Depreciation Issue If Asset Retired In The First Year
(Doc ID 290488.1)
Last updated on DECEMBER 04, 2019
Applies to:Oracle Assets - Version 11.5.9 and later
Information in this document applies to any platform.
For statutory reporting in the Tax Books:
1. Assets be depreciated in the year of retirement
2. If the year of retirement is same as the year of DPIS, then Do not Depreciate
3. If the asset is SOFTWARE, point (2) is not applicable.
Option (1) is achieved by setting option - Depreciate in Year Retired to 'YES' (Depreciation Methods setup).
Option (2) is achieved by setting option - Depreciate if Retired in First Year to 'NO' (Book Controls setup).
Setting this option to 'NO' at the book level insures that this is applicable to all assets in the book.
How to make an exception to this rule for a particular category (SOFTWARE)?
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