Retiring Assets - 24g
Purpose: Use this document as a reference for retiring assets in ctcLink.
Audience: Financial Asset Manager, Facilities Asset Manager
ctcLink Asset Management can contain assets that are not in use for a long time. Therefore, you need to retire such assets so that they are not included in the depreciation calculation.
Navigation: Main Menu > Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate Asset
- Use the Asset Retirements page to enter search criteria for the asset:
- If it did not default, enter or select the appropriate business unit in the Business Unit field.
- Enter the asset information in the Asset Identification field.
- Enter any other information that you have and then click the Search button.
- Use the Retire Assets page to perform a financial transaction on an asset:
- Use the Retire As drop-down button to choose the appropriate type of retirement transaction.
- Click the GO button.
- Use the Retirement section to enter the disposal accounting information for the asset:
- Enter the amount of any costs to remove the asset from your possession in the Removal Cost field.
- Enter the amount of any proceeds for the transaction in the Proceeds field.
- Click the Save button.
Note: The system updated the asset status or tag to ‘Disposed.’
Next, navigate to the Cost History List page to review the asset cost history information.
Navigate: Main Menu > Asset Management > Asset > Transactions History > Review Cost
Reviewing Asset Cost History
- Use the Cost History List page to view the history of an asset's transactions. Note that the page displays the total quantity and cost adjusted for this asset. The quantity and cost are adjusted in all cost rows.
- Click the Cost History Detail tab to drill-down for additional details.
- If necessary, click the Show next row button until you reach the row with Trans Type‘RET - Asset Retirement.’