We have an asset in Transfer status with some balance on it. How do I retire this asset?
Suggestions please

I’d be happy to help. I need some additional information, though. When you say that the asset is in Transfer status but has a balance on it, do you mean that someone performed a partial transfer on the asset, thus leaving the balance? Or was the transfer somehow corrupted and accidentally left a balance in the old cost center/BU?

I believe it’s a partial transfer and thus leaving balance.

If the partial transfer was within the same business unit, PeopleSoft will want to fully retire the asset, or partially retire both “parts” of the asset.  This is because this is still technically one “asset”, just split between cost centers.  The only way I would know how to fully “retire” part of the transfer is to go in and perform a cost adjustment on the line you wish to “retire.”  Adjust it all the way down to zero and create the retirement entries manually in the GL.

If the partial transfer was an interunit transfer, you should just be able to go to the Retire page and fully retire the asset in question.

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A great response by kettbs on IT Toolbox to this question:

If you did a partial transfer of cost from one asset to another both assets should be in a status of “In Service”. If you have an asset that has cost and/or depreciation and is in the status of “Transfered”, there is an issue with the asset. Normally the issue maybe be caused by an adjustment to the cost of the asset such as adding additional cost. Review the cost tables and all the chartfields including the Chartfield Sequence Number Field and Activity Switch field. Determine if the chartfield information is the same for all entries in the cost and depreciation tables. (this includes, dept, projects, etc.).

Once you have determine which fields the cost is in, add a new asset for .01 with the same chartfield information that the original assets has. Run depreciation and then transfer the .01 asset to the original asset. Because you are transferring cost back into the asset with the same chartfields this process should change the status of the asset to “in Service” and you should be able to retire it (after running depreciation calculation.) This does not require any SQL’s it is all manual.