The retire asset  button should be clicked at the date at which you want to retire the asset.  

The journal entry for retiring the asset will be made on the day following the last depreciation of the asset.

When disposing/ retiring asset , what should be our GL posting date?

  • The GL Posting date will be the date immediately following the last depreciation of the asset. 
  • If the period immediately following the last depreciation date is closed it will be made in the first date in the first open GL Period.
  • After the entry is made the depreciation date will be filled in the fixed asset screen.

For example:

Lets say that the asset being retired was 12-31-2020 then the disposition or retirement would happen on 1-1-2021.


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