FA: ASSET RETIREMENTS

For example.(By Units or Cost) o When you retire an asset by units. Oracle Assets automatically calculates the fraction of the cost retired o When you retire an asset by cost. You can retire an entire asset or you can partially retire an asset. the units remain unchanged and the cost retired is spread evenly among all assignment lines .Asset Retirements 2 Retire an asset when it is no longer in service. or that you sold or returned. lost. retire an asset that was stolen. or damaged.

Retire an Individual Asset 3 You can retire an individual asset in the Retirements window. .

Retire an Individual Asset 4 .

Retire an Individual Asset 5 .

Retiring a group of assets 6 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.

Retiring a group of assets 7 .

8 FA: Journal Entries .

you sell the asset for $2. The asset uses a retirement convention and depreciation method which take depreciation in the period of retirement. In Year 3. You retire revaluation reserve in this book. the life is 4 years. Quarter 3.000. The asset cost is $4.000. The cost to remove the asset is $500. . and you are using straight-line depreciation.Sample Retirement 9 Example: You place an asset in service in Year 1. Quarter 1.

000.00 10 .00 2.00 Account Description Accumulated Depreciation Proceeds of Sale Clearing Cost of Removal Gain Revaluation Reserve Net Book Value Retired Gain Asset Cost Proceeds of Sale Gain Cost of Removal Clearing Revaluation Reserve Retired Gain Debit 2.000.00 Credit 500.00 500.00 Credit 4.000.00 Account Description Cost of Removal Clearing Accounts Payable Debit 500.000.000.00 Credit 2.500.00 600.00 500.00 2.500.00 600.Current Period Retirements Account Description Accounts Receivable Proceeds of Sales Clearing Debit 2.00 1.

500.000.00 2.00 .00 Debit 2.00 4.00 250.00 500.750.00 1.00 500.Prior Period Retirement 11 Account Description Accounts Receivable Proceeds of Sale Clearing Account Description Cost of Removal Clearing Accounts Payable Account Description Accumulated Depreciation Proceeds of Sale Clearing Cost of Removal Loss Net Book Value Retired Loss Proceeds of Sale Loss Cost of Removal Clearing Asset Cost Depreciation Expense Debit 2.000.00 Credit 500.00 Credit 2.00 Debit 500.00 Credit 2.000.000.000.

00 600.00 Credit 2.00 .Current Period Reinstatement 12 Account Description Asset Cost Cost of Removal Clearing Gain / Loss Depreciation Expense Accumulated Depreciation Proceeds of Sale Clearing Revaluation Reserve Debit 4.00 600.00 2.00 500.00 250.000.750.000.

00 2.00 2.00 500.000.00 250.Prior Period Reinstatement 13 Account Description Asset Cost Cost of Removal Clearing Proceeds of Sale Loss Depreciation Expense Depreciation Expense (adjustment) Net Book Value Retired Loss Cost of Removal Loss Proceeds of Sale Clearing Accumulated Depreciation Debit 4.00 Credit 2.00 2.750.00 500.00 500.000.000.000.00 .

14 FA: Reports .

It prints totals for each owner. . The report is sorted by balancing segment.FA Report 15 Asset Retirements by Cost Center Report † This report shows the asset retirements for each of your cost centers for the Book and during the Period you select. and balancing segment. employee name. and asset number. location. cost center. asset account. cost center. Optionally enter a Cost Center range to limit report output.

account. and owner. asset type. cost center. Asset Disposals Responsibility Report † . You must enter a Book and Period when you request this report. cost center. asset account. Optionally enter a From/To Cost Center range to limit report output. It also shows the location of each unit. The report is sorted by balancing segment. The report is sorted by. and balancing segment.FA Report 16 Asset Retirements Report † Use this report to review the assets you retired for the Book and accounting Period range you choose. and asset number. It prints totals for each cost center. This report shows assets that you removed from your cost centers through retirements and transfers. and prints totals for each balancing segment. asset type.

Asset Retirement Report 17 .

Asset Disposal Responsibility Report 18 .

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