.
Enter the Retirement Type, or reason for this mass retirement. The type you enter applies to all the assets that meet your selection criteria.
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.
Choose whether to retire all levels of subcomponents of all parent assets that meet your mass retirement selection criteria.
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, Expensed, and Group assets.
Choose whether to:
Retire only fully reserved assets by checking the Fully Reserved - Yes check box
Retire only assets that are not fully reserved by checking the Fully Reserved - No check box
Retire all assets specified in the window. Do not check either of the Fully Reserved check boxes.
Enter one or more of the following selection criteria for your mass retirement:
General Ledger Depreciation Expense Account range
Location
Group Asset
Employee Name and Number
Asset Category
Asset Key
Cost Range
Asset Number range
Dates in Service range
Group Asset Association
Group Asset
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.
Note: Oracle Assets selection criteria is based on an alphabetical sort. For example, if you enter an asset number range of 100 to 200, asset numbers such as 1044 or 100234 are included in the selection.
Choose Create, Oracle Assets saves all the retirement information input, but does not execute the retirement transaction. The status field changes from New to Created. If you are satisfied with the retirement created, you may proceed to the next step. Optionally, you may choose to discard or further modify the criteria of the retirement transaction created.
Discard your mass retirement transaction: Choose Discard if you wish to discard the created retirement. The status will change to Discard and all the information you entered will be purged.
Refine your retirement criteria: To further refine or modify the criteria of the created retirement, navigate to the Prepare Mass Retirement window. Mass Transaction > Retirements > Prepare In the Prepare Mass Retirement window, you can modify or further refine your retirement criteria. For example, you may change the backdate range, convert selected retirements to partial retirements, or reallocate the proceeds amounts as desired.
Choose Retire if you want Oracle Assets to automatically complete and post the retirement you created. Selecting Retire also runs the Mass Retirements Report and the Mass Retirements Exception Report. The status of transaction will change from Created to Pending momentarily, and finally to Completed when the mass retirement process completes.
You can also complete the retirement transaction by running the Post Mass Retirements concurrent program. To run this program, navigate to Mass Transactions > Retirements > Post. The Post Mass Retirement concurrent program will prompt for the Book and batch number parameters of the retirement transaction you wish to post. After the parameters are entered, select Submit to complete the mass retirement transaction.
Choose Review to submit the Mass Retirement Report. This step can be done at any time after the Post process has completed.
When you are ready to process gains and losses for the completed mass retirement transaction, run the Calculate Gains and Losses program. See: Calculating Gains and Losses
Note: Gains and losses are calculated automatically when performing mass retirements by units.
Related Topics
Correcting Retirement Errors (Reinstatements)
Journal Entries for Retirements and Reinstatements
Mass Retirements Report and Mass Retirements Exception Report
You cannot reinstate assets retired in the previous fiscal year. You can reinstate only most recent or processed retirement. You can reinstate both individual and mass retirement transactions.
Choose Assets > Asset Workbench from the Navigator window.
Find the asset you want to reinstate.
Tip: For best performance, find by asset number or tag number since they are unique values.
Choose Retirements.
Query the retirement transaction you want to undo.
If the retirement has a status of PROCESSED, choose Reinstate. If it is PENDING, choose Undo Retirement.
If the retirement has a status of PROCESSED, calculate gains and losses to reinstate the asset. If it is PENDING, Oracle Assets deletes the retirement transaction.
Query the reinstatement transaction in the Retirements window and choose the Undo Reinstatement button.
Navigate to the Mass Retirements window.
Use the mass transaction number to query the mass retirement transaction you want to reinstate.
Choose Undo. To reverse retirements for which you have not yet run the Calculate Gains and Losses program.
Choose Reinstate. To reverse retirements for which you have already run the Calculate Gains and Losses program.
Note: If you reinstate a mass retirement after you have run the Calculate Gains and Losses program, you must rerun the Calculate Gains and Losses program to process the mass reinstatement.
Related Topics
Calculating Gains and Losses for Retirements
Journal Entries for Retirements and Reinstatements
Asset Retirements By Cost Center Report
Asset Disposals Responsibility Report
Retired Assets Without Property Classes Report and Retired Assets Without Retirement Types Report
Mass Retirements Report and Mass Retirements Exception Report
You can use Oracle Assets to retire a group of assets by populating an external interface table with these assets, setting the line status to POST, and running the Post Mass Retirements process.
Oracle Assets allows both partial cost and partial unit retirements. However, retirements can only be grouped using a Batch Number, which restricts you from fully utilizing the benefit of the Oracle Assets Mass Retirements feature.
Related Topics
Rules for Mass External Retirements
Entering Mass External Retirements
To process the cost or unit retirements for the external retirement batch, you must populate the FA_MASS_EXT_RETIREMENTS table with the correct retirement batch. To perform the source line retirement you need to populate the source line details in table FA_EXT_INV_RETIREMENTS in addition to populating values in FA_MASS_EXT_RETIREMENTS. The following business rules apply to Mass External Retirements:
The Review Status should be initially set to NEW, ON HOLD or POST by an external system.
A Review Status of NEW indicates that the data is new and may require additional information before retirement can take place in the Post Mass Retirements process.
A Review Status of ON HOLD indicates that the data should remain unprocessed by the Post Mass Retirements process until it is set to a Review Status of POST.
A Review Status of POST indicates that the data is ready for retirement to take place in the Post Mass Retirements process.
A Review Status of ERROR indicates that the data was invalid and will not be submitted for retirement in the Post Mass Retirements process. You can set these errored records to DELETE if they need to be removed from the database. Remove them by running the Purge Mass External Retirements program.
A Review Status of DELETE indicates that the data will not be submitted for retirement in the Post Mass Retirements process.
You can use the Purge Mass External Retirements process to remove posted or deleted records completely from the database.
All displayed data passed from an external system or Oracle Projects is subject to modification.
Populate the FA_MASS_EXT_RETIREMENTS table with the assets to be retired along with relevant details. For source line retirement you need to populate both FA_MASS_EXT_RETIREMENTS and FA_EXT_INV_RETIREMENTS.
Set the Retirement line to a status of POST.
Submit the Post Mass Retirements concurrent process.
The following table describes the columns and their dependencies found in the FA_MASS_EXT_RETIREMENTS table.
| Column Name | Type | Comments |
|---|---|---|
| BATCH_NAME | VARCHAR2(15) | Required. Use this column to distinguish a retirement batch from subsequent retirement batches, or use the same name for all mass retirements from the external system that you load at once. |
| MASS_EXTERNAL_ RETIRE_ID | NUMBER(15) | Required. Oracle Assets uses this column as a unique identifier for mass retirements. The values in MASS_EXTERNAL_RETIRE_ID are generally sequential. You can use a sequence generator to populate this column. |
| RETIREMENT_ID | NUMBER(15) | Do not use this column. |
| BOOK_TYPE_CODE | VARCHAR2(15) | Optional. Use this column for the book that contains the asset you want to retire. You must choose a book that you have set up in the Book Controls window, and the asset must be defined for this book. Values in this column must be in uppercase. |
| REVIEW_STATUS | VARCHAR2(8) | Required. To import retirement information from an external system, use the value of NEW for this column if you want to review this asset in the Mass External Retirements window. Use the value of POST for this column if you are entering all the required information and want to post the retirement immediately. |
| ASSET_ID | NUMBER | Optional. Use this column for the identifier of the asset that you want to retire. Note that the ASSET_ID is the unique internal identifier, and not the same as the external identifier ASSET_NUMBER. |
| TRANSACTION_NAME | VARCHAR2(30) | Optional. Use this column to note any details about the retirement of this asset or any other details. |
| DATE_RETIRED | DATE | Optional. Use this column to indicate the date you want to retire this asset, or you can leave it blank and the system determines it. The date must be in the current fiscal year, and cannot be before any other transaction on the asset. |
| DATE_EFFECTIVE | DATE | Optional. Reserved for future use. |
| COST_RETIRED | NUMBER | Optional. Use this column for the asset cost you want to retire. |
| RETIREMENT_PRORATE_ CONVENTION | VARCHAR2(10) | Optional. Enter the valid prorate convention for the retirement. You can leave it blank for the system to determine it for the asset |
| UNITS | NUMBER | Optional. Use this column for the number of units. If a partial number of units is supplied, the distribution_id column must be populated accordingly. |
| PERCENTAGE | NUMBER | Optional. Reserved for future use. |
| COST_OF_REMOVAL | NUMBER | Optional. Use this column to enter the cost of removal of the asset, if any. |
| PROCEEDS_OF_SALE | NUMBER | Optional. Use this column to enter the proceeds from the sale of the asset, if any. |
| RETIREMENT_ TYPE_CODE | VARCHAR2(15) | Optional. Enter a valid predefined RETIREMENTQuickCode. |
| REFERENCE_NUM | VARCHAR2(15) | Optional. Use this column for the reference number, if any. |
| SOLD_TO | VARCHAR2(30) | Optional. Use this column to enter the name of the party to whom this asset was sold. |
| TRADE_IN_ASSET_ID | NUMBER | Optional. Use this column for the asset identifier of the new asset for which this asset was traded in. Note that the ASSET_ID is the unique internal identifier, and not the same as the external identifier ASSET_NUMBER. |
| CALC_GAIN_ LOSS_FLAG | VARCHAR2(3) | Required. To run the Calculate Gains and Losses process immediately after the retirements process, enter YES. Otherwise enter NO. |
| STL_METHOD_CODE | VARCHAR2(12) | Optional. Use this column for the straight line method for retirement reporting of 1250 property in a tax book. |
| STL_LIFE_IN_MONTHS | NUMBER | Optional. Use this column for the straight line life for retirement. |
| STL_DEPRN_AMOUNT | NUMBER | Optional. Use this column for straight line depreciation amount for reporting of 1250 property in a tax book. |
| CODE_ COMBINATION_ID | NUMBER(15) | Optional. Use this column, together with the LOCATION_ID and ASSIGNED_TO columns, if partial units have been entered in the units column. The combination of these columns determines which assignment should be partially unit retired. |
| LOCATION_ID | NUMBER(15) | Optional. Use this column, together with the CODE_COMBINATION_ID and ASSIGNED_TO columns, if partial units have been entered in the units column. The combination of these columns determines which assignment should be partially unit retired. |
| ASSIGNED_TO | NUMBER(15) | Optional. Use this column, together with the CODE_COMBINATION_ID and LOCATION_ID columns, if partial units have been entered in the units column. The combination of these columns determines which assignment should be partially unit retired. |
| CREATED_BY | NUMBER(15) | Required. Use the value of 1 in this column, or the specific user ID of the person processing the mass retirements. |
| CREATION_DATE | DATE | Required. Use the column for the date you load this retirement line into the FA_MASS_EXT_RETIREMENTS table. |
| LAST_UPDATED_BY | NUMBER(15) | Required. Use the value of 1 in this column, or the specific user ID of the person processing the mass retirements. |
| LAST_UPDATE_DATE | DATE | Required. Use the column for the date you load this retirement line into the FA_MASS_EXT_RETIREMENTS table. |
| LAST_UPDATE_LOGIN | NUMBER(15) | Optional. Use the value of 1 in this column, or the specific user ID of the person processing the mass retirements. |
The following table describes the columns and their dependencies found in the FA_EXT_INV_RETIREMENTS table.
| Column Name | Null | Type | Comments |
|---|---|---|---|
| MASS_EXTERNAL_RETIRE_ID | Not null | NUMBER(15) | Mass External Retirement identifier. |
| SOURCE_LINE_ID | Not null | NUMBER(15) | Source line identifier against which retirement will be processed. |
| COST_RETIRED | Not null | NUMBER | Amount to be retired from source line. |
| SOURCE_LINE_ID_RETIRED | NUMBER(15) | Identifier of the source line retired. |
Run the calculate gains and losses program to:
Calculate gains and losses resulting from retirements
Correct the accumulated depreciation for reinstated assets
Calculate Investment Tax Credit recapture for retired assets in a tax book, if necessary
Tip: Although the depreciation program automatically processes retirements, you can run the Calculate Gains and Losses program several times during the period to reduce period end processing time.
Note: If you are using Multiple Reporting Currencies (MRC), you can only run the Calculate Gains and Losses program using the standard Fixed Assets or MRC primary responsibility. You cannot run this program using an MRC reporting responsibility.
When you run the Calculate Gains and Losses program using the standard Fixed Assets or MRC primary responsibility, this program will also run automatically for the associated reporting responsibilities. See: Multiple Reporting Currencies in Oracle Applications, Multiple Reporting Currencies in Oracle Applications.
Choose Depreciation > Calculate Gains and Losses from the Navigator window.
In the Parameters window, enter the Book for which you want to calculate gains and losses.
Choose Submit to submit a concurrent process to calculate gains and losses.
If you wish to simultaneously run this program in more than one process to reduce processing time, Oracle Assets can be set up to run this program in parallel. For more information on setting up parallel processing and the FA: Number of Parallel Requests profile option, see: Profile Options and Profile Options Categories Overview.
Review the log file after the request completes.
Related Topics
Correcting Retirement Errors (Reinstatements)
Submitting a Request, Oracle Applications User's Guide
Field employees can use the Retirement Requests feature to identify and submit requests for asset retirements. These requests are received and reviewed by those responsible for asset retirements in Oracle Assets, who then edit the requests and complete the retirement process.
The retirement request captures all of the information about the asset that is available in the field, such as asset category, location, date placed in service, quantity retired, serial number, manufacturer, model number, tag number, and more. Information captured about the retirement transaction also includes project, task, and any removal cost or sales proceeds. The person responsible for asset retirements in Oracle Assets, the fixed asset accountant, reviews the request, makes any necessary additions or corrections, and completes processing of the retirement request.
An inbound API enables retirement information from external asset tracking systems to be interfaced directly into Oracle Assets as retirement requests. Since the imported retirement requests may result in high volumes of required processing each period, you have the option of batch processing all imported retirement requests. Using batch processing can eliminate the need for manual intervention and review of individual requests. See: Retiring a Group of Assets.
A field employee identifies one or more disposed field assets that should be retired from the financial systems. The employee enters the retirement request, which captures as much information about the assets and its retirement that is known to the field personnel.
Navigate to the Mass Retirements window in Oracle Projects.
In the top region of the window, enter the name of the asset book, and any information regarding the asset retirement.
Note: The Status field defaults to New and cannot be changed by field employees.
Using the Retirement Criteria and Additional Criteria tabs, enter the available asset identification information.
From the menu, select Save to save your work.
Note: The mass transaction number is automatically created when the request is saved. Field and accounting staff can use this number to query and track the retirement request.
You can delete the retirement request by selecting Delete from the menu. You can only delete the retirement requests that you created, and only those that have a status of New.
The fixed asset accountant reviews the newly created retirement request for validity and information content. Information in the retirement request can be added or corrected as needed.
The create mass retirements process finds and selects assets to be retired based on the criteria entered in the retirement request. This process also applies retirement cost to each retirement, based on the cost retired.
You can review the mass retirement batch and the individual assets it contains, and subsequently edit, add, or delete information. The mass retirement transactions are then posted into Oracle Assets.
Navigate to the Mass Retirements window.
Query the retirement request you wish to review. Add or correct information if needed.
Note: All new retirement requests have a status of New. You can change the status to Pending or On Hold.
Select the Create button to create a mass retirement batch containing assets meeting the retirement request criteria. The selection process also applies retirement cost to each selected retirement, based on the cost retired. The status of the request changes from New or Pending to Created.
To discard the mass retirement and end further processing, select the Discard button.
Optionally, navigate to Find Mass Retirements window to review, edit, or delete any of the individual retirements.
You can enter or modify the cost of removal and proceeds of sale for non-project related assets. For project related assets, the cost of removal and proceeds of sale cannot be changed, since the retirement costs are handled separately using the retirement cost processing feature.
In the Mass Retirements window, select the Retire button to submit the Post Mass Retirements process and posts the mass retirement. The Mass Retirements Report and the Mass Retirements Exception Report run automatically when the process completes. The status of the mass retirement will change from Created to Pending momentarily, and finally to Completed when the process completes.
You can process the imported retirement requests individually or by batch. Processing imported requests individually is similar to processing manually created retirement requests, as previously described.
Retirement requests originating in external systems are imported into Oracle Assets via the Retirement Requests API. The status field of the imported request is automatically set to Pending. Optionally, you can review the request for validity and information content.
Submitting the batch asset selection program finds all retirement requests with a status of Pending, from these, it selects assets for retirement that meet the criteria of the requests.
The batch program generates an error log indicating if an insufficient asset quantity is found to meet the criteria of a retirement request, or one or more of the required fields were not populated on a retirement request. The batch process also applies retirement cost to each selected retirement, based on the cost retired.
You can review the batch of selected assets, and use the batch posting process to post the mass retirement batches into Oracle Assets.
Use the Retirement Requests API to import a retirement request from an external system into Oracle Assets.
Navigate to the Mass Retirements window. Use the mass transaction number to query the individual request you wish to review. Review the new retirement request for valid and complete information. Add, edit, or delete information as needed.
Select the Create button to create a mass retirement containing assets meeting the retirement request criteria. The selection process also applies retirement cost to each selected retirement, based on the cost retired. The status of the request changes from New or Pending to Created.
To discard the mass retirement and end further processing, select the Discard button.
Optionally, navigate to the Find Mass Retirements window to find, review, edit, or delete any of the individual retirements.
Cost of Removal and Proceeds of Sale can be entered or modified for non-project related assets. For project related assets, cost of removal and proceeds of sale cannot be changed, since retirement costs are handled separately using the Retirement Cost Processing feature.
In the Mass Retirements window, select the Retire button to submit the Post Mass Retirements process and posts the mass retirement. The Mass Retirements Report and the Mass Retirements Exception Report run automatically when the process completes. The status of the mass retirement will change from Created to Pending momentarily, and finally to Completed when the post mass retirement process completes.
Use the Retirement Requests API to import retirement requests from an external system into Oracle Assets.
Optionally, review the new retirement requests for valid and complete information. Navigate to the Mass Retirements window and query all or selected imported retirement requests. You can find all newly imported retirement requests by querying for Pending in the Status field. Review the requests and enter any needed corrections or additions.
Navigate to the Submit Request window and select the Process Pending Retirements Criteria program.
The parameters include Book and Extended Search, Yes or No. Selecting Yes or No for the Extended Search parameter will result in the following behavior:
Yes: If Yes is selected for the Extended Search Criteria parameter, and the number of asset units found using the retirement request criteria is less than the number of units specified in the retirement request, the system will also include assets outside of the specified date place in service range. Assets outside the specified date place in service range are selected on a FIFO basis.
No: If No is selected for the Extended Search Criteria parameter, and the number of asset units found using the retirement request criteria is less than the number of units specified in the retirement request, the system will put the request on hold.
Submit the Process Pending Retirements Criteria program to automatically select and process all retirement requests with a status of Pending.
If the retirement request specifies the cost retired, it will be prorated by the original cost.
Note: Imported retirements requests have an initial Status of Pending.
Review the error log for error conditions. Possible error conditions include the following:
The program found an insufficient number of assets that meet the retirement request criteria.
The retirement request has one or more required fields that were not populated.
Optionally, navigate to the Mass Retirements window to query, review, or edit the mass retirements created. To discard a mass retirement and end further processing, select the Discard button.
Optionally, navigate to Find Mass Retirements to find, review, edit, or delete any of the individual retirements.
Navigate to the Submit Request window and select the Post Mass Retirements program. The parameters include Book and Batch Name. You must select a book for the Book parameter. The Batch Name parameter is optional. If you select a batch, posting is limited to the batch. If you do not select a batch, the program will post all mass retirement batches that have a status of Created, and are associated with the selected book parameter.
The Mass Retirements Report and the Mass Retirements Exception Report run automatically when the process completes. The status of selected mass retirements will change from Created to Pending momentarily, and finally to Completed when the post mass retirement process completes.
Related Topics
Mass Retirements Report and Mass Retirements Exception Report