Professional Documents
Culture Documents
OVERVIEW
Trigger: An asset is no longer useful to the company and has been sold. The buyer is a one-time
customer and does not warrant being created as a customer in the customer master.
An asset retirement is the removal of an asset or part of an asset from the asset portfolio. This removal of a fixed asset from the asset
portfolio is known as an asset retirement. In Asset Accounting, the removal of an asset by sale, as well as any resulting revenue, can be
posted in a single step. At the same time, you can choose to post to Accounts Receivable (through integration with Financial Accounting)
or to a reconciliation account. In this transaction an Account Receivable is not created since the customer is not known or the retirement
results in a cash transaction.
1.2. on Asset Retirement from Sale w/o Customer: Initial screen, enter information in the fields
as specified in the below table:
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Enter:
1.3. On Create Asset Transaction: Retirement with Revenue Screen, enter information in the
fields as specified in the below table:
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Enter:
It is highly recommended that the financial document be reviewed prior to posting the transaction. Click the
DISPLAY DOCUMENT pushbutton or Extras Display Document.
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1.4.1. Once the financial document is reviewed, the transaction may be posted by
clicking on the SAVE icon or Document Save.