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: Asset Management > Asset Transactions > Asset Disposal > Retire/Reinstate Asset

  1. The Asset Retirements Find an Existing Value page displays.
  2. Enter the Business Unit.
  3. Optional to enter or lookup a combination of search criteria to locate an asset or refine results:
    • Asset Identification.
    • Tag Number.
    • Parent ID.
    • Description.
    • Asset Status.
  4. Select the Search button.
  5. The Retire Assets page displays. Use it to perform a financial transaction on an asset.
  6. Use the Retire As drop-down arrow to select the appropriate type of retirement transaction.
  7. Select the Go button.
Retire assets page

Unsure if the asset is a (G) Governmental or (P) Proprietary cost type? Select the By Chartfield tab page and then select the Chartfields tab.

By Chartfield tab page
  1. Back on the Retire Assets tab, the updated 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.
  2. Select Save.
updated retire assets page, enter the retirement info

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 with the asset status or tag as 'Disposed'.
asset is now disposed
  1. Next, navigate to QRG Viewing Retired Assets to review the asset cost history information.

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

Video Tutorial

The video below demonstrates the process actions described in the steps listed above. There is no audio included with this video. Select the play button to start the video.

Video Tutorial Via Panopto

View the external link to Retiring Assets. This link will open in a new tab/window.

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