Retirement of Non-Depreciable Asset Using Oracle Projects
Problem Description: There are non-depreciable assets (Land) which need to be retired using Oracle Projects. They are individual assets not assigned to any Target Asset.
But for creating Retirement adjustment lines in Oracle Projects we have to use Target Asset as Group Asset. So we created one Target Asset as Non Depreciable Asset and in Retirement Request we gave the individual asset number in the retirement criteria field.
On interfacing the RWIP lines to Assets it posted the adjustment entry to Accumulated Depreciation account instead of Gain/Loss account. Following is the accounting entry it created:
Proceeds of sales Clearing Dr.
But for creating Retirement adjustment lines in Oracle Projects we have to use Target Asset as Group Asset. So we created one Target Asset as Non Depreciable Asset and in Retirement Request we gave the individual asset number in the retirement criteria field.
On interfacing the RWIP lines to Assets it posted the adjustment entry to Accumulated Depreciation account instead of Gain/Loss account. Following is the accounting entry it created:
Proceeds of sales Clearing Dr.
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