What is ment by retire asset? How do we retire assets in
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Answer / aravind reddy
retaireing assets from its services we can retaire assets
from retairement menu in mass tranjactions menu in assets
to rataire assets we need to select what type of
retairement do u want to ratariere ie sale theft etc then
enter scrap value and go for retaire and some other
mandatory fields we need to filll about that details of
that perticular retairement
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Retirement of asset will have due to several reasons including but not limited to 1) Not usable 2) Theft 3) Selling of the existing asset and buying a new asset due to technical advancements, etc...
When asset is retired, it can either be fully retired or partially retired. If the retired asset is sold, then sales value will be entered in the retirement page. If any cost is involved in removal of asset from its current location to the scrap yard (or to any other place), then the same will be entered.
Asset can be retired from the next period of its addition. In the retirements page, enter the cost retired or units and proceeds of sale, cost of removal value. Then save the transaction. When we run depreciation, accounting entries are automatically created.
Accumulated Depreciation - Dr
Proceeds of Sale Clearing - Dr
Gain on Retirement - Dr (if Gain)
Asset Cost - Cr
Cost of Removal Clearing- Cr
Loss on Retirement - Cr (If loss)
For sales and cost of removal, we need to create AP and AR invoices.
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