1. Is it possible to perform mass retirements?
Yes. You can use the Mass Retirements window to retire a
grouping of assets. Please refer to the Oracle Asset User Guide for
details.
2. What is the earliest retirement date I can enter for a prior period retirement?
For retroactive retirements, the earliest retirement date you can enter
is the later of (1) the beginning date of the current fiscal year, or (2) the date
of the last transaction for the asset in this book.
3. If I perform several partial retirements on an asset, which retirements
can I reinstate?
If you perform several partial retirements on an asset, Oracle Assets
only lets you reinstate the most recent retirement you entered.
4. What journal entries does Oracle Assets create for a retirement?
When you retire Capitalized or CIP assets, Oracle Assets creates journal
entries to back out the appropriate Cost and Depreciation Reserve (CIP
assets have zero Reserve) in your General Ledger. Oracle Assets also
creates journal entries to multiple gain/loss accounts, or to a single gain/
loss account, depending on how you set up your retirement accounts in the
Book Controls form. Gain/loss account components include Proceeds of Sale,
Cost of Removal, Net Book Value Retired, and Revaluation Reserve Retired
accounts. Oracle Assets does not create any journal entries when your
retire Expensed assets. For prior period retirements, Oracle Assets also
creates journal entries the catch up or back out depreciation from the
depreciation reserve. This is effective in the current accounting period.
5. What journal entries does Oracle Assets create for a reinstatement?
When you reinstate an asset with PROCESSED in the STATUS field, Oracle
Assets creates journal entries both to reverse those created when you
retired the asset and to recover depreciation not charged to the asset.
When you reinstate an asset with PENDING in the STATUS field, Oracle Assets
deletes the retirement transaction and does not create any journal entries.
6. What is a retirement convention?
Oracle Assets uses the prorate convention to determine how much depreciation
to take in the first and last year of an asset's life based on when you
place the asset in service. However, if you retire an asset before it is
fully reserved, Oracle Asset uses the retirement convention to determine
how much depreciation to take in the year retired based on the retirement
date.
7. Can I retire expensed items?
Yes. However, Oracle Assets does not create any journal entries when you
retire an expensed item.
8. When I retire an asset in the CORP book, does Oracle Assets retire
the asset in all the associated TAX books?
You can retire an asset from any depreciation book without affecting
other books. However, you have the option to have Oracle Assets copy the
retirement transaction into your TAX Books automatically. If you check
the Mass Copy Retirements box when you define your TAX book, the
Periodic Mass Copy process copies all retirement transactions in the
associated Corporate Book into your TAX Book. If the retirement
transaction is in the same tax period as the addition transaction, you must
manually enter a retroactive retirement in a later period.
9. What reports can be run for retirement information?
Asset Retirements by Cost Center Report
Asset Retirements Report
Reinstated Assets Report
Retirements Report
10. How can I retire an asset that was added in the current period?
You must enter it as a prior period retirement after you run depreciation.
Or, you may delete the asset anytime in the period you added it without
affecting any subcomponents and no journal entries will be created.
Please note you cannot backdate a retirement to a previous fiscal year.
11. Can I retire CIP assets?
Yes, CIP assets can be retired in full. CIP assets cannot be partially
retired.
2. What is the earliest retirement date I can enter for a prior period retirement?
For retroactive retirements, the earliest retirement date you can enter
is the later of (1) the beginning date of the current fiscal year, or (2) the date
of the last transaction for the asset in this book.
3. If I perform several partial retirements on an asset, which retirements
can I reinstate?
If you perform several partial retirements on an asset, Oracle Assets
only lets you reinstate the most recent retirement you entered.
4. What journal entries does Oracle Assets create for a retirement?
When you retire Capitalized or CIP assets, Oracle Assets creates journal
entries to back out the appropriate Cost and Depreciation Reserve (CIP
assets have zero Reserve) in your General Ledger. Oracle Assets also
creates journal entries to multiple gain/loss accounts, or to a single gain/
loss account, depending on how you set up your retirement accounts in the
Book Controls form. Gain/loss account components include Proceeds of Sale,
Cost of Removal, Net Book Value Retired, and Revaluation Reserve Retired
accounts. Oracle Assets does not create any journal entries when your
retire Expensed assets. For prior period retirements, Oracle Assets also
creates journal entries the catch up or back out depreciation from the
depreciation reserve. This is effective in the current accounting period.
5. What journal entries does Oracle Assets create for a reinstatement?
When you reinstate an asset with PROCESSED in the STATUS field, Oracle
Assets creates journal entries both to reverse those created when you
retired the asset and to recover depreciation not charged to the asset.
When you reinstate an asset with PENDING in the STATUS field, Oracle Assets
deletes the retirement transaction and does not create any journal entries.
6. What is a retirement convention?
Oracle Assets uses the prorate convention to determine how much depreciation
to take in the first and last year of an asset's life based on when you
place the asset in service. However, if you retire an asset before it is
fully reserved, Oracle Asset uses the retirement convention to determine
how much depreciation to take in the year retired based on the retirement
date.
7. Can I retire expensed items?
Yes. However, Oracle Assets does not create any journal entries when you
retire an expensed item.
8. When I retire an asset in the CORP book, does Oracle Assets retire
the asset in all the associated TAX books?
You can retire an asset from any depreciation book without affecting
other books. However, you have the option to have Oracle Assets copy the
retirement transaction into your TAX Books automatically. If you check
the Mass Copy Retirements box when you define your TAX book, the
Periodic Mass Copy process copies all retirement transactions in the
associated Corporate Book into your TAX Book. If the retirement
transaction is in the same tax period as the addition transaction, you must
manually enter a retroactive retirement in a later period.
9. What reports can be run for retirement information?
Asset Retirements by Cost Center Report
Asset Retirements Report
Reinstated Assets Report
Retirements Report
10. How can I retire an asset that was added in the current period?
You must enter it as a prior period retirement after you run depreciation.
Or, you may delete the asset anytime in the period you added it without
affecting any subcomponents and no journal entries will be created.
Please note you cannot backdate a retirement to a previous fiscal year.
11. Can I retire CIP assets?
Yes, CIP assets can be retired in full. CIP assets cannot be partially
retired.
0 comments:
Post a Comment