Retire Assets

On this page:

Menu Path: Fixed Assets > Entry & Processing > Fixed Assets > Asset Information > click Retire

Use the Asset Information page's Retire item to record the retirement of an asset record. When you retire an asset, the record remains in the system and is depreciable up to the Disposal Date you assign. You can track retired assets in reports. When you retire an asset, you also retire all of its improvements.

If you need to record the retirement of an improvement separately from an asset, you need to access the improvement and update its fields as described in the following Procedures section.

For an explanation of how the system handles depreciation of an asset retired in a month when it was depreciated, refer to Depreciation Process.

Retire an Asset and All Improvements

1. Calculate depreciation for the asset and its improvements up to the asset's Disposal Date. For information on this process, refer to Post Depreciation.
2. Choose the Asset Information page.
3. Enter criteria identifying the records to list, then click Find. To run an advanced search, select Advanced.
4. Select the asset you want to retire.
5. Click Retire.
6. Complete the fields as needed.
7. Click OK.
8. Click Yes.

Once you retire an asset record, you can no longer make changes to its fields on the Asset Detail Information page.

Retire an Improvement to an Asset

1. Calculate depreciation for the asset and its improvements up to the asset's Disposal Date. For information on this process, refer to Post Depreciation.
2. Choose the Asset Information page.
3. Enter criteria identifying the records to list, then click Find. To run an advanced search, select Advanced.
4. Select the asset whose improvement you want to retire.
5. Click OK.
6. Click View Improvements.
7. Select the improvement you want to retire, then click OK.
8. Enter the fields as required:
   • Enter a new status, for example, RETIRED or SURPLUS. If the improvement was sold, we recommend entering SOLD in this field.
   • For the Initial Cost, change the value to 0.00.
   • For Disposal Date, enter the date when the improvement was retired. If applicable, enter the sales amount in the Sale Amount field.
9. Click OK.
10. Enter notes on the improvement's retirement, then click OK.
11. To document the improvement's retirement, run the Transaction History report with the record of the retirement included.