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After Retirement Asset Gain/Loss should be zero [message #390131] Thu, 05 March 2009 01:42 Go to next message
Arjunn
Messages: 64
Registered: December 2006
Location: Hyderabad/Gurgaon
Member
Hi Friends,

How I have to retire an asset, there after this retirement process asset Gain/Loss amount has to become zero

Can anyone tell the procedure how I have to retire the asset now

Thanks In Advance
Arjun
Re: After Retirement Asset Gain/Loss should be zero [message #390161 is a reply to message #390131] Thu, 05 March 2009 04:58 Go to previous messageGo to next message
eric62000
Messages: 1
Registered: March 2009
Junior Member
Hello.

Try this:

1. Create a depreciation method:
Method type: Calculated
Basis: Cost
Life In Months : 1 month.
2. Modify the method of the asset to this new method (1)
3. Make retirement.
4. Calcule Gain/Loss (0 amount).
3. Reaffect the good depreciation method to your asset.

Best regard.

Re: After Retirement Asset Gain/Loss should be zero [message #390185 is a reply to message #390161] Thu, 05 March 2009 06:32 Go to previous messageGo to next message
Arjunn
Messages: 64
Registered: December 2006
Location: Hyderabad/Gurgaon
Member
Hi Eric,

Thanks for your update.
In my scenario life of the asset is 5yrs
Re: After Retirement Asset Gain/Loss should be zero [message #390202 is a reply to message #390185] Thu, 05 March 2009 07:38 Go to previous message
eric62
Messages: 23
Registered: January 2009
Junior Member
In asset User Guide, you can read:

Gain/Loss = Proceeds of Sale Cost of Removal Net Book
Value Retired + Revaluation Reserve Retired.

Net Book Value <> 0 => Gain/Loss <> 0.

If you move the asset to the new method (life in months = 1), the Net Book Value of the asset will be 0.

You put the method 5yrs after your retirement.

I don't see a another method for Gain/Loss = 0.
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