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Oracle Applications WHITE PAPER

Retirements in Oracle Assets

Prepared by Author: Le Zhong Updated by: Kathy White Creation Date: 15-MAY-2000 Last Updated: 02-JUN-2012 Control Number: 2 Version: 3 Copyright (C) 2012 Oracle Corporation All Rights Reserved Product Design and Architecture

Retirements in Oracle Assets Ver 2.0

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Table of Contents

1 Introduction.3 Objective..3 Scope......3 Issues Covered..3 2 Individual Retirement versus Mass Retirement..4 3 Retirement Conventions..7 4 Full vs. Partial Retirement....7 5 Retiring Cost by Source Lines..7 6 Importing Retirements from an External Source....8 7 Retirement Requests..9 8 Retirement/Reinstatement Error Correction..11 9 Complete Retirement.12 10 Journal Entries for Retirement13 11 Retirement Related Reports16 12 Retirement APIs...16 13 Behind the Scenes...17

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1 Introduction
Objective

THE PURPOSE OF THIS DOCUMENT IS TO PROVIDE A QUICK LEARNING GUIDE of the retirement process in Oracle Assets as well as a problem troubleshooting checklist. The retirement transaction is one of the most frequently used transaction types in Oracle Assets. Our support experience shows us that an improper retirement operation could cause potential massive data corruption. We will document how to avoid this situation. There are numerous retirement reports. We will attempt to document all of the important reports to give you the whole picture from initiating the transaction to running the retirement process to reporting.

Scope THIS PAPER explains how to do an individual retirement versus a mass retirement. It also discusses how to manipulate the transaction including undo versus reinstate. Basic table information is provided. Issues Covered There are many reasons to retire an asset, such as if that asset is stolen, damaged, out of date or sold, etc. The Asset retirement transaction is reversible. It takes two steps to finish a retirement process. Here are those steps and their reversal actions: ACTION Initiate Retirement by Individual or Mass Retirement Complete Retirement by running Calculate Gains/Losses program by itself or within Depreciation Request Set REVERSAL ACTION Undo Reinstate

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2 Individual Retirement Versus Mass Retirement


Use the retirements form (Figure 1) to retire a single asset.

Figure 1 In the Corporate book, you can choose to retire an assets cost or its units. For a fuller discussion of this see the section Full or Partial Retirements. In Release 12 and higher, you can retire an asset in any period including the period of its addition. In Release 11i, you cannot retire an asset in its period of addition but can use any later period. Notice the Reinstate button, if you retire an asset without running Gain/Loss program, this button will be labeled Undo Retirement. Error correction is possible. We will talk about this later.

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Use the Mass Retirements form (Figure 2) to retire a group of assets. Navigation path for mass retirement: Mass Transactions/Retirements/Create and Reinstate.

Figure 2 When you define a mass retirement, you must first choose to Create the Mass Retirement. This will spawn the Create Mass Retirements concurrent request. Once this completes normally, the Create button will be disabled, and Discard and Retire will become enabled. You can choose to go directly to Retire to complete the Mass Retirement or you can use the Prepare Mass Retirements menu to edit the mass retirement at an asset specific level. Figure 3 shows the forms that display under this menu. Note that this functionality allows you to amend specific aspects of each proposed retirement within the batch. So for instance if you want to retire a batch of 100 assets and leave the default Retirement Convention on 98 of them, you can still create the batch within Mass Retirements, then use the Prepare menu to alter the Retirement Convention on the 2 you want to amend.

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Once you are done Preparing, return to the Create and Reinstate menu, query up your amended mass retirement, and choose Retire to enact the retirement.

Figure 3 Once you have Previewed a Mass Retirement, you can choose to immediately submit the concurrent request to retire the selected assets, or you can save the mass retirement definition for future submission. You can change the details of any mass retirement before you submit the concurrent request as well. When you submit a mass retirement, Oracle Assets automatically runs the Mass Retirements Report and the Mass Retirements Exception Report. Please review those two reports before running the Calculate Gains and Losses Program. This will allow you to find errors more quickly and rectify them more easily. If you wish to simultaneously run this program in more than one process to reduce processing time, Oracle Assets can be set up to run this program in parallel. See the User Guide, Profile Options and Profile Options Categories Overview, page B-1. Note: This document will only touch upon retirements in Group Depreciation. Please see the User Guide, Group Depreciation chapter, heading Retirements, for greater detail.

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3 Retirement Conventions
Oracle Assets lets you use a different prorate convention when you retire an asset than when you added it. The retirement convention in the Retirements window and the Mass Retirements window defaults from the retirement convention you set up in the Asset Categories window. You can change the retirement convention for an individual asset in the Retirements window before running the Calculate Gains and Losses program.

4 Full Versus Partial Retirement


You can do full or a partial retirement of any asset. Your options for this will be to retire by units or retire by cost, when choosing to do a partial retirement. When you retire an asset by units, Oracle Assets automatically calculates the fraction of the cost retired. When you retire an asset by cost, the units remain unchanged and the cost retired is spread evenly over all assignment (distribution) lines. Partial Retirement Restrictions: Assets can only be retired by units in the Corporate book. Assets retired by units in the Corporate Book which have their retirements copied to Tax Books via Periodic Mass Copy will have the applicable cost percentage retired in Tax. You cannot partially retire CIP assets. You can only fully retire them by cost. If you make more than one partial retirement in the same period, you will need to run Calculate Gains and Losses after the each retirement and before entering any subsequent retirement. You can only reinstate the most recent partial retirement. If you partially retire a units of production asset, you must manually adjust the capacity to reflect the portion retired. Group Assets cannot be retired, only member assets. If you enter a mass retirement by units against the members of a Group Asset, by specifying the Group Asset on the Additional Criteria tab in the Mass Retirement, units will be selected on a first in first out basis for the Group Asset, thus retiring the oldest member first until sufficient units are used up to account for the whole partial retirement.

5 Retiring Cost by Source Lines


Source Lines represent invoices that add up to an assets cost. You can retire source lines individually. To retire asset costs using Source Lines:
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1. Select Assets > Asset Workbench from the Navigator window. 2. Find the asset whose invoice information you want to change. Tip: For best performance, find by unique values, such as asset number or tag number. 3. Select Find to navigate to the Assets window. 4. Choose the asset whose source lines you want to retire. 5. Select Source Lines to navigate to the Source Lines window. 6. Choose the source line or enter the amount you want to retire. 7. Select Retire to navigate to the Source Line Retirement window. 8. Modify the necessary fields. Note: You cannot modify units retired or cost retired. You must cancel out of the retire window before changing the units or cost information. You can change this information in the Source Lines window. Source Line window changes are propagated to the Retire window when you navigate to it. 9. Select Done to save your work.

6 Importing Retirements from an External Source


You can use Oracle Assets to retire a group of assets by populating an external interface table with these assets, setting the line status to POST, and running the Post Mass Retirements process. Oracle Assets allows both partial cost and partial unit retirements. However, retirements can only be grouped using a Batch Number, which restricts you from fully utilizing the benefit of the Oracle Assets Mass Retirements feature. To process the cost or unit retirements for the external retirement batch, you must populate the FA_MASS_EXT_RETIREMENTS table with the correct retirement batch. To perform the source line retirement you need to populate the source line details in the table FA_EXT_INV_RETIREMENTS in addition to populating values in FA_MASS_EXT_RETIREMENTS. The following business rules apply to Mass External Retirements: The Review Status should be initially set to NEW, ON HOLD or POST by an external system.

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A Review Status of NEW indicates that the data is new and may require additional information before retirement can take place in the Post Mass Retirements process. A Review Status of ON HOLD indicates that the data should remain unprocessed by the Post Mass Retirements process until it is set to a Review Status of POST. A Review Status of POST indicates that the data is ready for retirement to take place in the Post Mass Retirements process. A Review Status of ERROR indicates that the data was invalid and will not be submitted for retirement in the Post Mass Retirements process. You can set these errored records to DELETE if they need to be removed from the database. Remove them by running the Purge Mass External Retirements program. A Review Status of DELETE indicates that the data will not be submitted for retirement in the Post Mass Retirements process. You can use the Purge Mass External Retirements process to remove posted or deleted records completely from the database. All displayed data passed from an external system or Oracle Projects is subject to modification.

7 Retirement Requests
Field employees can use the Retirement Requests feature to identify and submit requests for asset retirements. These requests are received and reviewed by those responsible for asset retirements in Oracle Assets, who then edit the requests and complete the retirement process. The retirement request captures all of the information about the asset that is available in the field, such as asset category, location, date placed in service, quantity retired, serial number, manufacturer, model number, tag number, and more. Information captured about the retirement transaction also includes project, task, and any removal cost or sales proceeds. The person responsible for asset retirements in Oracle Assets, the fixed asset accountant, reviews the request, makes any necessary additions or corrections, and completes processing of the retirement request. An inbound API enables retirement information from external asset tracking systems to be interfaced directly into Oracle Assets as retirement requests. Since the imported retirement requests may result in high volumes of required processing each period, you have the option of batch processing all imported retirement requests. Using batch processing can eliminate the need for manual intervention and review of individual requests. This feature can also be used if you have Oracle Projects enabled. See the User Guide for entering Retirement Requests from Projects.

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The retirement request captures all of the information about the asset that is available in the field, such as asset category, location, date placed in service, quantity retired, serial number, manufacturer, model number, tag number, and more. Information captured about the retirement transaction also includes project, task, and any removal cost or sales proceeds. The person responsible for asset retirements in Oracle Assets, the fixed asset accountant, reviews the request, makes any necessary additions or corrections, and completes processing of the retirement request. An inbound API (the Retirement Requests API) enables retirement information from external asset tracking systems to be interfaced directly into Oracle Assets as retirement requests. Since the imported retirement requests may result in high volumes of required processing each period, you have the option of batch processing all imported retirement requests. Using batch processing can eliminate the need for manual intervention and review of individual requests. To process retirement requests - Fixed Asset Accountant: 1. Navigate to the Mass Retirements window. 2. Query the retirement request you wish to review. Add or correct information if needed. Note: All new retirement requests have a status of New. You can change the status to Pending or On Hold. 3. Select the Create button to create a mass retirement batch containing assets meeting the retirement request criteria. The selection process also applies retirement cost to each selected retirement, based on the cost retired. The status of the request changes from New or Pending to Created. 4. To discard the mass retirement and end further processing, select the Discard button. 5. Optionally, navigate to Find Mass Retirements window to review, edit, or delete any of the individual retirements. You can enter or modify the cost of removal and proceeds of sale for non-project related assets. For project related assets, the cost of removal and proceeds of sale cannot be changed, since the retirement costs are handled separately using the retirement cost processing feature. 6. In the Mass Retirements window, select the Retire button to submit the Post Mass Retirements process and posts the mass retirement. The Mass Retirements Report and the Mass Retirements Exception Report run automatically when the process completes. The status of the mass retirement will change from Created to Pending momentarily, and finally to Completed when the process completes.

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Further information on the Retirement Request functionality and the API for external request imports is available in the iAssets User Guide.

8 Retirement/Reinstatement Error Correction


A new retirement receives the status PENDING. After running the Depreciation Request Set (which includes Calculate Gains and Losses) or running Calculate Gains and Losses individually, the status changes to PROCESSED. When you reinstate a PENDING retirement, the application deletes the retirement transaction and the asset is immediately reinstated. It does not leave any trace of retirement at all. Oracle Assets only keeps the retirement record permanently after running Gain/Loss program. If you reinstate a PROCESSED retirement, the application changes the status to REINSTATED, and you must rerun the Calculate Gains and losses program or run depreciation process the reinstatement. So when you perform an individual retirement or a mass retirement, the application creates a PENDING retirement transaction and they are completely reversible without leaving any trace. Note: If you submit a mass reinstatement before running the Calculate Gains and Losses, the application immediately reinstates these assets. If you submit a mass reinstatement to reinstate PROCESSED retirements, you must rerun the Calculate Gains and Losses or run depreciation to process the reinstatement. The one place where the above discussion is not applicable is within Group Depreciation. In that functionality only, Calculate Gains and Losses is submitted at the transaction level as part of the retirement transaction. Thus no member retirements can be Undone. They will all need to be Reinstated. This is to prevent corruption should a user not run Calculate Gains and Losses promptly and while the retirement is not realized do other transactions on the same Group Assets members. Now, lets see how to correct errors for individual retirement. Retirement: 1. Go to Assets->Assets Workbench, query up the asset with the wrong retirement and click Retirements button. 2. Find the Retirement Transaction that you want to undo by specifying its retirement number. If you do not know the retirement number, look for it in the Transaction History window of the Inquiry window. 3. Click Reinstate if the retirement has the status of PROCESSED or click Undo Retirement if the retirement has the status of PENDING. Reinstatement:
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1. Go to Asset/Asset Workbench, query up the asset with the wrong reinstatement and click the Retirement button. 2. Find the Reinstatement transaction that you want to undo and click Undo Reinstatement. How to correct errors for mass retirement: In the Mass Retirements window, use the mass transaction number to find and select the transaction you want to reinstate and click Reinstate. Oracle Assets reverses the mass retirement as follows: 1. If the Calculate Gains and Losses Program has been run, Oracle Assets resets the status of the appropriate assets from PROCESSED to REINSTATE. Run the program again to process the mass reinstatement. The assets are then reinstated when depreciation is run. 2. If the Calculate Gains and Losses Pogram has not been run, Oracle Assets simply deletes the appropriate PENDING retirement transactions. The associated assets are reinstated immediately without leaving any trace. Restriction: You can only reinstate a retirement in the same fiscal year it was entered in. Also, you can retire and reinstate independently in Tax Books, but can also use Periodic Mass Copy for these transactions. If the cost basis is not the same in the Tax Book and you copy a retirement, the amount of the retirement will be adjusted to reflect the same percent of the asset that was retired in the Corporate Book.

9 Complete Retirement
Retirements and PROCESSED reinstatements are not complete until you run the concurrent request Calculate Gains and Losses. Here is how Assets figures it out: Gain/Loss = [Proceeds of Sale] - [Cost of Removal] - [Net Book Value Retired] + [Revaluation Reserve Retired Retirement/Reinstatement and Depreciation Depreciation and Retirements/Reinstatements] 1) The retirement convention, date retired, and depreciation method determine how much depreciation Oracle Assets takes when you retire an asset. Oracle Assets reserves the year-to-date depreciation if the assets depreciation method does not depreciate it in the year of retirement. In this case, when you perform a full retirement, Oracle Assets reserves the year-to-date depreciation of the asset, and computes the
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gain or loss using the resulting net book value. For partial retirements, Oracle Assets reverses the appropriate fraction of the year-to-date depreciation and computes the gain or loss using the appropriate fraction of the resulting net book value. If the depreciation method takes depreciation in the year of retirement, Oracle Assets uses the retirement convention to determine whether the asset is eligible for additional depreciation in that year or whether some of that years depreciation must be reversed. When you perform a partial retirement, Oracle Assets depreciates the portion of the asset you did not retire based on the method you use. If your depreciation method multiplies a flat rate by the cost, Oracle assets depreciates the assets cost remaining after a partial retirement. 2) The retirement convention, date retired, and period in which you reinstate an asset controls how much depreciation Oracle Assets calculates when you reinstate an asset. When you reinstate a retired asset, Oracle Assets usually calculates some additional depreciation expense in the period in which you perform the reinstatement, unless you perform it in the same period that you retired the asset. This additional depreciation is the depreciation that would have been taken if you had not retired the asset. Sometimes, however, a reinstatement results in a reversal of depreciation. This occurs if the retirement convention caused some additional depreciation when you retired the asset, and then you reinstate the asset before the retirement prorate date. Then Oracle Assets reverses the extra depreciation that it took at retirement until the appropriate accounting periods take it.

10 Journal Entries for Retirement


Current Period Retirements Example: You place an asset in service in Year 1, Quarter 1. The asset cost is $4,000. The life is 4 years, and you are using straight-line depreciation. In Year 3, Quarter 3, you sell the asset for $2,000. The cost to remove the asset is $500. The asset uses a retirement convention and depreciation method which takes depreciation in the period of retirement. You retire revaluation reserve in this book. Dr. Dr. Dr. Dr. Dr. Cr. Cr. Accumulated Depreciation Proceeds of Sale Clearing Cost of Removal Gain Revaluation Reserve Net Book Value Retired Gain Asset Cost Proceeds of Sale Gain 2,500.00 2,000.00 500.00 600.00 1,500.00 4,000.00 2,000.00
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Cr. Cr.

Cost of Removal Clearing Revaluation Reserve Retired Gain

500.00 600.00

If you enter the same account for each gain and loss account, Oracle Assets creates a single journal entry for the net gain or loss. Dr. Dr. Dr. Cr. Cr. Cr. Accumulated Depreciation Proceeds of Sale Clearing Revaluation Reserve Asset Cost Cost of Removal Clearing Gain/Loss 2,500.00 2,000.00 600.00 4,000.00 500.00 600.00

Prior Period Retirement Example: You place an asset in service in Year 1, Quarter 1. The asset cost is $4,000, the life is 4 years, and you are using straight-line depreciation. In Year 3, Quarter 3, you discover that the asset was sold in Year 3, Quarter 1 for $2000. The removal cost was $500. The asset uses a retirement convention and depreciation method, which allow you to take depreciation in the period of retirement. Dr. Dr. Dr. Dr. Cr. Cr. Cr. Cr. Accumulated Depreciation Proceeds of Sale Clearing Cost of Removal Loss Net Book Value Retired Loss Proceeds of Sale Loss Cost of Removal Clearing Asset Cost Depreciation Expense 2,500.00 2,000.00 500.00 1,750.00 2,000.00 500.00 4,000.00 250.00

Current Period Reinstatement. Example: You discover that you retired the wrong asset. Oracle Assets creates journal entries for the reinstatement to debit asset cost, credit accumulated depreciation, and reverse the gain or loss you recognized for the retirement. Oracle Assets reverses the journal entries for proceeds of sale, cost of removal, net book value retired, and revaluation reserve retired. Oracle Assets also reverses the journal entries you made to clear the proceeds of sale and cost of removal. Oracle Assets also creates journal entries to recover the depreciation not charged to the asset and for the current period depreciation expense. Dr. Dr. Asset cost Cost of Removal Clearing 4,000.00 500.00
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Dr. Dr. Cr. Cr. Cr.

Gain/Loss 600.00 Depreciation Expense 250.00 Accumulated Depreciation 2,750.00 Proceeds of Sale Clearing 2,000.00 Revaluation Reserve 600.00

Prior Period Reinstatement Example: You place an asset in service in Year 1, Quarter 1. The asset cost is $4,000.00, the life is 4 years, and you are using straight-line depreciation. In Year2, Quarter 1, you retire the asset, In Year 2, Quarter 4, you realize that you retired the wrong asset so you reinstate it. Dr. Asset cost Dr. Cost of Removal Clearing Dr. Proceeds of Sale Clearing Dr. Depreciation Expense Dr. Depreciation Expense (adjustment) Cr. Net book Value Retired Loss Cr. Cost of Removal Loss Cr. Proceeds of Sale Clearing Cr. Accumulated Depreciation Assets Fully Reserved upon Addition If you add an asset with an accumulated depreciation equal to the recoverable cost, it is fully reserved upon addition. When you retire it, Oracle Assets does not back out any depreciation, even if you assigned the asset a depreciation method that backs out all depreciation in the year of retirement. However, it creates all the other journal entries associated with retiring a capitalized asset. Non-Depreciated Capitalized/Construction-in-Process (CIP) Assets A non-depreciated capitalized asset or a CIP asset has no accumulated depreciation. Therefore, Oracle Assets does not create journal entries to catch up depreciation. However, Oracle Assets creates all other journal entries associated with retiring a capitalized asset. 4,000.00 500.00 2,000.00 250.00 500.00 2,750.00 500.00 2,000.00 2,000.00

11 Retirement Related Reports


Report Name Asset Retirement Report Purpose Shows the assets you retired for the Book and accounting period range you select
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Rxi: Retirements Report Asset Retirements by Cost Center Report

Asset Disposals Responsibility Report Form 4684: Casualties and Thefts Report

Retired Assets Without Retirement Types Report

Tax Retirement Report Retired Assets Without Property Class Report Form 4797 Reports Revalued Assets Retirement Report

Reinstated Assets Report Mass Retirements Report Mass Retirements Exception Report External Retirements Report

Variable format report that provides same data as the Asset Retirements Report Shows the assets you retired for the Book and accounting period range you select, with a range for from and to Cost Center Shows the assets that you removed from the cost centers through retirements and transfers and the location of each unit Shows the asset retirements with the retirement type you request, including but not limited to Casualty, or Theft. Shows the asset retirements for each cost center for the book and period that you select; an asterisk (*) is displayed next to reinstated assets Shows Gain or loss and any ITC recapture for asset retirements Shows the retired assets without a 1245 or 1250 property class Four variants of this exist to meet various reporting requirements. Shows the assets you retired for the Book and accounting period range you select, when the asset has revaluation retired. Shows retirements you that reinstated for the Book and From/To Period range Reviews the mass retirement effect before you process it Identifies exception assets that were not retired as part of the mass retirement transaction Report that details the Mass External Retirements.

12 Retirement APIs
You can use this API if you have a custom interface that makes it difficult to use with the existing interfaces in Oracle Assets. The Retirement/Reinstatement APIs uses the FA_RETIREMENT_PUB.DO_RETIREMENT (), FA_RETIREMENT_PUB.UNDO_RETIREMENT (), FA_RETIREMENT_PUB.DO_REINSTATEMENT (), and FA_RETIREMENT_PUB.UNDO_REINSTATEMENT () modules.
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You can use this API if you have a custom interface that makes it difficult to use with the existing asset retirement interfaces in Oracle Assets. Sample code to call each one is available in the Assets User Guide Appendix R Oracle Assets Retirements and Reinstatements API. Support cannot assist you with writing a wrapper for the APIs but will handle any questions on functionality or potential bugs, as these are standard, fully supported interfaces.

13 Behind the Scenes


In this section, we will go behind the scenes to see what is happening for this transaction type. You will see what data is updated in what tables for a retirement in Oracle Assets. When you fully retire an asset, the following tables are updated: <fa_transaction_headers> A row marked FULL RETIREMENT is created. <fa_books> The current row is terminated and a new row is created with cost and reserve equal to 0. <fa_distribution_history> Oracle Assets populates the transaction_units and the retirement_id columns of the active rows. <fa_asset_history> Oracle Assets populates the date_ineffective for the active row. <fa_retirements> A row in inserted with the details of the retirement. When you partially retire an asset, the following tables are updated: <fa_transaction_headers> Two rows, one marked PARTIAL RETIREMENT and the other marked TRANSFER OUT. <fa_additions> The row is updated to reflect the new number of units. <fa_asset_history> The current row is terminated and a new row is created with the new number of units. <fa_distribution_history> The affected rows are terminated and new ones are created, if necessary. <fa_books> The current row is terminated and a new row is created with the reduce cost and accumulated depreciation. <fa_retirements> Inserts a PENDING row with the retirement details. When you reinstate as asset, the following tables are updated:
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<fa_transaction_headers> A row marked REINSTATEMENT is created. <fa_retirements> Status of the fa_retirements row is set to REINSTATE. The Calculate Gains and Losses program updates the following tables for retirement: <fa_adjustments> Rows inserted with source_type_ code = RETIREMENT remove cost and reserve from ALL distributions and redistribute as necessary. <fa_retirements> The retirement row is updated with the proper net_book_value _retired and gain_loss_amount. The status is set to PROCESSED. <fa_additions> If the reinstatement is for a partial unit retirement, the current_units column must be restored. <fa_asset_history> If the reinstatement is for a partial unit retirement, the current row is terminated and a new row is created. <fa_distribution_history> All of the (semi-)current rows are fully terminated and new rows are created. <fa_books> The current row is terminated and a new row is created. <fa_adjustments> Rows are inserted which exactly balance the rows inserted for the retirement row by row. Source_type_code is still set to RETIREMENT. <fa_retirements> The retirement row is terminated. Its status is set to DELETED.

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