Follow Our FB Page << CircleMedia.in >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...


What is ment by retire asset? How do we retire assets in
Oracle applications?

Answers were Sorted based on User's Feedback



What is ment by retire asset? How do we retire assets in Oracle applications?..

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

Is This Answer Correct ?    4 Yes 4 No

What is ment by retire asset? How do we retire assets in Oracle applications?..

Answer / tgs100

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.

Is This Answer Correct ?    0 Yes 0 No

Post New Answer

More Oracle Apps Financial Interview Questions

Can we use AME for PO approvals ?

1 Answers   Expedia,


Where we r defining the payment limits. ex:As per my business requirement business have a payment limit is 10000.Where we defined this type of limits.

2 Answers   Oracle,


Can anybody tell me, What is the Implementation Process?

5 Answers   IBM, TCS,


What are the types of PO?

7 Answers   Omax,


Explain Customization process?

0 Answers   IBM,






How do you adjust receivables?

0 Answers   IBM,


What is meant by RFQ?

4 Answers  


What is Interest Invoice and how it can be created?

3 Answers   HCL, IBM, TCS,


What is the report used to identify duplicate suppliers?

2 Answers   Oracle,


How can we create FSG in another currency other than the currency which is associated with ledger?

1 Answers   Cap Gemini,


whichever documents prepaired by the FUNCTIONAL CONSULTANT while implementing project by using AIM.

3 Answers  


whenever i run the programe transfered to GL from payables that programe is shown with warning error and not transferred entries to GL

1 Answers   Hitachi, Satyam,






Categories
  • Oracle Apps Technical Interview Questions Oracle Apps Technical (547)
  • Oracle Apps Financial Interview Questions Oracle Apps Financial (791)
  • Oracle Apps Manufacturing Interview Questions Oracle Apps Manufacturing (53)
  • Oracle Apps HRMS Interview Questions Oracle Apps HRMS (169)
  • Oracle Apps CRM Interview Questions Oracle Apps CRM (9)
  • Oracle Apps SCM Interview Questions Oracle Apps SCM (141)
  • Oracle Install Base Interview Questions Oracle Install Base (62)
  • Oracle Service Contracts Interview Questions Oracle Service Contracts (101)
  • Oracle Apps AllOther Interview Questions Oracle Apps AllOther (114)