Error "Retirement Date Must Be In or Before the Current Fiscal Year for Any Book"

Issue

Error message - "Retirement Date must be in or before the current fiscal year for any book. The current fiscal year for one or more of your asset books are before the retirement date that you have entered for this asset." occurs when I try to retire an asset.

Resolution

1. Go to Setup | Financial | Fixed Assets | Book and select each book from the looking glass next to Book ID. Note which book or books are not in the current fiscal year.

2. For any book(s) not in the current fiscal year, make sure all assets saved to the book(s) are depreciated to the last day of the fiscal year currently showing in the Book Setup window.

Note - If assets have not been depreciated to the end of the fiscal year shown in the Book Setup window, you will experience problems with depreciation after performing the Fixed Assets Year End procedure (Step 3 of these instructions).

3. Go to Routines | Fixed Assets | Year End. Insert any books which are not in the current fiscal year and choose Continue. This will increment those books to the next fiscal year.

Note - This procedure should be run before completing any Fixed Asset processes for the new year.

4. Repeat these steps until all books are in the current fiscal year. Once all books are in the current fiscal year, you will be able to retire the asset.

This article was TechKnowledge Document ID: 6032