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Error Retiring Fixed Asset

Customer receives the following error when attempting to do a partial retirement for a fixed asset "cost may not be entered because there is no corporate book for this asset". They claim they are trying to do the retirement for the Tax Book although when you do a retirement, there is no where to specify a book. I thought it did it for all books.

Please advise.

Thanks,

Nancy

Hi Nancy,

Sorry to have to be the one to mention this, but, the only way you can retire an asset is to have the asset as active in the book that posts through to the General Ledger module. This is why you are getting the error. Effectively, you are attempting to retire an asset that does not exist in the reporting book. You will have to go into Setup - Fixed Assets and choose a book (or set one up) that will maintain the pertinent asset valuation, accumulated depreciation, life etc and will also post the monthly depreciation to the General Ledger module. Since GP has the ability to create multiple books (Tax, GAAP, Foreign Tax) you must create a book that will hold all of the accounting rules for the General Ledger. This will then allow you to retire the asset and obtain all of the proper entries to be posted through to the GL.

Hope this helps,

William D. Calloway Jr.

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