Oracle Fixed Assets Accounting Entries

In the Assets module, following are some of the accounts we setup. Some accounts (like Clearing) are used by other modules as well.
Note: All of these accounts are natural accounts, and are created as flexfield values for the natural account (GL account) segment.

	Account	Segment Qualifier
1	Asset Cost	Asset Account
2	Asset Clearing	Asset Account
3	Depreciation Expense	Expense Account
4	Accumulated Depreciation	Contra-Asset Account
5	Deferred Depreciation Reserve	Liability Account
6	Deferred Depreciation Expense	Expense Account
7	Depreciation Adjustment	Expense Account
8	Proceeds of Sale Clearing	Asset Account
9	Cost of removal Clearing	Liability Account
10	Gain & Loss	Revenue Account

Here are the entries made by FA.

Transaction	Natural Account	Debit	Credit
Asset is added	Asset Cost	$100
	Asset Clearing		$100
Asset Depreciation	Depreciation Expense	$100
	Accumulated Depreciation		$100
Asset Retirement – W/o proceeds and W/o removal cost	Accumulated Depreciation	$60
	Gain/Loss	$40
	Asset Cost		$100
Asset Retirement – With Proceeds, W/o Cost of removal	Accumulated Depreciation	$60
	Gain/Loss	$40
	Gain/Loss		$10
	Proceeds from Sale	$10
	Asset Cost		$100
Asset Retirement -  With Cost of removal	Accumulated Depreciation	$60
	Gain/Loss	$40
	Gain/Loss	$5
	Cost of removal Clearing		$5
	Asset Cost		$100