web
You’re offline. This is a read only version of the page.
close
Skip to main content

Notifications

Announcements

No record found.

News and Announcements icon
Community site session details

Community site session details

Session Id :
Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Fixed Asset Retirement...
Microsoft Dynamics GP (Archived)

Fixed Asset Retirement versus Disposition.

(0) ShareShare
ReportReport
Posted on by mikepeck 356

When a fixed Asset is retired in MSDGP, is the record also removed from the application or is there a separate action required?

I have a long list of assets that need to be retired and then, if necessary, removed from the Fixed Asset Module. These at not being sold or transferred to another company location. They are assets that are at or closing in on fully depreciated. Management no longer wants to see them in the Fixed Asset module.

What are the recommended actions, in what sequence, to remove these assets but keep the accounting correct?

*This post is locked for comments

I have the same question (0)
  • Suggested answer
    twelvestrikes Profile Picture
    twelvestrikes 3,657 on at

    Hi Michael

    If an asset is fully depreciated you can retire it and there would be no accounting entries made.  You will see in the Retire assets window, that you can enter an amount if you received payment, but since you didn't it will be $0.00

    When the asset is retired it will no longer appear in Cards > Asset General or Book.

    Under inquiry there is an option to look at retired assets and under reports > transaction there are a number of reports for retired assets

  • mikepeck Profile Picture
    mikepeck 356 on at

    How about the situation where you do want to remove the asset entirely from the module? Is there a different screen used to record the disposition which will also generate the entry to reduce the original acquisition / accumulated depreciation accounts? I don't find one, but I could be looking right at it and not seeing it!

    Thanks,

    Mike

  • Suggested answer
    twelvestrikes Profile Picture
    twelvestrikes 3,657 on at

    Hi Mike

    When you retire an asset the following entry is made:

    DR  Accumulated Depreciation

      CR Asset cost

    Not sure why you would want to totally remove the asset from the system.  It is there as a record.  The asset will not appear on any active asset list but remains for historical purposes.

    If you really want to remove the asset, under Utilities there is a function to delete an asset but I don't recommend that you do that.

  • mikepeck Profile Picture
    mikepeck 356 on at

    The Controller wants the asset records permanently removed because the assets have been physically removed from the custody and control of the company. Is that atypical? I have used fixed asset applications that provide a purge of Fully Depreciated Assets at Year End Closing, if they are not marked as still  in-service.

  • Suggested answer
    Bron Profile Picture
    Bron 4 on at

    Michael - I don't think GP will allow the end user to delete (forever) a retired Fixed Asset. The delete utility will allow the end user to delete an asset (forever) if it's not fully retired. I think the delete is there more for corrections - inadvertent entries etc...sounds like you want the system to do the opposite of what it does.

    You certainly can delete the asset from the database via SQL delete statements (using Studio Manager - not GP Interface)...........which should only be done by an experienced GP/SQL person and should be done in a TEST environment first.

    Good luck

Under review

Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.

Helpful resources

Quick Links

Responsible AI policies

As AI tools become more common, we’re introducing a Responsible AI Use…

Neeraj Kumar – Community Spotlight

We are honored to recognize Neeraj Kumar as our Community Spotlight honoree for…

Congratulations to the November Top 10 Community Leaders!

These are the community rock stars!

Leaderboard > 🔒一 Microsoft Dynamics GP (Archived)

#1
Community Member Profile Picture

Community Member 2

#2
mtabor Profile Picture

mtabor 1

#2
Victoria Yudin Profile Picture

Victoria Yudin 1

Last 30 days Overall leaderboard

Featured topics

Product updates

Dynamics 365 release plans