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Fixed Asset Retirement, Write-off, Disposal in Dynamics GP

User able to perform Fixed Asset Retirement, write-off or even disposal using "Retirement Maintenance".

Path: Transaction > Fixed Assets > Retire

1.   Select the Asset that need to retire.
2.   The date of retire.
3.   Select "Like-Kind Exchange". The double entry for this will be
Accounting entries for write-off:
      Dr. Non-Recognized gain/loss (FA written-off)
      Dr. Accumulated Depreciation

                 Cr. Asset Cost

User may select "Sale" in Retirement Type and "Disposal" in Retirement Code for disposal of asset.

4.   Select Retirement Code "WRITEOFF". If the code is not present, user can create it by going to Retirement Setup. 
Path:  MSDGP > Tools > Setup > Fixed Assets > Retirement

5.  There are 3 ways how the asset can be retired. Quantity, Cost, or Percentage. In this sample I'm going to retire 100% of it, which is full value of it. If there is proceeds or expenses incurred during the write-off, you can enter into the field that available.

6.   Proceed to click the [Retire] button.

7.  Proceed to Fixed Asset General Ledger Posting to post the write-off financial detail and post it to General Ledger.
Path: MSDGP > Tools > Routines > Fixed Assets > GL Posting

8. You may check the write-off status of the asset in Retirement Inquiry screen.
Path: Inquiry > Fixed Assets > Retire



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Location: Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia

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