Retirement Setup - Same Account For Gain And Loss Account in Release 12 (Doc ID 1585952.1)

Last updated on APRIL 30, 2024

Applies to:

Goal

Retirement journal creates different lines for Retirement Proceeds;  Retirement NBV Retired, Retirement Cost of Removal account even though same natural account is provided  in FA book controls form in respective fields.

As per the Oracle® Assets User Guide Release 12.1 on page 6-37 ff

If you enter the same account for each gain and loss account, Oracle Assets creates a single
journal entry for the net gain or loss as shown in
the following table:
Book Controls window:
Accounts Gain Loss
Proceeds of Sale 1000 1000
Cost of Removal 1000 1000
Net Book Value Retired 1000 1000
Revaluation Reserve Retired 1000 1000

Dr. Accumulated Depreciation 2,500.00
Dr. Proceeds of Sale Clearing 2,000.00
Dr. Revaluation Reserve 600.00
Cr. Asset Cost 4,000.00
Cr. Cost of Removal Clearing 500.00
Cr. Gain/Loss 600.00

How can this be set up?
 

Solution

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