Retire - Full Retirement

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Distribution

Director of Fixed Assets Accounting

FA Administrator

FA Specialist

Related Procedures

None

Ownership

The Director of Fixed Assets Accounting is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.

IS Assets
N ® Assets ® Asset Workbench
B ® Find
Assets

Retirements

1. Navigate to the Asset Workbench.

2. Use the Find Assets window to find and select the asset that you want to retire by asset number or tag number.

3. Click [Retirements].

4. Select the UVA FA BOOK from the LOV.

5. Enter the retirement date. It must be in the current fiscal year and not before any other transaction on the asset.

Note: The current month (FA system date) is displayed by default.

6. Enter all the units or the entire cost. The 'Cost Retired' and the 'Retirement Convention' defaults when the 'Units Retired' field is completed.

7. Enter the retirement type, such as 'Surplus' or 'Returned.'

8. Complete other information as needed.

Note: Generally, proceeds and cost of removal will not be recorded in Fixed Assets.

9. Click [Done] to save your work.

IS Assets
N ® Assets ® Asset Workbench
B ® Retirements
B ® Subcomponents
View Subcomponents

Fully Retire an Asset Subcomponents

1. If you are retiring a parent asset, click [Subcomponents] to view the subcomponent asset(s) affected by the retirement transaction. To partially retire the asset, you must separately retire these subcomponents.

2. Click [Done] to save the transaction.

3. IS Assets assigns each retirement transaction a unique Reference Number that you can use to track the retirement. You can use this number to select a retirement for reinstatement later.

Note: You can retire a zero-cost asset.

Effective: 08/16/04

Revision: 2

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