You cannot retire an asset if you added it in the current period. Instead, you must enter your retirement as a prior period retirement after you run depreciation. Or if you do not want to create any journal entries, use Edit, Delete Record from the menu in the Asset Details window to delete the asset any time in the current period.

For prior-period retirement dates:
You can retire retroactively only in the current fiscal year, and only after the most recent transaction date. You cannot perform prior period retirements to assets having unplanned depreciation
amounts.

You can retire an individual asset in the Retirements window. You can retire a group of assets in the Mass Retirements window.

To FULLY retire an asset:
1. Choose Assets > Asset Workbench from the Navigator window. Find the asset you want to retire and Choose Retirements.
2. Select the depreciation Book from which you want to retire the asset.
3. Enter the date of the retirement. It must be in the current fiscal year, and cannot be before any other transaction on the asset.
4. To fully retire the asset, enter all the units or the entire cost. 
5. If you are retiring an asset before it is fully reserved, enter the Retirement Convention.
6. Enter the Retirement Type.
7. Save your work. Oracle Assets assigns each retirement transaction a unique Reference Number that you can use to track the retirement.
Optionally calculate gains and losses to change the status of the retirement transaction from PENDING to PROCESSED.

To retire asset costs using Source Lines:

1. Select Assets > Asset Workbench from the Navigator window.
2. Find the asset whose invoice information you want to change.
Tip: For best performance, find by unique values, such as asset number or tag number.
3. Select Find to navigate to the Assets window.
4. Choose the asset whose source lines you want to retire.
5. Select Source Lines to navigate to the Source Lines window.
6. Choose the source line or enter the amount you want to retire.
7. Select Retire to navigate to the Source Line Retirement window.
8. Modify the necessary fields.
Note: You cannot modify units retired or cost retired. You must cancel out of the retire window before changing the units or cost information. You can change this information in the Source Lines
window. Source Line window changes are propagated to the Retire window when you navigate to it.
9. Select Done to save your work.