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This page allows you to search and select an asset for retirement. You can define the mode of retirement which can be ‘’Sale’’ or ‘’Scrap’’.You can also set whether invoices must be generated automatically if the asset is retired through sale and the mode of payment to be received. Along with the asset you can also retire an asset tag.
Select the “Retire Asset” link under the “Asset Disposal” business component.
The “Retire Asset” page appears.
The system displays the following:
Status |
The status of the transfer. It would be “Retired”. |
Enter the following fields:
Retirement No |
A unique number identifying the retirement of the asset (Alphanumeric, 18). Mandatory. This number is generated and displayed by the system, when the “Retire Asset” pushbutton is clicked. The number is displayed with the corresponding prefix and suffix of the numbering type selected in the “Numbering Type” field. The number is incremented from the last number available in the “Document Numbering Class” business component. |
Note: This field must not be left blank if “Manual” is selected in the “Numbering Type” field.
Retirement Date |
The date on which the asset is retired (Date Format). Mandatory. The date entered in this field must be a valid date in an “Open” or “Provisionally Closed” financial period. This date must be the same as or before the system date. |
Finance Book |
Use the drop-down list box to select the code identifying the finance book from which you want to retire an asset. All the finance books that have been mapped to the login organization unit will be available for selection in the ascending order. |
Currency |
Use the drop-down list box to select the code identifying the currency in which the sale proceeds are to be realized. All the currency codes that have been mapped to the company will be available for selection in the ascending order. The currency must have been defined in the “Create Country and Currency” activity of the “Organization Setup” business component and must be in “Active” status. The system displays the base currency of the company by default on launch of the page. |
Numbering Type |
Use the drop-down list box to select the numbering type for the login organization unit and the “Retire Asset” transaction type. The numbering types must have already been defined in the “Create Numbering Class” activity of the “Document Numbering Class” business component and must be in “Active” status. The system displays the numbering type set as default for the transaction in the “Document Numbering Class” business component. |
Payment Category |
Use the drop-down list box to select whether the payment must be received in “Cash” or “Credit”. The system displays “Credit” by default at the launch of the page. |
Proposal # |
The number identifying the proposal through which the asset was purchased (Alphanumeric, 18). This proposal must have been created in the “Create Asset Proposal” activity of the “Asset Planning” business component. |
Help facility available |
Note: This field must not be left blank if “Asset Planning” business component has been deployed in the login organization unit.
Generate Authorized Invoice |
Use the drop-down list box to set whether you want to generate authorized invoices after the retirement of the asset. You can select from “No”, “Fresh” or “Authorized”. The system displays “No” by default on launch of the page. Ensure that ‘No’ is specified in this field if ‘Part Sale’ is the Retirement Type. |
Enter the following fields in the “Search Criteria” group box to retrieve the assets that you want to retire:
Asset No. From |
The starting code in the range of codes identifying the assets that you want to retrieve (Alphanumeric, 18). |
To |
The ending code in the range of codes identifying the assets that you want to retrieve (Alphanumeric, 18). |
Asset Description |
A textual description of the asset that you want to retrieve (Alphanumeric, 40). |
Tag No. From |
The starting code in the range of codes identifying the asset tags that you want to retrieve (Integer). |
To |
The ending code in the range of codes identifying the asset tags that you want to retrieve (Integer). |
Tag Description |
A textual description of the asset tag for which you want to retrieve the asset (Alphanumeric, 40). |
Asset Location Code |
The code identifying the location in which the asset that you want to retire is available (Alphanumeric, 20). This location must have been defined in the “Create Asset Location” activity of the “Asset Location” business component and must be in the “Active” status. |
Help facility available |
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Asset Class # |
Use the drop-down list box to select the code identifying the class to which the asset you want to retire belongs. All the asset classes that have been defined in the “Create Asset Class” activity of the “Asset Type Definition” business component and that are in the “Active” status will be available for selection in the ascending order. |
Asset Group Code |
The code identifying the group to which the asset that you want to retrieve belongs (Alphanumeric, 25). The asset group must have defined in the “Create Asset Group” activity of the “Asset Type Definition” business component and must be in the “Active” status. |
Help facility available |
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Cost Center |
The code identifying the cost center that has been mapped to the “Asset Disposal Account” (Alphanumeric, 10). The cost center must have been defined in the “Create Cost Center Element” activity of the “Cost Setup” business component. |
Analysis # |
The analysis code that is mapped to the “Asset Disposal Account” (Alphanumeric, 10). Data entry in this field is mandatory if ‘Analysis #” is specified as the “Section Basis”. The system retrieves all the asset details with the specified Analysis # based on the Analysis # in the Asset Record, considering all other search Criteria. |
Subanalysis # |
The sub analysis code that is mapped to the “Asset Disposal Account” (Alphanumeric, 10). Data entry in this field is mandatory if ‘Analysis #” is specified as the “Section Basis”. The system retrieves all the asset details with the specified Analysis # based on the Analysis # in the Asset Record, considering all other search Criteria |
Marked for Retirement |
Use the drop-down list box to set whether you want to retrieve assets that have been marked for retirement. You can select from “Yes” or “No”.
The system displays “Yes” by default at the launch of the page. |
Note: The system marks assets for retirement based on the part-serial mapping, as follows:
Exchange PO reconciliation. - Parts not received
Repair Order Closure as BER
Advance Exchange Issue - Force Closure against Customer Order Exchange. \
Amendment of regular Rental order to Sale
Click the “Search” pushbutton to retrieve the assets for retirement.
The system displays the following in the “Asset Information” multiline based on the search criteria entered:
Note: The system retrieves all assets that are in the “Active” status.
Asset No. |
The code identifying the asset. |
Asset Description |
A textual description of the asset. |
Tag No. |
The code identifying the asset tag. |
Tag Description |
A textual description of the asset tag. |
Asset Location Code |
The code identifying the location in which the asset is available. |
Asset Class Code |
The code identifying the class to which the asset belongs. |
Cost Center |
The code identifying the cost center that has been mapped to the asset. |
Analysis # |
The code identifying the analysisi number that has been mapped to the asset. |
Subanalysis # |
The code identifying the sub analysis number that has been mapped to the asset. |
Tag Cost |
The cost of the asset. |
Cumulative Depreciation |
The cumulative depreciation of the asset. |
Tag Book Value |
The book value of the asset which is the difference of the original asset cost and its cumulative depreciation. |
Cap.Maint.Exp. (CME) |
The capital maintenance expenditure which represents the maintenance portion of the asset. |
CME-Cumulative Depreciation |
The cumulative depreciation for the CME portion. |
CME-Book Value |
The book value of CME. |
Total-Book Value |
Tag Book Value + CME Book Value |
Enter the following field in the “Asset Information” multiline:
Retirement Type |
Use the drop-down list box to select the method in which you want to retire the asset. You can select from “Sale” or “Scrap”.
The system displays “Sale” by default at the launch of the page. |
Note: If the “Retirement Type” field is set to “Sale”, ensure that the “Generate Authorized Invoice” is either set to “Fresh” or “Authorized”.
The system displays the following in the “Asset Information” multiline:
Retirement Date |
The date on which the asset has been retired. |
Retirement Reference |
The document referring to the scrap note. |
Doc. # |
The number identifying the type of scrap note. |
Inventory Status |
The status of the inventory marked for retirement of the part / serial combination which could be, “Ok”, “Marked for Transfer”, “Marked for Insur Claim”, “Marked for Retirement”, “Marked for Retirement – Partial”. |
Enter the following fields in the “Asset Information” multiline:
Customer |
The code identifying the customer to whom the asset has been sold (Alphanumeric, 16). The customer must have been defined in the “Create Customer” activity of the “Customer” business component and must be in “Active” status. Help facility available |
Note: This field must not be left blank if “Scrap” has been selected in the “Retirement Mode” field.
Claim Insurance |
Indicates whether insurance claim has been made against the retirement asset. The system displays “No” by default at the launch of the page. |
Sale Value |
The value for which the asset has been sold after retirement (Decimal). Amount entered in this field should be in the currency selected. Conversion to base currency is not necessary. Note that the Net book value as on the date of retirement is considered as the 'Sale Value' for retirement. |
Note: This field must not be left blank if “Sale” has been selected in the “Retirement Mode” field. This field must be left blank if “Scrap” has been selected in the “Retirement Mode” field.
The system displays the following in the “Asset Information” multiline:
Gain / Loss |
The profit or loss gained after the sale. The system calculates and displays the value as the difference of the sale value and the asset book value. |
Note: The system will calculate and display this value if “Sale” has been selected as “Retirement Mode”.
Enter the following field in the “Asset Information” multiline:
Remarks |
Any observations pertaining to the retirement of the asset (Alphanumeric, 255). |
Check the box in the “Select” column of the multiline to mark an asset for retrieving the depreciation value and for retirement.
Click the “Preview Depreciation” pushbutton to retrieve the depreciation details of the asset.
The system retrieves the cumulative depreciation value in the respective field.
Click the “Retire Asset” pushbutton to retire the selected asset.
Note: On retirement of the asset, the system writes off the balance (if any) in the CME account to the capitalized maintenance expenses account.
The system:
generates a “Customer Direct Invoice” for the “Sale Value” if “Generate Authorized Invoice” field has been set to “Yes”.
updates the proposal with the invoice details.
debits the “Depreciation” account and credits the “Cumulative Depreciation” account.
saves the transfer details and updates the status of the transfer as “Retired”.
updates the status of the asset as “Retired” if “Yes” is selected in the “Marked for Retirement” field.
updates Record Status of all attached components and assemblies in Configuration as 'Inactive', if the process parameter 'Update Record Status of the attached Components as "Inactive" upon inactivation of Aircraft Record?' is 1/Yes in the Define Process Parameters activity of Common Master upon retiring an aircraft.
On retirement of the asset, whether automatic or manual, tge system moves the NBV of the asset to cost based on the set option ‘Incidence of Cost Booking for Capital Part Sales’ as set in the ‘Set Finance Process Parameters’ under the ‘OU Parameter Setup’ business component.
The 'Analysis Code ' for account postings is identified based on the parameter ‘Incidence of Cost Booking for Capital Part Sales’ as set in the ‘Set Finance Process Parameters’ under the ‘OU Parameter Setup’ business component.
To proceed, carry out the following
Select the “Accounting Information” link at the bottom of the page to view the posting details of the asset retirement.
“Numbering Type” must have been defined in the “Create Numbering Class” activity of the “Document Numbering Class” business component.
You can define the mode in which the payment must be received from the customer. You can receive payment through “Cash” or through “Credit”.
Set the “Payment Category” field to “Cash” if you want to receive a cash payment for the invoice.
Set the “Payment Category” field to “Credit” if you want to receive a credit payment for the invoice.
You can retire an asset by selling it or by writing it off the books of account.
Set the “Retirement Mode” field to “Sale” if you want to retire the asset by selling it.
Set the “Retirement Mode” field to “Scrap” if you want to retire the asset by selling it as scrap.