How do I retire assets?

Use Retire Assets to dispose existing assets by removing the asset from the Active Assets list. Even though an asset has been retired, also known as junked, the system will keep the asset's transaction history.

Recording a disposed asset will

• Calculate depreciation for the disposed asset through the disposition date.

• Record a reversing entry for the asset's total cost amount to the Capitalization account.

• Record a reversing entry for the asset's total depreciation amount to the Accumulated Depreciation account.

• Record the book value of the asset to the Disposition account: Book Value = Total Cost - Total Depreciation

Retire vs. Delete

You would retire an asset when it is no longer in use but you still need to keep its history for accounting, audit, and reporting purposes. Retiring an asset records that it was disposed of, sold, scrapped, or taken out of service while preserving its depreciation and transaction history.

You would delete an asset when the record was created in error, duplicated, or should never have existed in the system. Deleting removes the asset record entirely and is typically only done to correct mistakes rather than track normal asset disposal.

Retiring assets

1. Open Connect Asset Management > Assets > Retire Assets.

2. Select the Disposition.

This is the disposition method. You can add different disposition methods to the menu, see the help topic titled How do I add a disposition?

3. Click the Values button next to the Assets field.

Select the asset numbers of the assets to retire.

 

The Enter Values form displays.

 

4. Use the Enter Value field to enter the asset number to retire.

 

5. Click OK.

The asset numbers display in the Assets field.

 

 

6.  Press Enter again to save the transaction.  

The retired asset displays in the transaction grid.

 

 

 

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