ERPstuff - Oracle EBS Community

Hi All,

I have an asset and I want to do the retirement.

I have retired the asset using the Asset workbench --> Retirement

Asset current cost = 121500
Asset Retired Cost = 121500
Proceeds of Sale = 5000
Cost of Removal = 500

I want some one to update me the accounting entries for the above Asset Retirement.

Above all, I want to know how to capture the proceeds of sale in Receivables and Cost of Removal in Payables


Regards


After Retiring, I have a loss.....

Hi,
The following are the accounting entries in this scenerio.
1) For asset retirement
Proceeds of sale clearing a/c Dr 5000
Loss on sale of asset a/c Dr 117000
To Asset cost 121500
To Cost of Removal Clearing a/c 500

2) To capture the proceeds of sale in Receivables create a AR Invoice with Transaction Type as Sale of Asset (Proceeds of sale clearing as revenue a/c) The accounting entry is
Sundry Debtor a/c Dr 5000
To Proceeds of sale clearing a/c 5000
3)On receiving the sale proceeds the entry is
Bank/Cash a/c Dr 5000
To Sundry Debtor a/c 5000
4)To Capture the cost of removable in Payables , prepare a standard invoice in AP with cost of removal clearing account in distribution. The accounting entry is
Cost of removal clearing a/c Dr 500
To Sundry Creditor 500
5) On making payment
Sundry creditor a/c Dr 500
To Bank/cash 500

Note: Now one can see that the clearing accounts are nocked off.

hi..where can i download the Oracle Asset User Guide? anyone? thanks..