To create a new asset, navigate to Accounting → Financial Accounting → Fixed Assets → Asset → Create → Asset or use Transaction code AS01. The retirement is always posted at the level of the individual material.This is a demo on SAP S4HANA 2021 for the process of fixed assets Sale, also called Retirement or Scrapping with revenue. The Code of Virginia requires all business owners, including home based businesses, to annually report business tangible property for taxation.