Fixed Assets - EBS (MOSC)

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Retirements - Integration with AR and AP

edited Apr 24, 2015 3:32PM in Fixed Assets - EBS (MOSC) 5 commentsAnswered
Hi,

Does exist standard functionality to generate automatic transactions in AP and AR as part of a Retirement in FA?

The accounting generated as a result of a Retirement Transaction is (assuming same account used for gain and loss):

Debit - Accumulated Depreciation

Debit - Proceeds of Sale Clearing

Debit - Revaluation Reserve

           Credit - Asset Cost

           Credit - Cost of Removal Clearing

           Credit - Gain/Loss

In AP we need to enter an invoice that Debit Cost of Removal Clearing and Credit Liability account. In AR we need to enter a transaction that Credit Proceeds of Sale Clearing and Debit Receivables.

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