February 11, 2017 | Author: Ali IBrahim Hussein | Category: N/A
Oracle applications R12-1.1 financial
Assets
Financial R12-1.1
Created By Khalid youssry
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Send me your comments The document is written by using oracle E-Business suite 12.1.1 release. Please also suggest if you think any major feature is missing and you think that should also be part of this document. You can post your feedback directly on my E-mail address to
[email protected] or
[email protected] Your comments and feedback will be really appreciate. Thanks very much
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Preface Anyone who is interested to learn oracle financials can use this document for his/her as a basic document. Although the document will cover most of the features but this is not the whole oracle financials. So please consider it as a basic or reference document for the beginners.
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Contents Overview of oracle assets………………………………………………….5 Assets journal cycle…………………………………………………………6 Assets integrations………………………………………………………….7 Assets setup in APPS…………………………………………………………….........8 1-Assets flexfield………………………………………………………………….11 A-Key flexfield……………………………………………………………12 B-Locations flexfield………………………………………………….…15 C-Category flexfield……………………………………………………..18 2-System controls…………………………………………………………………22 3-Assets calendars …………………………………………………………….…24 A-Fiscal year………………………………………………………………25 B-Assets calendar……………………………………………………….26 C-Prorate convention……………………………………………………28 4-Book controls……………………………………………………………………30 5-Assets category…………………………………………………………………37
Assets transactions in APPS……………………………………………..44 1-Manual addition………………………………………………………………….44 2-Mass addition……………………………………………………………………53 3-CIP assets………………………………………………………………………..71 4-Adjustment and transactions…………………………………………………77 5-Depreciation …………………………………………………………………….95 6-Retirement……………………………………………………………………….102 7-Physical inventory………………………………………………………………112 8-Assets inquiry……………………………………………………………………117 9-Closed period…………………………………………………………………….120
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Overview of oracle assets: Oracle Assets is a complete asset management solution that maintains property and equipment accurately to help you select the best accounting and tax strategies.
You can add, transfer, and retire assets. You can adjust for a single asset, groups of assets, or financial information. Oracle Assets adapts to various countries' tax and accounting laws to accommodate fluctuating economies, unplanned depreciation, and other unforeseen circumstances. Oracle Assets provides reports that you can use to inform the fixed asset manager of additions, transfers, retirements, or other unrecorded changes, ensuring that the asset inventory remains accurate. At any time, you can print these reports or you can view descriptive or financial information about the assets online.
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Assets journals cycle: 1-Payables: Dr. Assets clearing (or) CIP clearing Cr. Liability Dr. Liability Cr. Cash
Invoice journal Payment journal
2-Assets: Dr. F/A Cr. Assets clearing
3-Depreciations Dr. Depreciation expenses Cr. Accumulated depreciation
4-Retirment: Dr. Accumulated depreciation Cr. Cash
5-CIP: Dr.CIP building (CIP cost) Cr. CIP clearing Dr. F/A Cr. CIP building
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Assets integrations:
Oracle Assets integrates with Oracle Payables, Oracle Projects, and Oracle General Ledger to provide asset management information. Oracle Assets uses Supplier information from Oracle Purchasing, Units of Measure and Items from Oracle Inventory, and Employees from Oracle Human Resources. It also interfaces directly with the Application Desktop Integrator. You can use Mass Additions to load into Oracle Assets invoice and asset information from any feeder system, such as Oracle Payables or another payables system. You can also import CIP assets from Oracle Projects. Oracle Assets eases general ledger integration by automatically producing asset journal entries for the general ledger system.
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Assets setup in apps:
Oracle Assets setup requires a series of steps categorized in the following manner: Required Steps: Must be completed in order to run the application. No pre-seeded defaults are provided. Required Steps With Defaults: Setup functionality that comes with pre-seeded, default values in the database. You should however, review these defaults and decide whether to change them to suit your business needs. If you want or need to change them, you should perform that setup step. Optional Steps: You need to perform Optional steps only if you plan to use the related feature or complete certain business functions.
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1-Assets flexfield: Warning: Plan your flexfield carefully. Once you have started entering assets using the flexfield, you cannot change it.
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A-key flexfield:
The asset key flexfield allows you to define asset keys that let you name and group your assets so you do not need an asset number to find them. The asset key is similar to the asset category in that it allows you to group assets. However, the asset key has no financial impact. The asset key flexfield identifies groups of assets by non financial information. Note: Oracle Assets allows only one structure for each key flexfield defined per application install. In other words, the segment structure you define for each key flexfield will apply to all users and locations of that Oracle Assets installation.
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(N) Setup > financial > flexfield > key > segments
Enter a name for your structure then click (B) segments
Enter the segment name and select column for this segment then click (B) open
Enter the information's then click (B) flexfield qualifiers All right reserved-2010
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Note: the qualifiers is none then click (B) value set
Enter the information's To add values to key flexfield: (N) Setup > financial > flexfield > key > values
Select your applications-title-structure and segment to enter values
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Enter the values and descriptions B-locations flexfield:
The location flexfield allows you to specify and track the exact location of your assets. You can report on your assets by location and also transfer assets that share location information as a group.
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(N) Setup > financial > flexfield > key > segments
Enter a name for your structure then click (B) segments
Enter the segment names and select columns for this segment then click (B) open
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Note the qualifiers then click (B) value set
Enter the information's To add values to locations flexfield:
(N) Setup > financial > flexfield > key > values Select your applications-title-structure and segment to enter values All right reserved-2010
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Enter the values and descriptions C-category flexfield:
The asset category flexfield allows you to define asset categories and subcategories. For example, you can create an asset category for your computer equipment. You can then create subcategories for personal computers, terminals, printers, and software. The asset category flexfield groups assets by financial information.
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(N) Setup > financial > flexfield > key > segments
Enter a name for your structure then click (B) segments
Enter the segment names and select columns for this segment then click (B) open
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To add values to category flexfield: (N) Setup > financial > flexfield > key > values
Select your applications-title-structure and segment to enter values
Enter the values and descriptions
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Note the qualifiers then click (B) value set
Note that major category has a validation type independent and minor category has a validations type dependent.
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2-system controls:
Set up your system controls. You specify your enterprise name, asset numbering scheme, and key flexfield structures in the System Controls window. You also specify the oldest date placed in service of your assets. (N) Setup > asset system > system controls
Enterprise name: Enter the enterprise name as you want it to appear on reports. Oldest date placed in service: Enter the Oldest Date Placed in Service, which controls what dates are valid to place assets in service and on what date to begin your calendars. All right reserved-2010
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Note: you cannot place new assets in service before the new date you can only update the Oldest Date Placed in Service before you assign any calendars to depreciation books. Category flexfield: Enter the Category Flexfield structures you want to use. Location flexfield: Enter the Location Flexfield structures you want to use. Assets key flexfield: Enter Asset Key Flexfield structures you want to use. Starting asset number: Enter the Starting Number at which you want Oracle Assets to begin automatically numbering your assets.
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3-aseets calendars: Assets calendars
Fiscal year calendar
Asset calendar
Prorate conventio
You must first define fiscal years then asset calendars based on those fiscal years.
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A-fiscal year calendar:
Use the Fiscal Years window to define the beginning and end of each fiscal year since the start of your company. Your fiscal year groups your accounting periods. Create fiscal years from the oldest date placed in service through one fiscal year beyond the current fiscal year. You can set up multiple fiscal years in this window. You can assign different fiscal years to your different corporate books. The calendar for a tax book must use the same fiscal year name as the calendar for the associated tax book.1 (N) Setup > asset system > fiscal year
Fiscal year name: Enter a Fiscal Year Name. All right reserved-2010
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Descriptions: enter a Description. Note: You can set up multiple fiscal years with different names and the name you enter appears in List of Values windows which allow no more than 30 spaces. You may want to limit your name to 30 characters. B-assets calendar:
Set up as much depreciation and prorate calendars as you need. Calendars break down your fiscal year into accounting periods. Define your calendars with as many periods as you need.
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(N) Setup > asset system > assets calendar
Calendar: Enter the name for your Calendar. Description: enter a description. Fiscal year name: Enter the Fiscal Year Name you want to use for this calendar. Period per year: Enter the number of periods in the fiscal year for this calendar. Enter the Name of this period and enter the start and end dates of this period. Note: The period name must match to the corresponding GL Calendar period name (this is case sensitive) or accounting will not transfer to the General Ledger.
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C-prorate conventions:
Prorate and retirement conventions determine how much depreciation expense to take in the first and last year of life, based on when you place the asset in service. Oracle Assets lets you set up as many prorate and retirement conventions as you need. (N) Setup > asset system > prorate conventions
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Convention: Enter a Convention name. Description: enter description name. Fiscal year name: Enter the Fiscal Year Name for which you want to set up this convention. Depreciate when placed in service: Select the Depreciate When Placed in Service check box if you want to start taking depreciation in the accounting period that corresponds to the date placed in service, instead of the period that corresponds to the prorate date. Note: For assets that use a calculated (straight-line) method, Oracle Assets ignores this option and always starts taking depreciation in the accounting period that corresponds to the prorate date. Another screen shoots down to explain. Enter date ranges and corresponding prorate dates for assets where the date Placed in service is between the From Date and the To Date.
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4-book controls: Define asset books to store financial information for a group of assets. You can set up an unlimited number of independent depreciation books. Each book has its own set of accounting rules and accounts so you can organize and implement your fixed assets accounting policies. When you define a tax or budget book, you must specify an associated corporate book.
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(N) Setup > asset system > book control
Book: book name. Class: In the Class field, select Corporate. You can only create group assets in a corporate book. (T) Calendar:
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Allow purge: You must check the Allow Purge checkbox in order to purge information from this asset book. It is recommended that you leave the checkbox unchecked until you are ready to purge data from the book. You can then enable the Allow Purge option, purge your data, and then again disable the checkbox. This helps to ensure against unwanted purges of data from this book. Ledger: Enter the ledger for which you want to create journal entries. Allow GL posting: Enable if you want to create journal entries for this book. You cannot allow general ledger posting for your budget books. Depreciation calendar: select your depreciation calendar. Fiscal year name: select your fiscal year. Prorate calendar: select your depreciation calendar. Current period: The Oracle Assets system will update the current period field each time the current period is closed and the next period is opened. Keep in mind there can be only one open period at a time for each asset book. You must set up the depreciation calendar for at least one period before the current period. Divide depreciation: Choose the method for dividing the annual depreciation amount over the periods in your fiscal year for this book.
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Choose evenly to divide depreciation evenly to each period. Choose By Days to divide it proportionally based on the number of days in each period. Depreciate if retired in first year: Choose whether to depreciate assets in this book that is retired in their first year of life. Last run date: Initially defaults to the current date. Oracle Assets updates this date when you run depreciation.
(T) Accounting rules:
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Capital gain threshold: The minimum time you must hold an asset for Oracle Assets to report it as a capital gain when you retire it. If you want Oracle Assets to report a capital gain for all assets when you retire them, enter zero for the threshold. Allow amortized changes: This option does not affect group or member assets, or Individual assets that previously belonged to a group. Allow cost sign changes: Check this check box if you want to allow the cost amount to change from a positive to a negative amount or from a negative to a positive amount. Allow mass changes and allow amortized changes: If you want to allow amortized changes and mass changes in the asset book, make sure these check boxes are enabled. The default when defining a new asset book has these checkboxes disabled and it is often overlooked to enabled them when defining a new asset book. Allow revaluations: Select Allow Revaluation, if necessary, and specify the applicable default revaluation rules. Allow group depreciation: You must check the Allow Group Depreciation check box before creating group assets in the book. All right reserved-2010
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Allow CIP members in group assets: If this check box is not checked, you will not be able to add a CIP asset to a group asset. Note: Once they Allow CIP Members in Group Assets check box is checked and saved, you cannot uncheck it. Allow CIP depreciation in group assets: You must check the Allow CIP Depreciation in Group Assets check box to depreciate the CIP asset cost for member assets. Allow member assets tracking: enable member asset tracking for the depreciation book. Once the check box is checked and saved, you cannot uncheck it. Allow intercompany member asset assignments: You must check the Allow Intercompany Member Asset Assignments check box if you want to allow member assets to have balancing segment values that are different than the balancing segment value of the group asset. If the check box is unchecked for a particular depreciation book, you cannot set up member asset tracking for that book. (T) Natural accounts:
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Account Generator Defaults: By default, Oracle Assets creates journal entries without cost center level detail for all accounts except the depreciation expense account. Using the default assignments, it creates journal entries using the balancing segment from the expense account in the Assignments window and the account segment from the asset category or book, depending on the account type. The default Subledger Accounting rules use the other segments from the default segment values you enter for the book in this field.
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5-assets category: Asset categories let you define information that is common to all assets in a category, such as depreciation method and prorate convention. Oracle Assets uses this information to provide default values to help speed asset entry. All assets are required to have an asset category. Asset categories group assets that share financial accounts and usually depreciate using the same rules. Oracle Assets uses this information to provide default values at the time an asset is entered into the system. You specify general ledger accounts and default depreciation rules for assets in a category and an asset book. You set up different default depreciation rules depending on the date placed in service. If an asset book is not attached to an asset category, you will not be able to add assets assigned to that category to that asset book.
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(N) Setup > asset system > assets categories
Category and description: Enter a Category name and Description to identify the asset category you want to set up. Enabled: Check enabled if you want to use this category. Capitalized: Check Capitalize if you want to charge items in this category to an asset account when you pay for them and if you want to depreciate items in this category. In physical inventory: Check In Physical Inventory if you want assets in this category to be included in physical inventory comparisons. Category type: Choose Lease, Leasehold Improvement, or Non-Lease from the Category Type Pop list. Ownership: Choose Owned or Leased from the Ownership pop list. Property type and property class: Enter the Property Type and Class to which the assets in this category usually belong. Note: You set up your Quick Code values for Property Type in the Quick Codes window. If you have assets in the United States, enter 1245 for personal property and 1250 for real property. Book: enter the Book for which you want to set up this asset category. All right reserved-2010
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Asset cost: Enter the Asset Cost account for this category and book. Oracle Assets uses this account to reconcile asset costs to your general ledger. Oracle Assets creates journal entries for this account to reflect additions, retirements, cost changes, revaluations, transfers, reclassifications, and capitalizations. Asset clearing: Enter the Asset Clearing account for this category and book. Oracle Assets uses this account to reconcile your payables system and Oracle Assets. For mass additions, it uses the complete Account combination that comes over with a mass addition line to reconcile the asset addition or cost adjustment with your payables system. Depreciation expenses: Enter the general ledger Depreciation Expense Segment to which you charge depreciation for assets in this category and book. This is the default value for the account segment of the depreciation expense account in the Assignment window. Accumulated depreciation: Enter the Accumulated Depreciation account for this category and book. This account is the contra-account for the asset cost account for this category. Bonus expenses: If you have set up bonus rates, enter the Bonus Expense account. If you do not enter a value in this field, it defaults to the Depreciation Expense account. Bonus reserve: If you have set up bonus rates, enter the Bonus Reserve account. If you do not enter a value in this field, it defaults to the Accumulated Depreciation account. Revaluation reserve: Enter the Revaluation Reserve account for this category and book. This account is used for the change in net book value due to revaluation, if you revalue accumulated depreciation. Revaluation amortization: Enter the Revaluation Amortization account for this category and book. This account is used to amortize the revaluation reserve over the remaining life of the asset after you revalue it, if you amortize revaluation reserve. CIP cost: Enter the CIP Cost account for this category and book. This account is used to reconcile CIP asset costs to your general ledger. All right reserved-2010
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CIP clearing: Enter the CIP Clearing account for this category and book if you entered a CIP Cost account. Then click (B) default rules Note: Enter default depreciation rules for each depreciation book for which the category is defined.
Placed in service: In the Default Depreciation Rules window, enter the date Placed in Service range for which these category defaults are effective. When you add an asset, the depreciation rules default according to the date placed in service of the asset, the category, and the book. Depreciate: Check Depreciate if you normally depreciate assets in this book and category.
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Method: Enter the depreciation Method that you normally use for assets in this book and category: Life-based: If you enter a life-based method, you must enter the asset Life in Years and Months. The method you enter must have the same number of periods as the prorate calendar for this book. Flat-rate: If you enter a flat-rate method, you must enter default values for the Basic Rate and Adjusted Rate that you normally use to depreciate assets in this book. Units of production: If you enter units of production method, you must enter the unit of measure (UOM) and production Capacity that you normally use to depreciate assets in this book and category. Bonus rule: Enter the bonus rule that you normally use for assets in this book and category. You can use bonus rules for corporate books and tax books, using all depreciation methods except UOM. Prorate convention and retirement convention: Enter the Prorate Convention and Retirement Convention that you normally assign to assets in this book and category. Default salvage value: If you chose Use Default Percent from the Salvage Value pop list. Controls window for this book, you can enter a Default Salvage Value percentage for this category, book, and range of dates placed in service. For example: if you want the salvage value to default to 10% of the cost, enter 10 in this field. When you perform transactions affecting asset cost, Oracle Assets uses this default percentage to calculate the salvage value according to the following formula: Salvage Value = Cost? Default Percentage Ceiling: If you are defining this category for a tax book, optionally enter either a depreciation expense or cost ceiling. Price index: Enter a Price Index if you want to run reports that use the revalued asset cost to calculate gains and losses. Straight Line For Retirements: Check Straight Line for Retirements if you are setting up an asset category with a 1250 property class in a tax book. Oracle Assets uses a straight-line depreciation method in determining the gain or loss resulting from the retirement of 1250 (real) property. If you check Straight Line for Retirements, enter the straight-line depreciation All right reserved-2010
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Method and Life you want to use for the Gain from Disposition of 1250 Property Report. This is the default method for your asset in the Retirements window and in the tax book if you use mass copy. Use Depreciation Limit: Check the Use Depreciation Limit check box if you want to depreciate an asset beyond its useful life. You can enter the default depreciation limit as a percentage or an amount. USE ITC Ceilings: If you are defining this category for a tax book, indicate whether assets in this category are eligible for Investment Tax Credit (ITC) and whether assets in this category Use ITC Ceilings. Mass Property Eligible: Check the Mass Property Eligible check box if you want to make assets added to this category eligible for mass property treatment. Group Asset: In the Group Asset field, you can enter the group asset to which all assets added to this category will be assigned. If you enter a group asset number in this field, all capitalized and CIP assets using this category will be automatically assigned to the group asset entered.
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Assets transactions in apps:
1-Manual addition: You use Quick Additions or Detail Additions to add assets manually. All assets added to the primary asset book are automatically converted to the reporting currencies asset books when you save the transaction. Based on the asset date placed in service, Oracle Assets retrieves an exchange rate to convert the asset cost and depreciation reserve.
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Quick addition details Addition
Assets
To enter an asset manual
Quick addition
Details addition
(N) Assets > asset workbench
To enter an asset by quick addition click (B) quick addition and to enter details click (B) additions
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1-Quick additions:
Use the Quick Additions process to quickly add ordinary assets. When you enter minimal information in the Quick Additions window, the remaining asset information defaults from the asset category, asset corporate book, and the date placed in service. (N) Assets > assets workbench
Click (B) quick additions All right reserved-2010
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Enter your asset information click (B) done
Click (B) ok then search about this asset and you will find it
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2-Details additions:
Use the Detail Additions process to manually add complex assets, which the Quick Additions process does not handle: -Assets that have a salvage value -Assets with more than one assignment -Assets with more than one source line -Assets to which the category default depreciation rules do not apply -Subcomponent assets -Leased assets and leasehold improvements -Assets assigned to warranties
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(N) Assets > assets workbench
Click (B) additions
Click (B) continue
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Click (B) continue
Click (B) done
Click (B) ok search about this asset and you will find it All right reserved-2010
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Note:
An invoice for 50,000 was incorrectly charged to telephone expense. To correctly record the expenditure as an asset, you decide to perform a manual addition. The journal entry to record the manual addition would be: DR Asset Cost 50,000 All right reserved-2010
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CR Asset Clearing
Assets
50,000
To clear the Asset Clearing account, a manual journal entry would have to be entered in the General Ledger application as follows: DR Asset Clearing 50,000 CR Telephone Expense 50,000
2-mass addition:
The mass additions process lets you add new assets or cost adjustments from other systems to your system automatically without reentering the data. For example: you can add new assets from invoice lines brought over to Oracle Assets from Oracle Payables, or from CIP asset lines sent from Oracle Projects.
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A-create an asset invoice with this conditions: 1-the account must be asset clearing. 2-you must be enabling track as asset. 3-the asset invoice must be payee. 4-the invoice transfer to general ledger. From payables responsibility (N) invoice > entry > invoices
Enter your invoice header then click (T) lines to enter your invoice lines
Enter amount of you invoice and distribution account Note: the account must be asset clearing All right reserved-2010
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Enter a description and check box track as assets Note: you can also select asset category and asset book.
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Condition 2
Condition 1
Click (B) action to validate your invoice
Select validate then click (B) ok
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Note: we will correct the invoice amount because we have a tax Click (B) action again to create accounting and pay this invoice
Select pay in full and create accounting then click (B) ok All right reserved-2010
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Enter your payment information then save your work
Click (B) actions
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Select create accounting then click (B) ok
Condition 3
(T) View > request
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Click (B) submit a new request
Click (B) ok
Enter you request name and your parameters
Condition 4
Click (B) ok
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Click (B) submit
Click (B) find to view your request
Navigate again to requests window to run request (mass addition create) (T) View > request
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Click (B) submit a new request
Click (B) ok
Enter you request name and your parameters All right reserved-2010
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Click (B) ok
Click (B) submit and when your request completed normal all assets invoices will be transferred to fixed assets module and you can search about it in the mass addition window
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From fixed assets responsibility (N) Mass additions > prepare mass addition
Looking for invoices by queue-transaction date-asset number………..and so then click (B) find to find it
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Click (B) open to open the invoice
Click queue and select post then chose your category then select you category-expense account-date in service and depreciation. Note: you can also change your asset cost in this window
To add an asset details click (T) assets details
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You can add assets number-tag number-serial number …….and so then save your work and click (B) done
Note: the queue will change from new to post (N) Mass addition > post mass addition
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Enter your parameters then click (B) submit
Click (B) ok and view the request
When your request will be completed normal you can search about your asset in assets workbench window (N) Assets > assets workbench
Select your asset book –asset number……to find your invoice All right reserved-2010
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3-CIP assets:
A construction–in–process (CIP) asset is an asset you construct over a period of time. You create and maintain your CIP assets as you spend money for raw materials and labor to construct them. Since a CIP asset is not yet in use, it does not depreciate. When you finish building the CIP asset, you can place it in service and begin depreciating it. You can track CIP assets in Oracle Assets, or you can track detailed information about your CIP assets in Oracle Projects. If you use Oracle Projects to track CIP assets, you do not need to track them prior to capitalization in Oracle Assets. Create CIP assets using mass additions or manual additions. Oracle Assets identifies invoices with distributions to CIP clearing accounts in Oracle Payables, and creates mass additions from them. You can create new CIP assets from your mass additions, or add them to existing assets. You can also add non–invoiced expenses, such as labor cost, to your CIP assets. You can perform transfers or adjustments on your CIP assets if necessary.
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(N) Assets > asset workbench
Click (B) addition
Enter your CIP asset and note assets type Find your asset after create it
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To add cost for this asset click (B) source lines
Enter your information Note: the cost of your asset is 0
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Click (B) done Note: You capitalize CIP assets when you are ready to place them in service. You can capitalize or reverse capitalize a single asset or a group of assets. (N) Assets > Capitalize CIP Assets
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Select you book-asset type and asset number
Click (B) find to find your CIP asset
Enable your line and click (B) capitalize
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Note: your cost will be 1000 (N) Assets > assets workbench window and search about your asset
You will find your asset with status capitalize
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4-Assets adjustment:
You adjust an asset by reclassifying, changing the number of units, adjusting the financial information, or performing a mass change. These adjustments are automatically reflected in the reporting currencies asset books. All cost adjustments use the daily exchange rate based on the transaction date entered during adjustment. Oracle Assets calculates new weighted average rate for the asset.
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A-Reclassifying an Asset: You assign an asset to a new category in the Asset Details window to update information, correct data entry errors, and consolidate categories. -When you reclassify an asset in a period after the period you entered it, Oracle Assets creates journal entries to transfer the cost and accumulated depreciation to the asset cost and accumulated depreciation accounts of the new asset category. This occurs when you create journal entries for your general ledger. -Reclassification does not redefault the depreciation rules to the default rules from the new category. Manually change the depreciation rules in the Books or Mass Change windows if necessary. Reclassification
Single reclassificatio
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(N) Assets > Asset Workbench
Click (B) find to find your asset and create your single asset reclassification All right reserved-2010
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Click (B) to open asset category window information
And so you can reclassification a single asset from category to another
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You can reclassify a group of assets using the Mass Reclassifications window. In addition to reclassifying assets to a new category, when you run the Mass Reclassification process, you have the option to have assets inherit the depreciation rules of the new category. If you choose to have the reclassified assets inherit depreciation rules, you can also choose to either amortize or expense the resulting depreciation adjustments. Restrictions: -Reclassification is done at the asset level. If an asset cannot be reclassified in one book, the asset will not be reclassified in any of the books to which it belongs. -You cannot reclassify an asset in a prior period. (N) Mass transactions > reclassifications
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-Find the assets you want to reclassify. -Specify the corporate book on which you want to run reclassification. -Optionally specify other asset selection criteria in the following fields: Asset Type-Expense Accounts-Location-Group Asset-Employee NameEmployee Number-Category -Asset Key-Cost Range-Asset Numbers and Dates in Service. - Enter the new category. Copy category descriptive flexfield to new category: Specify if you want the current category descriptive flexfield information copied to the new category. If you do not choose to copy the flexfield information, the current category Descriptive flexfield information will be deleted. Inherit description rules of new category: Specify whether to inherit the depreciation rules of the new category. If you choose to inherit the depreciation rules of the new category, specify whether to amortize the changes. Click (B) Preview to run the Mass Reclassification Preview report. Query the Mass Transaction number and choose Run to submit the Mass Reclassification concurrent process. All right reserved-2010
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B-Adjusting Asset Units: You change the number of units for an asset in the Asset Details window which will then take you to the Assignments widow to update the distribution and assignment information.
(N) Assets > Asset Workbench
Enter your asset information then click (B) find All right reserved-2010
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Click (B) open
Change the number of Units then click (B) done
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Enter unit change then click (B) done
Click (B) ok
Find your asset notice the unit's status C-Adjusting Financial Information: You adjust the financial information in the Books window to correct an error, update the financial and depreciation data, and expense or amortize the adjustment following the period in which you added the asset. Adjusting financial information
From assets workbench All right reserved-2010
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(N) Assets > Asset Workbench
Enter your asset information then click (B) find All right reserved-2010
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Click (B) book
Enter your book name All right reserved-2010
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Now you can adjust your asset financial information then click (B) done
(N) Mass Transactions > Changes Sometimes a change applies to more than one asset. This can be a change in the prorate convention, the depreciation method, or the life, rates, capacity, and unit of measure for the method. For example, tax laws for a group of assets may change. If you enable Mass Change for the specified book, you can make expensed adjustments to financial information for a group of assets. All right reserved-2010
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D-Transferring an Asset: You transfer an asset when there are changes in asset assignments (Employee, Depreciation Expense Account, and Location) to help you maintain accurate asset inventory. You use the Assignments window in the Asset Workbench to transfer assets from one assignment to another within a corporate book. Assets transfer
Mass assets transfer
Single assets transfer
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(N) Assets > Asset Workbench
Enter your asset information then click (B) find
Click (B) assignment
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In the Unit Change field of the Assignments window, enter a negative number for the assignment line from which you want to transfer the asset.
Enter a positive number if you want to add units to existing assignments or create new assignments. Only one negative line is allowed per transaction. Then click (B) done Note: You can transfer assets between employees, depreciation expense accounts, and locations. When transferring assets, you should consider the following: -You can change the transfer date to a date in a prior period for a particular transfer, but the transfer must occur within the current fiscal year. You can change the transfer date of an asset to a prior period only once per asset. -You cannot transfer an asset to a future period. All right reserved-2010
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-You cannot transfer an asset after its normal life is completed. If an asset is transferred from one Depreciation Expense Account to another, a journal entry may be created. Note: Transfer an asset between companies ABC Marketing and XYZ Advertising in Year 3, Quarter 4. Cost is $4,000, depreciation method is straight-line, and life is four years. Oracle Assets creates the following journal entries for the transfer and for the current period depreciation expense:
ABC Marketing Company: Dr. Accumulated Depreciation Dr. Intercompany Receivables Cr. Asset Cost XYZ Advertising Company: Dr. Asset Cost Dr. Depreciation Expense Cr. Accumulated Depreciation Cr. Intercompany Payables
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2,750 1,250 4,000
4,000 250
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3,000 1,250
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Oracle Assets allows you to transfer multiple assets in one transaction. You use the Transfer From and Transfer to fields to identify the assets to be transferred. You can transfer between expense accounts, locations, and employees and employee numbers. By selecting any combination of these criteria, you can further restrict the range of assets to be transferred. (N) Mass Transactions > Transfers
Select the corporate depreciation Book for the assets you want to transfer. All right reserved-2010
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-Optionally select a Category to use as a selection criterion for the mass transfer. -Optionally update the Transfer Date. You can change the transfer date to a prior period date. You cannot change the date to a future period date. -Enter one or more selection criteria for the mass transfer in the Transfer From and Transfer To fields. -Select Preview to run the Mass Transfers Preview report. Use this report to preview the expected effects of the Mass Transfer before you perform it. If necessary, update the definition and run the preview report again. -To perform the Mass Transfer, query the mass transfer and select Run. Oracle Assets submits a concurrent process to perform the transfer. Note: If you wish to simultaneously run this program in more than one process to reduce processing time, Oracle Assets can be set up to run this program in parallel.
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5-depreciation:
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You depreciate assets by using several types of depreciation methods that Oracle Assets supports. You also create periodic journal entries for each book to the general ledger. As an asset depreciates, its net book value approaches the salvage value. Oracle Assets is delivered with many seeded depreciation methods. A-Life-Based: Using the Life-Based Method
Life-Based
Year 1
Year 2
Year 3
60%
30%
10%
Table: Oracle Assets gets the annual depreciation rate from a rate table. Calculated: For straight–line depreciation, the depreciation program calculates the annual depreciation rate by dividing the life (in years) into one.
Copyright © 2007, Oracle. All rights reserved.
-Depreciates the asset cost using an annual depreciation rate. All right reserved-2010
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-For straight-line depreciation, the annual rate is calculated by dividing the life (in years) into one. -For other life-based methods, Oracle Assets takes the annual depreciation rate from a rate table. B-Flat-Rate: Using the Flat-Rate Method
Flat-Rate
Year 1
Year 2
Year 3
33%
33%
33%
Basic Rate or Adjusted Depreciation Rate: Adjusted rate = Basic rate × (1 + Adjusting rate) Bonus Rule: Depreciation rate = Adjusted rate + Bonus rate Enter a bonus rule if your country allows additional depreciation in early years of asset life.
Copyright © 2007, Oracle. All rights reserved.
-Depreciates the asset cost or net book value over time using a fixed rate. C-Units-of-Production: Using the Units-of-Production Method
Nov 21
Prorate convention
Date placed in service
Dec 1
Enter production amounts
Prorate date
Rate = Production/Capacity Depreciation expense per period
X
Multiply by depreciable basis Copyright © 2007, Oracle. All rights reserved.
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-Depreciates the asset cost by actual use or production for each period.
Basic Depreciation Calculation Prorate Convention FOL Month
Apr 15
Prorate Calendar
May 1
Prorate Period
Prorate Date
Date Placed in Service
Journal Entry
Depreciation Expense per period
Get Rate R = 20%
Rate Table
Depreciation Calendar, Divide Depreciation flag, and Depreciate When Placed in Service flag
Annual Depreciation
Multiply by Cost or Net Book Value
Copyright © 2007, Oracle. All rights reserved.
Basic depreciation calculation: Prorate Date: -Oracle Assets prorates the depreciation taken for an asset in its first fiscal year of life according to the prorate date. -Oracle Assets calculates the prorate date when you initially enter an asset. The prorate date is based on the date placed in service and the asset prorate convention. For example, if you create a following month prorate convention, the prorate date would be the beginning of the month following the month placed in service. Depreciation Rate: -Oracle Assets calculates depreciation using either the recoverable cost or the recoverable net book value as a basis. -Oracle Assets uses the prorate date to choose a prorate period from the prorate calendar. -For table–based methods, the prorate period and asset age then determine which rate Oracle Assets selects from the rate table. The depreciation program calculates asset age from the date placed in service as the number of fiscal years that you have held the asset. -Flat–rate methods use a fixed rate and do not use a rate table. U
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-For table–based depreciation methods, Oracle Assets uses the depreciation method and life to determine which rate table to use. Then, it uses the prorate period and year of life to determine which of the rates in the table to use. -Flat–rate depreciation methods determine the depreciation rate using fixed rates, including the basic rate, adjusting rate, and bonus rate. Calculate Annual Depreciation: -Calculated and table–based methods calculate annual depreciation by multiplying the depreciation rate by the recoverable cost or net book value as of the beginning of the fiscal year. -Flat–rate methods calculate annual depreciation as the depreciation rate multiplied by the recoverable cost or net book value, multiplied by the fraction of year the asset was held. U
Allocate Annual Depreciation across Periods: -After calculating the annual depreciation amount, Oracle Assets uses your depreciation calendar, the divide depreciation flag, and the depreciate when placed in service flag to determine how much of the fiscal year depreciation to allocate to the period for which you ran depreciation. U
Spreading Depreciation across Expense Accounts: -Finally, Oracle Assets allocates the periodic depreciation to the assignments you made for the asset. Oracle Assets does this according to the fraction of the asset units that is assigned to each depreciation expense account in the Assignments window. U
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(N) Depreciation > run depreciation
Select your book-period and click close period check box to open the new period then click (B) run
Click (B) ok and navigate to view > request to view the out puts
When your request complete with status normal.
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Depreciation rollback restores assets to their state prior to running depreciation. For example: you may have outstanding adjustments or transactions that you need to process for a period. However, you have already run depreciation for that period. If the Close Period check box was not checked when you ran depreciation, depreciation is automatically rolled back when you process transactions on these assets. Oracle Assets will automatically rollback depreciation on the selected assets and allow the transactions to be processed normally. The assets for which depreciation was rolled back are automatically included in the next depreciation run. Depreciation is rolled back automatically by Oracle Assets provided the following conditions are met: 1-Depreciation has been processed in that period. 2-The period is not closed.
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6-Retirement:
-You retire an asset fully or partially when it is lost, stolen, damaged, sold, returned, or for any other reason that causes you to stop using it. -You retire assets by units or cost. -You perform a mass retirement by retiring a group of assets. -You perform current and prior period retirements and reinstatements within the same fiscal year. -You create journal entries to separate accounts for each component of the gain or loss.
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Retiring an asset
Partial retirement
Full retirement
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A-Fully retiring:
You fully retire an asset by retiring an entire asset including all of its units and cost. When entering the date of the retirement, it must be in the current fiscal year, and cannot be before any other transaction on the asset. Oracle Assets lets you use a different prorate convention when you retire an asset than when you added it. The retirement convention in the Retirements window and the Mass Retirements window defaults from the retirement convention you set up in the Asset Categories window.
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(N) Assets > Asset Workbench
Enter your asset information then click (B) find
Click (B) retirements
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Select your book-retire date and cost retired (full or partial) then click (B) done
Click (B) ok Then you must calculate gain and loss (N) Depreciation > calculate gains and losses
Select you book in the parameters and click (B) ok
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Click (B) submit then view your request
When your request completed normal click (B) view output
If you back to find your asset you will find it with this status
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(N) Assets > assets workbench
Click (B) find
Click (B) book to view the financial information to our retired asset
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Select your book Note: the current cost will be 00 Note: -When entering the date of the retirement, it must be in the current fiscal year, and cannot be before any other transaction on the asset. -Oracle Assets lets you use a different prorate convention when you retire an asset than when you added it. The retirement convention in the Retirements window and the Mass Retirements window defaults from the retirement convention you set up in the Asset Categories window. -If you perform a prior period retirement, Oracle Assets backs out the depreciation expense through the date of retirement. If you reinstate the asset, Oracle Assets catches up depreciation expense through the end of the current period. -You can enter proceeds of sale and cost of removal amounts when you perform a retirement.
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B-Partial retiring:
You can retire part of an asset by cost or by units in your corporate book. You cannot perform partial unit retirements in your tax books; you can only perform cost retirements (partial and full) in your tax books. The procedure to partially retire an asset is identical to the procedure for fully retiring the asset. The only difference occurs when you specify the cost or units to retire. If you perform multiple partial retirements on an asset within a period, you must run the Calculate Gains and Losses program between transactions. By Cost: Enter the cost to retire. The cost change will not affect the unit amount. Oracle Assets distributes the cost retired proportionally across all distribution lines. By Units: Enter whole numbers for the number of units you want to retire. Oracle Assets calculates the cost retired as the fraction of total cost for the units retired relative to the total number of units. By Source Line: All right reserved-2010
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Select Source Lines to navigate to the Source Lines window. Choose the source line or enter the amount you want to retire. Select Retire to navigate to the Source Line Retirement window. Modify the necessary fields. Note: You cannot modify units retired or cost retired. You must cancel out of the retirement 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.
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7-Physical inventory:
Physical inventory is the process of ensuring that the assets a company has listed in its production system match the assets it actually has in inventory. The Physical Inventory feature in Oracle Assets assists you in comparing and reconciling your physical inventory data. To use the Physical Inventory feature, you must first take physical inventory of your assets. You need to include the following information about your assets: -A unique identifier, which can be either the asset number, tag number, or serial number. -The location. -The number of units. You can include other information that may make it easier for you to keep track of the assets you are comparing, such as a description of each asset, but only the information listed above is required.
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(N) Physical inventory > enter
Named your physical inventory and select start date and end date then click (B) open.
Enter the physical assets in inventory in this sheet to create a comparison between what did you see in the inventory and assets in the APPS then save your work.
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(N) Physical inventory > comparison > run comparison
Select your inventory then click (B) run to run comparison between what did you see in the inventory and assets in the APPS.
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Click (B) ok
Click (B) ok then view your request
When your request completed with a normal status click (B) view output Note: you can view your comparison results from (N) Physical inventory > comparison > view
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Select your inventory-category-assets number………and so then click (B) find
And so you can note that we have change or no from the status
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8-Assets inquiry: Assets inquiry
Inquiry about Financial information
Inquiry about Transactions history
A-inquiry about financial information: (N) Inquiry > financial information
Select your book and asset number then click (B) find
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If you click (B) assignments
If you click (B) book
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B-inquiry about transaction history: (N) Inquiry > transaction history
Select your book and asset number and click (B) find
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9-Closed period:
Oracle Assets creates journal entries for depreciation expense, asset cost, and other accounts. Oracle Assets automatically creates transaction journal entries for your general ledger when you run the Create Accounting program if you check the Create Journal Entries check box. Otherwise, Oracle Asset Will not create journal entries and you can run the Transfer Journal Entries to GL – Assets concurrent program at a later time. Oracle Assets creates journal entries that summarize the activity for each account for each transaction type.
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The Create Accounting – Assets concurrent program: -Creates journal entries for Oracle Assets transactions. -Journal entries can be transferred to and posted to General Ledger. -You can re-run the Transfer Journal Entries to GL – Assets concurrent program to post journal entries at a later time. -Submit the process from the Create Accounting Menu. (N) Create accounting to create your accounting for this book and send them to G.L.
Enter the parameters then click (B) ok All right reserved-2010
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Click (B) submit to submit this request and navigate to view > request to view the out puts
With my best wishes Khalid youssry
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