University Owned Capital Asset Retirement Process -- Terrapin Trader
The department fills out a Terrapin Trader Request Form of all the university owned assets that the department would like to retire through Terrapin Trader. Make sure both the UMD tag number and serial number are listed for each asset. If a department is unsure if an asset is considered university owned or federally owned, contact Emma Thomas (Inventory Control) and Gertrude Logan (SPAC).
Terrapin Trader picks up the assets and process the forms. Once the forms have been processed, Terrapin Trader sends copies of the forms to Inventory Control.
Inventory Control reviews the Terrapin Trader forms and initiates an Asset Retirement Global Document to retire the assets in the system.
Once the capital asset has been retired and the nightly batch has run, the asset retired global GL entries will have been posted in KFS.
Capital Asset Fully Depreciated Entry:
Debit: Accumulated Depreciation 7799900-6795
Credit: Capital Asset University Owned 7799900-6730
Capital Asset with Book Value:
Debit: Accumulated Depreciation 7799900-6795
Debit: Assets Disposed (Remaining Book Value) 7799900-5702
Credit: Capital Asset University Owned 7799900-6730
The asset is now marked in KFS CAMS as a retired asset.
The asset will be reported on the Retired Assets Report, which is ran on a monthly basis.