Retire Asset – A summary of the activity

This activity allows you to retire an asset. Retirement of assets is a process in which the assets are removed from the finance book. Along with the assets, asset tags can also be retired. You can retire an asset by selling it or by writing it off from the finance book. If a retirement proposal is available for an asset the system updates the retirement details in the respective proposal.

An asset is sold when it has outlived its life or if it is not in use. If the asset has been marked for sale during the retirement process it will be picked by the “Customer Direct Invoice” business component for raising an invoice to the customer. On receipt of the payment from the customers the system updates the status of the asset as “Retired”. You can also select asset tags for retirement. An asset that is damaged due to various reasons can also be retired as scrap or can be market for claiming insurance. An asset that has been scraped will be written off from the respective finance book. An asset lost or damaged in transit can also be retired and an insurance claim can also be raised for it. This activity also allows you to view the various account postings.

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