Retiring Assets Concept Retiring Assets Retiring Assets Step

Retiring Assets Concept

Retiring Assets

Retiring Assets Step 1 Begin by navigating to the Retire Assets page. Click the Scroll Down arrow.

Retiring Assets Step 2 Click the Asset Management menu.

Retiring Assets Step 3 Click the Asset Transactions menu.

Retiring Assets Step 4 Click the Asset Disposal menu.

Retiring Assets Step 5 Click the Retire/Reinstate Asset menu.

Retiring Assets Step 6 Click in the Asset Identification field.

Retiring Assets Step 7 Enter the desired information into the Asset Identification field. Enter "ITZ 041".

Retiring Assets Step 8 Click the Search button.

Retiring Assets Step 9 Use the Retire Assets page to retire or reinstate an asset.

Retiring Assets Step 10 Use the Retire As list to specify the type of retirement transaction. For this exercise, you want to sell the asset. Therefore, accept the default retirement transaction type of Retirement by Sale.

Retiring Assets Step 11 Click the Go button.

Retiring Assets Step 12 The Disposal Code field displays the retirement type that you selected. The application calculates gain or loss amounts depending on the disposal code.

Retiring Assets Step 13 Click in the Removal Cost field.

Retiring Assets Step 14 Use the Removal Cost field to define any costs to remove the asset from your possession. For example, if the asset needs to be uninstalled and physically moved out of your building, then you need to account for those costs in the retirement of the asset. Enter the desired information into the Removal Cost field. Enter "30".

Retiring Assets Step 15 Click in the Proceeds field.

Retiring Assets Step 16 Use the Proceeds field to enter the amount of the proceeds for the transaction. Enter the desired information into the Proceeds field. Enter "400".

Retiring Assets Step 17 Click the Save button.

Retiring Assets Step 18 Next, navigate to the Cost History List page. After completing the asset retirement transaction, the Cost History List page enables you to review the results and verify the updated status. Click the Asset Transactions menu bar.

Retiring Assets Step 19 Click the History menu.

Retiring Assets Step 20 Click the Review Cost menu.

Retiring Assets Step 21 Use the Cost History List page to view a history of an asset’s transactions.

Retiring Assets Step 22 Notice that the current status or Tag is Disposed.

Retiring Assets Step 23 Click the Cost History Detail tab.

Retiring Assets Step 24 Use the Cost History Detail page to view more detail about a specific transaction.

Retiring Assets Step 25 Click the Show next row button.

Retiring Assets Step 26 Notice that this Cost History Detail page displays the details of the retirement transaction.

Retiring Assets Step 27 You have successfully retired an asset. End of Procedure.