Dispose of assets

Trigger: An asset is identified as obsolete, damaged beyond economical repair, or at the end of its designated useful life.

1. Identify assets qualifying for retirement or replacement
2. Determine the optimal disposal method such as sale, scrap, recycling, or donation
3. Obtain necessary financial and operational approvals for the disposal
4. Execute the physical removal, transfer, or destruction of the asset
5. Update the fixed asset subledger and operational maintenance registries
6. Calculate and record any financial gains, losses, and tax implications

Outcome: The asset is physically removed, sold, or destroyed, and all corresponding financial and maintenance records are updated to reflect its retirement.