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1. At the end of each accounting period, run the depreciation program for each
of your books. Running the depreciation program closes the current period and
opens the next period.
2. Run the Create Journal Entries program to create journal entries to your
general ledger. Run it once for each period in each book for which you allow
posting to the general ledger. You can create journal entries for any period for
which you have run depreciation for which you have not already created journal
entries.
Oracle Assets creates journal entries for the following general ledger
accounts:
1. Accumulated Depreciation
2. Asset Clearing
3. Asset Cost
4. CIP Clearing
5. CIP Cost
6. Cost of Removal Gain, Loss, and Clearing
7. Deferred Accumulated Depreciation
8. Deferred Depreciation Expense
9. Depreciation Adjustment
10. Depreciation Expense
11. Intercompany Payables
12. Intercompany Receivables
13. Net Book Value Retired Gain and Loss
14. Proceeds of Sale Gain, Loss, and Clearing
15. Revaluation Amortization
16. Revaluation Reserve
17. Revaluation Reserve Retired Gain and Loss
Depreciati When you run depreciation, Oracle Dr. Depreciation Expense 200.00
on Assets creates journal entries for Cr. Accumulated Depreciation
your accumulated depreciation 200.00
accounts and your depreciation
expense accounts.
Oracle Assets creates the following
journal entries for a current period
depreciation charge of $200:
Asset You purchase and place the asset Dr. Asset Clearing 4,000.00
Addition in into service in Year 1, Quarter 1. Cr. AP Liability
Payable 4,000.00
System
Oracle Assets – Dr. Asset Cost 4,000.00
CURRENT Dr. Depreciation Expense 250.00
PERIOD Cr. Asset Clearing
ADDITION 4,000.00
Cr. Accumulated Depreciation
250.00