Asset retirement within asset management involves the procedure of taking an asset out of active service within an organization’s operations. This action can be prompted by diverse factors, including the sale of the asset and similar circumstances.

Dependency : 

• Cost centre: Integration with the cost centre is necessary within the asset management system during the creation of asset retirement, as it involves linking disposed of assets with their corresponding cost centre.

• Chart of account: Integration with the chart of account is necessary within the asset management system during the creation of asset retirement, as it involves linking disposed assets with their corresponding chart of accounts.

How To Navigate :  

The navigation includes the following steps to view the asset retirements that were disposed of from the asset management system:

Click on the 

Click on the 

Listing : 

The asset management system’s asset retirement listing feature shows a list of all disposed assets within the system.

• Users can view the following information on the asset retirement listing page:
  • Disposed number
  • Dispose date 
  • No of assets 
  • Remark 
  • Added by and added date 
  • Updated by  and updated date 
  • Approval status 

Clickable actions : 

Add New :

The user can perform the following actions in this section : 

• Add new: “Add New” refers to the action of creating a new asset retirement or entry within the asset management system.

• Export: “Export” refers to the functionality that allows users to export data from the asset management to another format.

• Show all Listing: “Show all listing” or “refresh” typically refers to functionality that allows users to update and display the most current information or records within a specific module or view.

• Clear cache: “Clear cache” in the asset retirement module refers to the action of removing or deleting temporarily stored data or information from the system’s cache memory.

• Quick search: The “Quick Search” feature refers to functionality that allows users to swiftly search and locate specific assets disposed of within asset retirement based on search criteria.

Recording and update : 

Add new asset retirement: 

• Dispose number: This refers to a unique identification number or code assigned to the disposal process of an asset.

• Cost centre: A cost centre is a specific accounting unit within an organization to which the costs of these particular assets are attributed.

• Dispose date: This is the date on which the asset was officially disposed of or removed from active use.

• Sales/Disposal account: This is the chart of accounts where the proceeds from the asset’s sale or disposal are recorded. It tracks the revenue generated from selling or disposing of the asset.

• Remark: Remarks or comments provide additional information or notes about the asset disposal process.

Users can perform the following actions : 

• Submit: “Submit” typically refers to the action of submitting the information entry for the new asset retirement. This action initiates the removal of the asset item’s details from the system.

• Discard: The “Discard” function usually refers to the decision to cancel or discard the process of adding a new asset retirement.