Asset Retirement in Wrong Date - Oracle EBS R12

Above are the existing info of Asset No.1018 before Retirement

Retirement mistakenly at 22-Feb-2015 instead of 22-Jan-2015, but after saving the record User did not Run Depreciation and Accounting Program

Disposed Asset No.1018 on wrong date info…

RESOLUTION:-

1. Go to Asset Workbench window and Query the Asset No.1018

2. Click on Retirements button

3. On Retirements window press Ctrl+F11 to find out the existing retirement

4. Click Undo Retirement button

5. Click Ok

6. Now Re-enter the retirement with the correct retired date and save the record

Run Depreciation Program

Run Accounting Program

Above you can show the Retirement entry 79500 for Asset No.1018 & 161831 for Asset No.999.01

Unallocated-COMPUTER SOFTWARES-Unspecified-Unspecified-Unspecified-Unspecified -                                            Debit

Unallocated-PLANT BETTERMENT||PLANT &-Unspecified-Unspecified-Unspecified-Unspecified                                 Debit

Unallocated-ACCUMULATED DEPRECIATION|-Unspecified-Unspecified-Unspecified-Unspecified -          Credit

Asset Disposal Accounting in Oracle - Oracle EBS R12

http://fixedasstets.blogspot.com/2016/01/asset-disposal-accounting-in-oracle.html

Asset Disposal Accounting in Oracle

ABC International sells a $100,000 machine for $35,000 in cash, after having compiled $70,000 of accumulated depreciation. The entry is:

	Debit	Credit
Cash	35,000
Accumulated depreciation	70,000
Gain on asset disposal		5,000
Machine asset		100,000

If the machine was sale on $30000 then loss on Asset disposal is Debit instead of Gain