Interested to Buy Any Domain ? << Click Here >> for more details...
What is ment by retire asset? How do we retire assets in
Oracle applications?
- 2 Answers
- 7342 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
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 |
What is multi org? What is difference between 11i and 12i multi org structure?
While you are in implemenation what are the u issues faced? tell me what some issues?
When does the Invoice price variance arise? What is the accounting entry?
Is it possible to retire an asset in the same period it is added?
what r issues faced in gl
what are mandatory setups for Receipt creation.?
Re: While you are in implemenation what are u faced the issues ? tell me what some ap & GL issues?
what is the accounting convention? what are they?
Anyone provide the oracle fin/scm definetions
What is Recurring Invoice
what is the difference between bonus reserve and bonus expense
how to change the precision from two places to four places
Oracle Apps Technical 
