Retirements

Chapter 5

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Retiring Assets
Retire an asset when it is no longer in service. You can retire an entire
asset or you can partially retire an asset.
You cannot retire an asset if you added it in the current period. Instead,
you must enter your retirement as a prior period retirement after you run
depreciation. Or if you do not want to create any journal entries, use Edit,
Delete Record from the menu in the Asset Details window to delete the
asset any time in the current period.
To FULLY retire an asset:
Step 1. Navigate to the Find Asset window.
NAssetsAsset Workbench
Step 2. Find the asset you want to retire.
Step 3. Choose Retirements.

Step 4. Choose the Book from which you want to retire the asset.
Step 5. Enter the date of the retirement.
It must be in the current fiscal year, and cannot be before any
other transaction on the asset.
Step 6. To retire the asset, enter the following:
To fully retire the asset, enter all the units or the entire cost.
Step 7. Choose the Retirement Convention.
Should default to FOLLWG MTH.
Step 8. Choose the Retirement Type from the list of values.
Examples include DISCARDED, SOLD, etc.

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Step 9. Optionally enter:

Any Proceeds of Sale

Any Cost of Removal

To PARTIALLY retire an asset:

Step 1. Navigate to the Find Asset window.
NAssetsAsset Workbench
Step 2.
Step 3.
Step 4.
Step 5.

Find the asset you want to retire.

Choose Retirements.
Choose the Book from which you want to retire the asset.
Enter the date of the retirement.
It must be in the current fiscal year, and cannot be before any
other transaction on the asset.
Step 6. To retire the asset, enter the following:
To partially retire the asset, enter the number of units or the
cost that you want to retire.

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Step 7. Choose the Retirement Convention.

Should default to FOLLWG MTH.
Step 8. Choose the Retirement Type from the list of values.
Examples include DISCARDED, SOLD, etc.
Step 9. Optionally enter:
Any Proceeds of Sale

Any Cost of Removal

Step 10. Choose Continue.
Step 11. In the Assignments window, enter the number of units to retire in
the Unit Change column.
If there are multiple lines, enter the Unit Change to the
appropriate line.

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Step 12. Choose Done.

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Retiring a Group of Assets

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.
To retire a GROUP of assets:
Step 1. Navigate to Mass Retirements window.
NMass TransactionsRetirements
Step 2. Enter the Book from which you want to retire the group of assets.
Step 3. Enter the date for the mass retirement.
You can back date retirements to a prior period in the same
fiscal year, or enter a date in the current open period.
You cannot enter a date in a future period.
Step 4. Enter the Retirement Type, or reason for this mass retirement.
The type you enter applies to all the assets that meet your
selection criteria.
Step 5. Enter the total Proceeds of Sale and the total Cost of Removal for
the mass retirement, if any.
Oracle Assets prorates these amounts across the assets you
select for the mass retirement according to each assets cost.
Step 6. Choose whether to retire all levels of subcomponents of all parent
assets that meet your mass retirement selection criteria.
Step 7. In the Retirements region, use the Asset Type poplist to indicate
whether you want to retire CIP, Capitalized, or Expensed assets.
Choose the blank option to retire CIP, Capitalized, and
Expensed assets.
Step 8. Choose whether to:
Retire only fully reserved assets (check the Fully Reserved
Yes check box.
Retire only assets that are not fully reserved (check the Fully
Reserved No check box).
Retire all assets specified in the window (do not check either of
the Fully Reserved check boxes.
Step 9. Enter one or more of the following selection criteria for your mass
retirement:
General Ledger Depreciation Expense Account range
Location
Employee Name and Number
Asset Category
Asset Key

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 Cost Range
Asset Number range
Dates in Service range
If you enter a value in more than one field, Oracle Assets includes only
those assets that meet all the selection criteria in the mass retirement.

Step 10. Choose Retire.

Oracle Assets automatically runs the Mass Retirements Report
and the Mass Retirements Exception Report. Choose Save if
you want to save the mass retirement transaction for future
submission.
Step 11. Review the reports.
If necessary, you can adjust a resulting individual retirement
transaction in the Retirements window, or reinstate the mass
retirement transaction in the Mass Retirements window.

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Correcting Retirement Errors

You cannot reinstate assets retired in the previous fiscal year. You can
reinstate only the most recent partial retirement. You can reinstate both
individual and mass retirement transactions.
To correct a retirement error:
Step 1. Navigate to the Asset Workbench window.
NAssetsAsset Workbench
Step 2. Find the asset you want to reinstate.
Step 3. Choose Retirements.
Step 4. Query the retirement transaction you want to undo.
Step 5. If the retirement has a status of PROCESSED, choose Reinstate.
If it is PENDING, choose Undo Retirement.
Step 6. If the retirement has a status of PROCESSED, calculate gains and
losses to reinstate the asset. If it is PENDING, Oracle Assets deletes the
retirement transaction.
To correct a reinstatement error:
Query the reinstatement transaction in the Retirements window and choose
the Undo Reinstatement button.
To reinstate a mass retirement transaction:
Step 1. Navigate to the Mass Retirements window.
NMass TransactionsRetirements
Step 2. Use the mass transaction number to query the mass retirement
transaction you want to reinstate.
Step 3. Choose Reinstate.
Oracle Assets reverses the mass retirement.
Note: If you reinstate a mass retirement after you have run the Calculate
Gains and Losses program, you must rerun the Calculate Gains and Losses
program to process the mass reinstatement.

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Calculating Gains and Losses

Run the calculate gains and losses program to:
Calculate gains and losses resulting from
retirements
Correct the accumulated depreciation for
reinstated assets
Calculate Investment Tax Credit recapture for
retired assets in a tax book, if necessary
To calculate gains and losses for retirements:
Step 1. Navigate to the Submit Request window to Calculate Gains and
Losses.
NDepreciationCalculate Gains and Losses
Step 2. In the Parameters window, enter the Book for which you want to
calculate gains and losses.
Step 3. Choose Submit to submit a concurrent process to calculate gains
and losses.
Step 4. Review the log file after the request completes.
Note: This program will automatically run as part of the depreciation
program. You may also run the program as many times as you like
throughout the month.

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