Asset Retirement for Work Order-Managed Project Activities

You can use the Express Retirement process to fully retire assets that are associated with work order-managed projects. You cannot partially retire assets that are associated with work orders.

For project assets to be eligible for the Express Retirement process, you must:

  • Select the Work Order Managed Project option for the project, and change the project processing status to Active, on the Project Definition - General Information page.

  • Establish express asset filter criteria for the business unit on the Express Asset Filter Criteria page.

  • Select Derive from Work Order Task for the project in the Asset Identification group box on the Asset Integration Rules page.

  • Accumulate costs in PeopleSoft Project Costing directly (using online transaction entry in Project Costing) or indirectly (from feeder systems such as PeopleSoft Payables, Expenses, and Inventory).

You can retire an asset only once. If the same asset is assigned to multiple work order tasks, the Work Order Close Application Engine process (WM_CLOSE) restricts the system from processing two retirements for the same asset.

Retirement Process Flow - Work Order-Managed Projects

The process flow for retiring assets for work order-managed project activities is:

  1. Close the work order task.

    PeopleSoft Maintenance Management determines if the asset that is associated with the work order task is already retired, or if it is tagged for retirement in the Asset Management Loader table (INTFC_FIN). If either of these conditions exist, the Work Order Close process will not proceed for this work order task.

    Alternatively, you can retire the asset using the Asset Retirement Integration process.

  2. PeopleSoft Maintenance Management updates these values for the project activity in the Asset Integration Defaults group box on the Asset Integration Rules page:

    • Selects the Enable Integration flag.

    • Selects an integration type of Retirement.

    • Enters a value for filter ID.

  3. The work order closed status triggers the Express Retirement process and indicates to the system that the project activity is ready to process.

  4. The Express Retirement process:

    1. Determines the assets, which are associated with work order-managed project activities in the Project Transaction table, to send to PeopleSoft Asset Management based on defined rules and criteria.

    2. Stamps Project Transaction table rows (cost of removal or proceeds from sale) with asset information.

    3. Calls the Asset Retirement Integration process.

You can submit an asset for retirement only once if you use the Express Retirement process. For example, assume that two work order tasks are associated with the same asset. When you close just one of the work order tasks, the Work Order Close process triggers the Express Retirement process to retire the asset.

Alternatively, you can enter adjustments directly in PeopleSoft Asset Management for assets that are distributed from PeopleSoft Project Costing to Asset Management.

Expenses

Expenses that are booked against work order-related projects interface with PeopleSoft Project Costing; however, PeopleSoft Expenses does not maintain work order-related fields. These transactions are not included in the Express Asset Retirement Integration process unless you manually update the transactions in PeopleSoft Project Costing with the work order-related fields.

You can, however, include expenses transactions in asset retirement for projects that are actively managed in PeopleSoft Project Costing.

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