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Accounting Entries for Asset Retirement

edited Aug 14, 2025 2:59PM in Assets 3 comments

Hello Colleagues

We have situation where we retired an asset. The asset has a depreciation reserve but not fully depreciated. When we run created accounting the system generated the following accounting lines, which is not what we expected.

Oracle Generated Journal Entry:

Debit Credit

NBV Retired 1,303.56

Accum Depreciation 257.26

Cost 1,560.82

Expected Result:

We expected two credit lines instead of one credit line. One to off-set NBV amount of 1,303.56 and the other for Accumulated amount of 257.26. Can anyone help me and suggest solution.

Thanks,

Abdullahi

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