9.2 Retiring Assets

Purpose:  Use this document as a reference for retiring assets in ctcLink.

Audience:  Financial Asset Manager, Facilities Asset Manager.

You must have at least one of these local college managed security roles:

  • ZZ Asset Processing

If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.

From time to time, assets are disposed of, through sales, trade-ins, scrapped, etc.  To update ctcLink Asset Management for these disposals, use the Retirement function.

Retiring Assets

Navigation:  NavBar > Navigator > Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate Asset

  1. The Asset Retirements search page displays.  Use it to enter search criteria for the asset:
    1. If it did not default, enter or select the appropriate business unit in the Business Unit field.
    2. Enter the asset information in the Asset Identification field.
    3. Enter any other information that you have and then select Search.
Asset Retirements search page
  1. The Retire Assets page displays.  Use it to perform a financial transaction on an asset:
    1. Use the Retire As drop-down button to choose the appropriate type of retirement transaction.
    2. Select Go.
Retire Assets page
  1. The updated Retire Assets page displays.  Use the Retirement section to enter the disposal accounting information for the asset:
    1. Enter the amount of any costs to remove the asset from your possession in the Removal Cost field.
    2. Enter the amount of any proceeds for the transaction in the Proceeds field.
    3. Select the proper Trans Code to generate proper accounting treatment.  You can find the funding source on the By Chartfield tab.  If the Fund is 997, use Governmental Funding, else choose Proprietary Funding.
    4. Select Save.
Retire Assets Retirement section

If you get an error message, you may have forgotten to change the Trans Code.  Only Governmental Funding and Proprietary Funding are valid Trans Codes.

  1. The updated Retire Assets page displays.

Note: The system updated the asset status or tag to ‘Disposed.’

Retire Assets tab
  1. Next, navigate to the Cost History List page to review the asset cost history information.

Reviewing Asset Cost History

You must have at least one of these local college managed security roles:

  • ZD Asset Management Inquiry

If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.

Navigation:  NavBar > Navigator > Asset Management > Asset > Transaction History > Review Cost

  1. 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.
Cost History List tab

Retired assets still need to be processed through Depreciation Calculation, Create Accounting Entries, and Close Depreciation.

  1. Process complete.

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