User Guide of Assets Module

(Fixed Assets) Basic Setups and Basic User Interface

1. Key Flexfeild 2. Calendar (A) Fiscal Year. (B) Asset Calendar (C) Prorate Calendar 3. Depriciation 4. Quick Code 5. Asset Book 6. Asset Category 7. Asset Addition (A) Detailed Addition (B) Quick Addition (C) Mass Addition. (i) Create (ii) Prepare (iii) Post 8. Asset Inquiry 9. Asset Retirment.

1.

Key FlexFeild
Category Flexfield:

Define the Asset Category key flexfield so that you can create categories and group assets by financial information in relevant categories. Define your Asset Category flexfield segments to fit the specific needs of your organization. You must define at least one subcategory segment to allow for distinctions within a major category. Two types of asset categories: Major asset categories: You must define exactly one Major Category segment when setting up your category flexfield. Specify which segment is your major category segment by entering Yes for the Major Category qualifier in the Define Key Segments form. You can enter capital budgeting information for your major categories. Egxample:- Computers

Setup > Financials > Flexfields > Key > Values

Enter details as shown in above Image Application : Title : Structure : Segment : Click on Find Click on New Enter Value name and Description Tick mark on Enabled Save and Close Window

Assets Category Flexfield Vision Category Flexfeild Major Category

Minor asset categories: Minor Categories are the Sub-categories of the major as for the above egxample of Building as major category the minor category will be Office

Setup > Financials > Flexfields > Key > Values

Enter details as shown in above Image Application : Title : Structure : Segment : Independent Value : Click on Find

Assets Category Flexfield Vision Category Flexfeild Minor Category MI_Computers (AS Per this Egxample)

Define Values for Minor Category MI_Computers Created in Major flexfield Tick Mark on Enabled Save and Close

Location Flexfeild:
Oracle Assets uses the location flexfield to group your assets by physical location. You design your location flexfield to record the information you want. Then you can report on your assets by location. You can also transfer assets that share location information as a group, such as when you move an office to a new location.

Setup > Financials > Flexfields > Key > Values

Enter details as shown in Below Image Image Application : Title : Structure : Segment : Click on Find Assets Location Flexfeild Vision Ops Location Flexfeild Country

Enter Country Details In Value Feild as shown in below Image Save and Close

Select State instead of Country to define a State Similarly Define State

Similarly Define City and Building

Save and Close Window

2.

Calendar
Creating Fiscal Years:

Specify the start and end dates of each fiscal year for a fiscal year name. Create fiscal years from the oldest date placed in service through at least one fiscal year beyond the current fiscal year. Depreciation will fail if the current fiscal year is the last 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.

Setup > Asset System > Fiscal Year

Enter Fiscal Year Name and Description Enter From Date, To date and Mid Year Date Enter Fiscal Year Repeat the Process For defing More Fiscal Year and Fiscal Calendars

Create Asset Calendar:

You can set up as many calendars as you need. Each book you set up requires a depreciation calendar and a prorate calendar. The depreciation calendar determines the number of accounting periods in a fiscal year, and the prorate calendar determines the number of prorate periods in your fiscal year. You can use one calendar for multiple depreciation books, and as both the depreciation and prorate calendar for a book.The types of Calendar are:-

Depriciating Calendar: Determines, with the divide depreciation flag, what fraction of the annual depreciation amount to take each period. Prorate Calendar: Determines, with the date placed in service, which depreciation rate to select from the rate table .

Setup > Asset System > Calendar

Enter Calendar Name and Description Choose Fiscal Calendar Name Enter Period Per Year Enter Name, From Date , to Date as Per Fiscal Calendar Created Before

Specifying Dates for Prorate Conventions:(Prorate Calendar)

You can set up or review prorate and retirement conventions in the Prorate Conventions window. You must initially set up all your prorate conventions from the convention period corresponding to the oldest date placed in service through the end of the current fiscal year. At the end of each fiscal year, Oracle Assets automatically sets up your prorate conventions for the next fiscal year. Types Of Conventions: Month-to-Month: Month-to-month is the most common prorate convention and calendar setup. In this scenario The depreciation calendar and the prorate calendar are identical: a standard 12-month calendar with each period corresponding to a different month. An asset with a date placed in service any time in a given month will have a full month of depreciation taken for that period.

Mid-Month: When you use a mid-month prorate convention, half a month of depreciation is taken in the first and last periods of an asset's life. For a mid-month prorate convention, you need to set up a prorate calendar with semi-monthly periods. Daily: If you need to depreciate on a daily basis, you need to set up daily depreciation and prorate calendars (365 periods). To Define Prorate Calendar:

Setup > Asset System > Prorate Conventions

Enter a Convention name and Description. Enter the Fiscal Year Name for which you want to set up this convention. 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. Enter date ranges and corresponding prorate dates for assets where the date placed in service is between the From Date and the To Date. Save and Close the Window

3.

Depriceation

Oracle Assets calculates depreciation using either the recoverable cost or the recoverable net book value as a basis. If the depreciation method uses the asset cost, Oracle Assets calculates the fiscal year depreciation by multiplying the recoverable cost by the rate. If the depreciation method uses the asset net book value, Oracle Assets calculates the fiscal year depreciation by multiplying the recoverable net book value as of the beginning of the fiscal year, or after the latest amortized adjustment or revaluation, by the rate.

Setup > Depreciation > Method

Method & Description: Enter the Name and Description for Depriciation Method. Method Type: Choose From the Diffrent Method Types Form the Drop Down Menu i.e. Flat Rate: Use a flat-rate method to depreciate the asset over time using a fixed rate. Oracle Assets uses a flat-rate and either the recoverable cost or the recoverable net book value as of the beginning of the fiscal year to calculate depreciation using a flat-rate depreciation method. The asset continues to depreciate until its recoverable cost and accumulated depreciation are the same.

Life-based method: Oracle Assets includes standard life-based depreciation methods and rates. However, you can define additional life-based methods.There are two types of life-based methods: Calculated : For straight-line depreciation, the depreciation program calculates the annual depreciation rate by dividing the life (in years) into one. Calculated methods spread the asset value evenly over the life. Table : Oracle Assets gets the annual depreciation rate from a rate table.

Production: Under the units-of-production method, useful life of the asset is expressed in terms of the total number of units expected to be produced: Suppose, an asset has original cost $70,000, salvage value $10,000, and is expected to produce 6,000 units. Depreciation per unit = ($70,00010,000) / 6,000 = $10 , 10 actual production will give the depreciation cost of the current year. Formula : Oracle Assets allows you to define depreciation formulas to calculate annual depreciation rates.You use the Depreciation Formula window to define depreciation formulas. When you are finished defining your formula, we recommend you test your formula using the Test Formula tabbed region.

Calculation Basis: Choose Form the Options Cost or NBV (NBV= Current Cost-Accumulated Depreciation) (NBV is not valid for calculated & units of production methods). Depriciation Basis Rule: Choose If Applicable Depreciate In the Year Retired: Choose whether this depreciation method allows you to depreciate an asset in the year it is retired. Exclude Salvage Value: Choose the Exclude Salvage Value check box if you want this method to exclude the salvage value from the depreciable basis. You can exclude salvage value only if you have a flat-rate method that uses NBV as the calculation basis. Straight Line Method: Choose whether this method is a straight-line method. Applicableonly if Choose Table. Polish Adjustment Calculation Basis: Check the Polish Adjustment Calculation Basis check box, if applicable. This check box affects the calculation when creating negative cost adjustments to assets depreciating under Polish tax depreciation.This check box is available only if you have selected one of the Polish tax depreciable basis rules as your depreciable basis rule. Life Years: Enter the number of Years and Months of asset life.(Not Applicable for Units Of Production and Flat Rate) Prorate Periods Per Year: Enter the number of Prorate Periods Per Year this method uses. Only Applicable For When Method Type is Table. Formula: Click to Insert Formula For calculating Depreciation. Applicable When Method Type Is Formula. Rates: Click on Rate to Define Rates. Applicable for Table and Flat-Rate Method only. Table-based Rate: It uses Prorate Periods Distribution method and the Total of all prorate Period comes to 1(one) Flat Rate: It Uses Basic Rate and Adjusted Rate to Calculate the Rate of Depriciation Applicable.

E.G. Of Depriciation Methods:

Flat Rate Method

Table-Based

Other Methods can be created as per need Save and close the Window.

4.

Quick Codes

Use this window to enter QuickCode values in addition to those provided. These values appear in Lists of Values throughout Oracle Assets.

Setup > Assset System > Quick Codes

Query the Respective Type of Quick Code

Asset Description :Enter values such as Persnal Computer and Delivery vehicle to standardize asset descriptions. Journal Entries :You cannot enter new Journal Entry values, but you can change the descriptions. Queue Name :Enter values such as Account Hold, or Location Hold to describe your hold queues for Mass Additions. You cannot change values Delete, On Hold, and Post. Property Type: Enter values such as Persnal, Real, or Residential to describe your property. Retirement :Enter values such as EXTRAORDINARY and SALE to describe your retirements. Asset Category :Enter values such as Auto and Computer to describe your major asset categories. Asset Subcategory : Enter values such as Sales and Delivery to describe your asset subcategories. Unplanned Depreciation : Type You can enter values in addition to UNPLANNED DEPRN to describe different types of unplanned depreciation adjustments. Lease Frequency :The possible values for Lease Compounding Frequency are: Monthly, Quarterly, Semi-Annually, and Annually. You cannot alter existing or enter new Lease Frequency values, but you can change the existing descriptions. Lease Payment Type :You can enter lease payment types in addition to Annuity, Balloon Payment, Bargain Purchase Option, and Bargain Renewal Option.

Enter the Value & Description Enter the Disable Date of the Respective Value (Optional) Save and Close

5.

Asset Book

Use the Book Controls window to set up your depreciation books. 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. You can define corporate, tax, and budget depreciation books. You must set up your depreciation books before you can add assets to them. You can set up multiple corporate books that create journal entries for different ledger, or to the same ledger. In either case, you must both run depreciation and create journal entries for each depreciation book. For each corporate book, you can set up multiple tax and budget books that are associated with it.

Setup > Asset System > Book Control

Enter Book Name and Description Select Class i.e. Corporate, Tax and Budget Entering Calendar Information for a Book:
In the Book Controls window, choose the Calendar tabbed region. Inactive On: Optionally enter a disable date for the depreciation book. Once a book has been disabled, you cannot re-enable it. Allow Purge: Choose whether to Allow Purge for the book. Ledger: Enter the ledger for which you want to create journal entries.

GL Posting: Allow GL Posting if you want to create journal entries for this book. You cannot allow general ledger posting for your budget books. You can enter a different ledger for your tax book than the ledger of the associated corporate book. The different ledger must be a secondary ledger of the ledger assigned to the corporate book and the following conditions must be satisfied: Oracle Subledger Accounting should be enabled and Use Primary Ledger Amounts should be set to No in the Accounting options of the secondary ledger setup. Oracle Assets must be enabled for Oracle Subledger Accounting for the secondary ledger. Depriciation Calendar: Enter the name of the Depreciation Calendar you want to use for this book. Fiscal Year Name: Enter the name of the Prorate Calendar that you want to use for this book. Use the prorate calendar with the smallest period size or resolution you need for determining your depreciation rate. Current Period: Enter the current open period name for this book. You must set up the depreciation calendar for at least one period before the current period. Depriciation Method: Enter the method for dividing the annual depreciation amount over the periods in your fiscal year for this book. 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 Depriciate if Retiered in First Year: Choose whether to depreciate assets in this book that are retired in their first year of life. Last Run Date: Enter the date on which you last calculated depreciation for this book. Oracle Assets updates this date when you run depreciation.

Entering Accounting Rules for a Book:

In the Book Controls window, choose the Accounting tabbed region.

Allow Amortization: Check the Allow Amortized Changes check box to allow amortized changes in this book. Allow Mass Changes: Choose Allow Mass Changes to allow mass changes in this book. Oracle Assets does not allow mass change to assets for which you have entered unplanned depreciation. Capital gain Threshold Period: Enter 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 to report a capital gain for all assets, enter zero for the threshold. If you hold the asset for less than the threshold, Oracle Assets reports it as ordinary income. Allow Revaluations: If you choose to Allow Revaluation, specify revaluation rules: Revalue Accumulated Depreciation: If you do not revalue accumulated depreciation, Oracle Assets transfers the accumulated depreciation to the revaluation reserve account upon revaluation. Revalue YTD Depreciation : Check this check box to revalue year-to-date depreciation. Retire Revaluation Reserve : Check this check box to retire revaluation reserve. Amortize Revaluation Reserve : Check this check box to allow revaluation reserve to be amortized in this book. Revalue Fully Reserved Assets : Check this check box to revalue fully reserved assets. Maximum Revaluations : Enter the maximum number of times an asset in this book can be revalued as fully reserved. If you leave this field blank, no limit the number of times you can revalue an asset as fully reserved. Life Extension Factor : Enter the life extension factor for fully reserved assets in this book. Oracle Assets multiplies the life extension factor by the asset original life to determine the asset's new, extended life. Life Extension Ceiling : The life extension ceiling limits the depreciation adjustment when revaluing fully reserved assets. Allow Group Dericiation: Choose Allow Group Depreciation to allow group assets to be added in this book. If you choose to allow group depreciation, specify these group depreciation rules: Allow CIP Depreciation in Group: Assets Check this check box to allow depreciation of member CIP asset cost. Allow Intercompany Member : Check this check box to allow the group asset and its member Asset Assignments assets to have a different balancing segment value. If the check box is not checked, the group asset and each of its member assets must have the same balancing segment value.

Entering Natural Accounts for a Book:

In the Book Controls window, choose the Natural Accounts tabbed region. Retirement Accounts: You can set up your gain and loss accounts so that it creates individual journal entries for each component of the gain/loss amount to separate accounts, or to a single account. Defered Depriciation Accounts: Enter Deferred Depreciation Reserve and Deferred Depreciation Expense accounts. Depriciation Adjustment Account: Enter the general ledger account that you want to use as an offset account for the entry against accumulated depreciation when you perform reserve adjustments. Account Generator Detail: Enter the Account Generator default segment values for this book's journal entries.

Entering Tax Rules for a Book:

The Tax Rules tabbed region is only available for tax books. This tabbed region will not appear if you did not select Tax in the Class field in the Book Controls window. In the Book Controls window, choose the Tax Rules tabbed region. Allow Reserve Adjustment: Check Allow Reserve Adjustments if you want to allow changes to the accumulated depreciation in your tax book. Allow Cost/Expense Ceilings: You can Allow Cost/Expense Ceilings in a depreciation book; however, you cannot apply a cost ceiling and an expense ceiling to the same asset in a depreciation book. Allow CIP Asset: Check Allow CIP Assets if you want to be able to automatically add CIP assets to your tax book when you add them to your corporate book. Allow Mass Copy: If you choose to Allow Mass Copy into this tax book, choose whether to copy additions, adjustments, retirements, and/or salvage value. Group Rules: Choose Copy if you wish to allow mass copy of group assets / member asset group asset assignments into this tax book. The default value is Do Not Copy.

6.

Asset Categories

Category information is common for a group of assets. Oracle Assets defaults these depreciation rules when you add an asset, to help you add assets quickly. If the default does not apply, you can override many of the defaults for an individual asset in the Asset Details or Books windows. You set up default values for each category in each book. The default depreciation rules that you set up for a category also depend upon the date placed in service ranges you specify.

Setup > Asset System > Asset Categories

Category: 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 Inventry: 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 poplist. You can only enter lease information in the Asset Details window if you assign the asset to a Lease category type. Owernership: Choose Owned or Leased from the Ownership poplist. Property Type: Enter the Property Type and Class to which the assets in this category usually belong. You set up your QuickCode values for Property Type in the QuickCodes window.

General Ledger Accounts: Enter general ledger accounts for the category, Enter general ledger accounts. Default Depreciation Rules: Click on Defalt Rules 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. Check Depreciate: If you normally depreciate assets in this book and category. Depriciation Method: Enter the depreciation Method that you normally use for assets in this book and category: Bonus Rule: (Optional) 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 / Retierment Convention: Enter the Prorate Convention and Retirement Convention that you normally assign to assets. Salvage Value: (Optional) If you chose Use Default Percent from the Salvage Value poplist in the Book 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. Cost ceiling: (Optional) If you are defining this category for a tax book, enter either a depreciation expense or cost ceiling. Price Index: Enter if you want to run reports that use the revalued asset cost to calculate gains and losses. Sub-Component Life: Enter a default subcomponent life Rule you want to use to determine the default lifeof the subcomponent asset based on the life of the parent asset. Choose one of the following rules: None: (Leave field blank): There is no connection between the life of the subcomponent asset and the parent asset life. Oracle Assets defaults the subcomponent asset life from the asset category. Same End Date: (Without specifying a minimum life): The subcomponent asset becomes fully depreciated on the same day as the parent asset or at the end of the category default life, whichever is sooner. The default subcomponent asset life is based on the end of the parent asset life and the category default life. If the parent asset is fully reserved, Oracle Assets gives the subcomponent asset a default life of one month. Same End Date :(Specifying a minimum life): The subcomponent asset becomes depreciated on the same day as the parent asset, unless the parent asset life is shorter than the minimum life Same Life: The subcomponent asset uses the same life as the parent asset. It depreciates for the same total number of periods. If the subcomponent asset is acquired after the parent asset, it depreciates beyond the end date of the parent asset life. Straigh Line For Retirement: 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 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 Depriciation 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. Capital Gain Threshold: Enter 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 in this category when you retire them, enter zero. ITC: 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. Save and Close

7.

Asset Addition

You can use one of the following processes to enter new assets: Quick Additions Detail Addition Mass Addition

Forms OF Assets:
Capitalized: Assets included on the company balance sheet. Capitalized assets usually depreciate. Charged to an asset cost clearing account. CIP (Construction-In-Process): Unfinished assets being built, not yet in use and not yet depreciating. Once you capitalize a CIP asset, Oracle Assets begins depreciating it. Charged to a construction-in-process clearing account. 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 in Oracle Assets. Expensed: Items that do NOT depreciate; the entire cost is charged in a single period to an expense account. Oracle Assets tracks expensed items, but does not create journal entries for them. Oracle Assets does not depreciate expensed assets, even if the Depreciate check box in the Books and Mass Additions Prepare windows is checked for that asset. Group: A group asset is a collection of member assets. You can add member assets to a group asset, transfer assets out, or between groups assets. Group asset cost is the sum of all the associated member assets costs. A group may contain many individual assets that were placed into service in different years, but share one depreciation account maintained for the group. Group asset depreciation, known as group depreciation, is computed and stored at the group level.

(A)

Quick Additions:

Use the QuickAdditions process to quickly enter ordinary assets when you 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.

Assets > Asset Workbench

Click on Quick Additions Enter a Description of the asset. Enter the asset Category. Select the Asset Type of the asset. For a description of the assets types. Assign your asset to a corporate depreciation Book. Enter the current Cost. Optionally update the Date Placed In Service. If you are entering a member asset, enter the number of the associated group asset. Update the depreciation method and prorate convention, if necessary. The depreciation method and prorate convention are defaulted from the category default rules. However, you can update them here. Assign the asset to an Employee Name (optional), a general ledger depreciation Expense Account, and a Location. Click on Done Save adn Close

Enter Details as shown in Below Image.

(B)

Detail Addition:

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 > Asset Workbench

Click on Additions. In the Asset Details window, enter a Description of the asset. Enter the asset Category. Select the Asset Type of the asset. For a description of the assets types. Enter the number of Units. If you are adding a subcomponent asset, enter the Parent Asset number. If you are adding a leasehold improvement, enter the leased asset number. Optionally enter the Manufacturer, Model and Warranty Number of your asset. Use the list of values to choose a lease number if you are adding a leased asset Enter additional information, such as Property Type and Class, and whether the asset is Owned or Leased and New or Used. Optionally choose Source Lines to enter purchasing information such as the Supplier Name and Purchase Order Number for the asset. Choose Continue to continue adding your asset.

Assign your asset to a corporate depreciation Book. Enter the current Cost. Enter the Salvage Value, select either Percent, Amount in the Salvage Value Type field. If you selected the Percent value type, enter the percentage in the Salvage Value Percent field. This is the percentage of the asset cost to use as the salvage value. If you selected the Amount value type, enter the salvage amount in the Salvage Value Amount field. When you perform a partial retirement by cost, the salvage value is reduced proportionately.

Optionally enter or override the depreciation information for a new asset: Indicate whether you want to Depreciate the asset. If you are adding a group asset, indicate whether the group asset should be disabled. Specify the date placed in service of the asset. If necessary, override the Depreciation Method and associated depreciation information defaulted from the category. Optionally specify the Bonus Rule. Override the prorate convention defaulted from the category if necessary. Check the Amortize NBV Over Remaining Life check box to amortize an adjustment in the period in which the asset is entered. Optionally select the depreciation limit Type of your asset. Choices Amount Or Percent. Enter the Limit Amount/ Percent as per you selection. Enter the Ceiling if you want to limit the recoverable cost used to calculate annual depreciation expense. You can enter a ceiling only for assets in tax depreciation books. If the asset is a member of a group asset: Select the Group Asset tab. Enter the group asset number in the Group Asset field. The description defaults automatically when you enter the group asset number. Optionally enter the percentage to use as the reduction rate. Optionally, enter short fiscal year information: Select the Short Fiscal Year tab. Check the Short Fiscal Year check box if this asset is a short fiscal year asset. Enter the Conversion Date of the asset. Enter the Original Depreciation Start Date of the asset. This is the depreciation start date of the asset prior to conversion. Click on Continue

Optionally enter the Employee Name or Number of the person responsible for the asset. Enter the default Expense Account to which you want to charge depreciation. Enter the physical Location of the asset. Choose Done to save your work.

(C)

Mass Additions

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. The steps in the mass additions process are described below: Create Review Post : Enter invoices in Oracle Payables, Run Create Mass Additions : Review mass additions to become assets. Add mass addition lines to existing assets. : Post your mass additions to Oracle Assets.

Swich Responsibility to Oracle Paybles Vision Operations

Invoices > Entry > Invoices

Click on Distribution Enter Amount and Account Click on Folder, then Click on Show Feilds Select "Track As Asset" Tick Mark In the Column

Save and Close Click on Actions, then Validate and Create Accounting Submit Request of Mass additions Enter Details as shown in Below Image.

Click on Submit, a Concurrent request will be Generated Close the Window Swich Responsibility to Assets

Mass Additions > Prepare Mass Additions

Click on Find Select Invoice and Click on Open Enter Details as shown in Below Image Click on Queue and Select Post instead of New Click on Done , Save and Close window

Mass Additions > Post Mass Additions

Click on Parameters Choose Book Click on Submit, Posting Has Been Done

Entering & Capatalizing CIP Assets

Capitalize finished assets that are ready to be placed in service. You can capitalize a single asset or a group of assets in a transaction. If you erroneously capitalize a CIP asset, you can reverse the capitalization. Add an Asset as CIP

Assets > Capitalize CIP Assets

Click on Find Select the appropriate asset Click on Capitalized The CIP Asset Changes its Status to Capitalize

Close the Window

8.

Inquiry Inquiry > Financial Information

Query using Diffrent parameters about financial information of Asstes

Click on Assignments to view assignment Click on Books to view Details Further Click on Transactions to view more details.

Close the Window After Viewing Details.

9.

Retiring An Asset

Asset is retired when it is no longer in service. E.g., retire 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 assignment lines.

Assets > Asset Workbench

Click on Retirements After Selecting the Appropriate Asset.

As shown in Above image Fill In Details IF Partial Retirment Define it By Number of Units OR Cost Retired Click on Done And Close the Window

Other > Request > Run

Select Single Request and Click on OK Select Book from List Click on Submit, a Concurrent Request will be Generated, check it for normal completion.

Correcting Retirement Errors (Reinstatements)

You cannot reinstate assets retired in the previous fiscal year. You can reinstate only the most recent partial retirement. You can reinstate both individual and mass retirement transactions.

Assets > Asset Workbench

Query Through Asset No., Click on Retirments

Press Ctrl + F11 The Retired Asset Details Will be Displayed

If the retirement has a status of PROCESSED, choose Reinstate. If it is PENDING, choose Undo Retirement. If the retirement has a status of PROCESSED, calculate gains and losses to reinstate the asset. If it is PENDING, Oracle Assets deletes the retirement transaction.

Click on OK & Close the Window