Retirements - Integration with AR and AP
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.