Managing Fixed Assets – Asset Retirement
KB06003826 •70 Views • Updated 12-May-2024
Purpose
The following guide is intended for Asset Accountant to Retire an Asset.
Action
· Retire Asset.
· Retire Assets via Spreadsheet (Mass Retirement).
Terminology
· Asset Retirement: Retire an asset when it is no longer in service. For example, retire an asset that was junk/discarded, stolen, sold, or transferred to another institution.
· Mass Retirement: 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 etc.
· Asset Reinstatement: Reinstatement is often used to correct retirement errors. You can reinstate only most recent or processed retirement, and this can be done to both individual and mass retirement transactions. You cannot reinstate assets retired in the previous fiscal year.
Retire Asset
1. Login using Company Single Sign-On to access your Oracle account.
2. Navigate and select the Fixed Assets module.
3. Select Assets.
4. Select the Taskbar.
5. Under Transaction, select Retire Assets.
6. Search for the Asset Number to modify. Use advanced search function, if needed.
7. Highlight the Asset line by clicking on the row entry.
8. Click Retire Units. Note: Use Retire Cost option if you need to partially retire an asset.
9. Enter Retire Date, Proceeds of Sale, Cost of Removal, Retirement Reason, and change the Retired Units to 1.
10. Select Submit.
a. Note: You can retire retroactively only in the current fiscal year.
b. Note: If you select Save and Close, the asset will in Incomplete in the Retirements info tile until you are ready to post.
11. Select the Taskbar.
12. Under General, select Inquire Assets.
13. Search for the Asset that you modified.
14. Navigate to the Recent Retirements tab.
15. Click the hyperlink under Asset Number.
16. Navigate to the Transactions tab to verify the transaction history for the retired asset.
You have now completed the process to Retire Asset.
Retire Assets via Spreadsheet (Mass Retirement)
1. Login using Company Single Sign-On to access your Oracle account.
2. Navigate and select the Fixed Assets module.
3. Select Assets.
4. Select the Taskbar.
5. Under Transactions, select Retire Assets.
6. Navigate from the Basic to Mass tab.
7. Click the “+” button to create the retirement transaction.
8. For Transaction Type, select Retirement. Book will be defaulted to UCHICAGO CORP BOOK.
9. Enter Transaction Group (a user-defined field; enter any number), a Parent Asset for From Asset Number and To Asset Number. Note: In this example, Y9357 has three child assets. Four assets will be retired in total.
10. Toggle to the Additional tab.
11. Check Include child assets and select Sale for Retirement Reason.
12. Select Submit.
13. Staying in the Mass tab, select In Progress for Posting Status, Retirement for Transaction Type and select Search.
14. Highlight the Transaction Group line and select Prepare.
15. Open the downloaded Mass Transfers spreadsheet and login using your credentials. Note: ADFDI toolkit must be installed to run this process.
16. Change the Posting Status from New to Post. Note: Spreadsheet will contain the minimum amount of information to post. Scroll to the right in the Excel workbook to verify other inputs are populated, including Proceeds of Sale, Trade in Asset, and Sold To fields.
17. In the Pending Mass Retirements tab of the Excel workbook, select Post.
18. Select OK on the request confirmation pop-up.
19. Return to the Assets work area in the User Interface and click on the Taskbar.
20. Select Inquire Assets under the General header.
21. Navigate to the Recent Retirements tab and verify all the retired assets.
You have now completed the process to Retire Assets via Spreadsheet (Mass Retirements).
Reinstate Asset
1. Login using Company Single Sign-On to access your Oracle account.
2. Navigate and select the Fixed Assets module.
3. Select Assets.
4. Select the Taskbar.
5. Under Transactions, select Reinstate Assets.
6. Search for the Asset Number to modify. Use advanced search function, if needed.
7. Highlight the Asset line by clicking on the row entry.
8. Click Reinstate.
9. Select Yes on the confirmation pop-up to continue.
10. Select the Taskbar.
11. Under General, select Inquire Assets.
12. Search for the Asset that you modified.
13. Navigate to the Transactions tab to verify the transaction history for the retired asset.
You have now completed the process to Reinstate Assets.