FA Retirement Accounting Entry in Oracle apps R12

 

             Retirement:  

             The following the accounting entry generated at FA Module Level and code combination                                                                   derived from which setup is mentioned below.

                  Accumulated Depreciation……...Dr.                     (Dep Charged till Date) (Asset Category)

                  Proceeds of Sales clearing a/c… ..Dr.                     (Asset Sold for)  (Book Controls)

                  Cost of removal A/c ………………Dr                                                 (Book Controls)

                  Net Book Value Retired …………..Dr                                                   (Book Controls)

                                          To Asset Cost………………..Cr               (Total Asset Cost)  (Asset category)

                                          To Gain/Loss a/c…………….Cr               (Profit or Loss A/c)

                                           To Proceed for Sales ………….Cr                               (Book Controls)

                                           To Cost of Removal Clearing A/c….Cr                       (Book Controls)

 

 

                Create AR Transaction.

 

                             Receivables  A/c………..Dr

                                         To Proceed to Sale Clearing A/c………….Cr

 

                 Create AP Invoice

 

                               Cost of Removal Clearing A/c………………….Dr

                                             To AP liability A/c…………………………………Cr