Reinstating Assets
This topic provides an overview of asset reinstatement and discusses how to retire and reinstate an asset.
Note: Financial transactions cannot be performed on the Lease Administration Lease Assets through Asset Management.
|
Page Name |
Definition Name |
Usage |
|---|---|---|
|
ASSET_RETIRE_01 |
Retire or reinstate an asset. |
|
|
ASSET_RET_NF_01 |
Retire or reinstate non-financial assets. |
On occasion, you may need to reinstate an asset that has been retired.
When you reinstate an asset, all fields on the Retire Assets page become unavailable for data entry. If you want to subsequently retire this asset after reinstatement, you must access the page again.
Reinstatements generate credit lines in PeopleSoft Billing if the retirement has been passed to PeopleSoft Billing. You cannot generate a reinstatement until PeopleSoft Billing creates the invoice number (after the BIIF0001 process is run). If you reinstate an asset before the PeopleSoft Asset Management-Billing interface is processed but after running the depreciation calculation for the retirement, then the PeopleSoft system cancels the initial retirement and the status of the billing request changes to G (ignore). In the AM/Billing Transaction Status report, you can track the original invoice for each reinstatement.
Note: Reinstatement of non-financial assets involves changing the asset status to In Service. In the case of an operating lease, it involves restarting future lease payments.
Use the Retire Assets page (ASSET_RETIRE_01) to retire or reinstate an asset.
Navigation:
Scroll through the retired transactions and select the Reinstate check box for the retirement transaction that you want to reinstate for a financial asset. Then, click the Reinstate button. For a nonfinancial asset, from the Non Financial Asset Retirement page, select Reinstate.
Note: Only one retired asset transaction can be reinstated at a time. If several retired assets transactions are selected for reinstatement, only the first selected transaction in the list is reinstated.
If no retirement transaction is selected for reinstatement and you click the Reinstate button, the last retirement transaction against the assets is reinstated.
PeopleSoft Asset Management performs the reinstatement automatically. The Proceeds, Removal Costs, Accumulated Depreciation, and Gain/Loss fields are reset to 0, and the amount in the Retire Amt field is added back to the balance sheet (for financial assets only).
If depreciation has not been calculated for the gain/loss on retirement, selecting Reinstate causes the retirement rows that you previously created to be purged from the system.
All journal entries that were created by the retirement are reversed. To ensure that asset information posts correctly, the system generates a depreciation request when you reinstate assets. The transaction date is automatically set to the retirement date. If you accidentally or erroneously retired an asset in the wrong period, you have to deduct depreciation from the time the asset was actually retired. Any depreciation to which you were entitled during the accounting periods in which this asset was retired will be calculated and posted to the current accounting period as prior depreciation.