Adjust Retirements for Group Assets

When you retire member assets that are part of a group asset, it may make sense to enter the cost of removal and proceeds of sale against the group, rather than apportioning the amounts to the individual member assets.

In addition, when you retire individual assets, the cost of removal and proceeds of sale aren't always known. In this case, you enter the cost of removal and proceeds of sale directly into the group asset, independent of any retirement transactions.

To enter the cost of removal and proceeds of sale directly into the group asset:

1. Search for the group asset.

2. Under Actions, select Adjust Retirement.

3. On the Adjust Retirement page, enter the cost of removal and proceeds of sale for the group asset.

4. Click Submit.

The Create Accounting process creates these journal entries:

Account Description	Debit	Credit
Group Asset Accumulated Depreciation	Cost of Removal
Cost of Removal		Cost of Removal
Proceeds of Sale	Proceeds of Sale
Group Asset Accumulated Depreciation		Proceeds of Sale