EAM: Retirements Are Incorrect For Tax Books When Asset is Created with User Defined Tax Credits
(Doc ID 2681739.1)
Last updated on JULY 21, 2020
Applies to:PeopleSoft Enterprise FIN Asset Management - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
A user defined Tax Credit has been added to the system. When creating the asset, the user defined Tax Credit is defined on the Tax Information page of the Express ADD component. Upon retiring the asset, the NBV was negative by the amount of the tax credit. What setups are required to get the Tax Credit applied to the retirement_rsv such that gain/loss is calculated correctly and NBV is zero upon retiring the asset?
It is expected that the NBV when retiring this asset will be zero.
The issue can be reproduced at will with the following steps:
1. Enter Tax Credit.
2. Create asset referencing tax credit on tax Information page for the FEDERAL (tax) book.
3. Run depreciation.
4. Retire the Asset.
5. Run depreciation and check the NBV.
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