Fixed Assets | Oracle E-Business Suite Support Blog

 

oracle apps r12 fixed assets user guide

Overview of Oracle Fixed Assets (FA) Module Written by Super User. Posted in ERP. This article will provide an overview of Oracle Fixed Assets and its features, functionalities and key steps that needs to be carried out for an implementation. Reclassifying Assets – Reclassify assets to update information, correct data entry errors, or when consolidating categories. You can update financial information for a single asset or a group of assets. 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. Oracle Assets User Guide Contents. Overview of Oracle Assets. Graphical User Interface Oracle Assets Workbenches. Asset Setup. Asset Setup Information Asset Descriptive Details Depreciation Rules (Books) Assignments Fixed Asset Insurance Policy Lines Window Reference.


Oracle Assets User Guide


Oracle Asset Addition Methods. Assets are created when entered into the Oracle Assets module. In the Find Assets window, click the QuickAdditions button. Detailed Additions provides three separate screens in order to input more complex assets that cannot accept defaults. Additional asset details could include lease and leasehold improvements, salvage value,multiple assignments, or changes to category defaults.

Detail Additions process to manually add complex assets which the QuickAdditions process does not handle:. Prepare the asset s by assigning an asset category, a date placed in service, and a depreciation expense account.

Assets Adjustments. Changing Asset Details - You can change descriptive information for an asset at any time. Changing asset descriptive information other than category and units has no financial impact on the asset. Running depreciation to process all assets in a book for a period. If you have assets that have not depreciated successfully, these assets are listed in the log file created by Oracle Assets when you run depreciation.

When you run depreciation, Oracle gives you the option of closing the current period if you check the Close period check box on the Run Depreciation window, oracle apps r12 fixed assets user guide. If all of your assets depreciate successfully, Oracle automatically closes the period and opens the next period for the book.

If you do not check the Close Period check box when you run depreciation, Oracle Assets does not close the period. Once depreciation has been processed for an asset in the current open period, you cannot perform any transactions on those assets unless depreciation is rolled back or the current period is closed.

Asset Retirements. Retire an asset when it is no longer in service. For example, oracle apps r12 fixed assets user guide an asset that was stolen, lost, or damaged, or that you sold or returned. You can retire an entire asset or you can partially retire an asset. When you retire an asset by units, Oracle Assets automatically calculates the fraction of the cost retired. When you retire an asset by cost, the units remain unchanged and the cost retired is spread evenly among all remaining assignment lines.

You can retire a single asset or a group oracle apps r12 fixed assets user guide assets. You cannot retire an asset if you added it in the current period. Although the depreciation program automatically processes retirements, you can run the Calculate Gains and Losses program several times during the period to reduce period end processing time. When an asset is retired before it is fully depreciated, Oracle FA calculates the gain or loss on the asset retirement.

With this information Oracle calculates the gain or loss as well as creates the appropriate journal entries to remove the asset cost and accumulated depreciation from the general ledger, oracle apps r12 fixed assets user guide.

It also uses clearing accounts to make a Receivables entry if you sold the asset and a Payables entry if you had to pay someone to remove it. I have an issue regarding adjustment.

We found out that after period closed in oracle assets that we missed one salvage value issue in a vehicle. Tell me how to adjust it in the coming month? Help would be appreciated. I oracle apps r12 fixed assets user guide if you add more details about transactons complete flow with examples. My question is in regards to physical inventory and fixed asset reconcilation.

Physical inventory I have Serial and purchase order as the unique identifier. In Accounts Payable I have purchase order and invoice. In FA I have an invoice. When I need to retire a physical assets I have to request retirement of my assets by serial.

However, serial is a manually enter attribute in Fixed Assets and not always accurate. Please advise if there is a better way to correlate my physical asset serial and PO to a FA record? I have an asset entry that I would just like to get rid of and start all over. Is this same you mention. The way its works can be best understood as: Assets creates journal entries for depreciation expense, asset cost, and other accounts.

Oracle FA automatically creates transaction journal entries for your general ledger, if you have set up the journal entry category for that transaction type for that book. Oracle Assets creates journal entries that summarize the activity for each account for each transaction type. Since you have mention, the asset is being created in current period, than I think, you need to retire the asset by putting salvage value.

Oracle Assets also allows you to roll back journal entries in an open depreciation period, as long as those journals have not already been posted to General Ledger. After you make the necessary adjustments, you run the Create Journal Entries program once again and post the journals to General Ledger. Once I perform the above mentioned process for retirement, does the concerned asset get removed from my Fixed Assets Register.

If no, how can I have retired assets removed from my fixed assets register? We had a situation where we did several prior period retirements on an asset which was added in Approximate figures were.

Original Asset cost- Rs. Pls note that the asset was taken into the Books of oracle in Therefore around mn was calculated as the depreciation in the period od addition, oracle apps r12 fixed assets user guide. However errorneously when performing the retirement the retirement convention was given as a different convention. Which calculates no depreciation in the year of addition if its an addition and calculates full years depreciation if its a retirement. The issue we faced was in the period of retirement the system calculated depreciation was -Rs million negative.

Hi, This article is really too good, gives a brief understanding about the FA in oracle apps. Mail will not be published. Please note: Comment moderation is enabled and may delay your comment.

There is no need to resubmit your comment. Powered Search. Oracle Fixed Assets Process Overview. It allows you to use the QuickAdditions process to quickly enter ordinary assets when oracle apps r12 fixed assets user guide must enter them manually.

You can enter minimal information in the QuickAdditions window, and the remaining asset information defaults from the asset category, book, and the date placed in service. The good is that quick addition requires only one screen to enter an asset. You can update financial information for a single asset or a group of assets. 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.

Adjusting Accounting Information - You can adjust financial, depreciation, distribution, and invoice information for a single asset or a group of assets. Before running depreciation in the period in which you added the asset you can change any field. After you have run depreciation in any period after the one you added the asset, you can change asset cost, salvage value, prorate convention, depreciation method, and life.

You can choose whether to amortize or expense the adjustment. 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 oracle apps r12 fixed assets user guide prior period for a particular transfer, but the transfer must occur within the current fiscal year. All content present on this website is property of OracleappsHub.

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Oracle Applications: End to end configuration of Oracle Fixed Assets module

 

oracle apps r12 fixed assets user guide

 

Oracle Fusion Assets automates asset management and simplifies fixed asset accounting tasks. Using a unified source of asset data (with data from your Oracle Fusion applications as well as external feeder systems), Assets gives you visibility into your assets worldwide . Reclassifying Assets – Reclassify assets to update information, correct data entry errors, or when consolidating categories. You can update financial information for a single asset or a group of assets. 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. Fixed Assets Fixed Asset - Functions and Setup Steps. Oracle Assets is one of the modules in the EBS Financials Suite. This module is used to record the asset information manually and to import the asset Oracle Assets is one of the modules in the EBS Financials Suite.