You are on page 1of 8

SUMMARY OF FEATURES AND ENHANCEMENTS Oracle Applications Fixed Asset From Release 10.7SC, Release 10.

7 ,Release 11 , Release 11i and Release 12

Complied by Sanjit Anand

Oracle Assets
This section includes a listing of new features introduced at different product release.

From 10.7SC to 10.7

New Features that have been added from 10 .7SC to 10.7 include: Asset Salvage Value as a Percentage of Cost - Default the salvage value of your assets as a percentage of cost, according to percentages you define for each category and book. Depreciate Assets Beyond the Useful Life - Depreciate an asset in the years following its useful life if the asset uses a straightline or flat rate depreciation method. Integration with Oracle Projects - Create capitalized assets from capital asset lines in Oracle Projects. When you run the Interface Assets process, Oracle Projects sends valid asset lines to an interface table in Oracle Assets. You review these mass addition lines in Oracle Assets and determine whether to create assets from any of the mass additions. You can review project information associated with a mass addition by choosing the Project Details button from the Mass Additions window. Lease Analysis - Define and analyze leases in the Lease Details and Lease Payments forms. Use the Lease Details form to define a lease, and to test the lease to determine whether to capitalize or depreciate assets assigned to it. Use the Lease Payments forms to define a payment schedule for a lease, and to calculate the present value of the lease payments you enter. Distribution Sets - With distribution sets, you can automatically assign distributions to a new asset or mass addition by using a predefined distribution set. Thedefault distributions you define in the Distribution Sets window appear in the Distribution Set pop list in the Assignments window. Multidistributed Mass Additions - Oracle Assets handled multi distributed mass additions. You can assign a new mass addition to multiple distributions, or change existing distributions before you post the mass addition lines to become assets. You can merge and split multidistributed mass additions.

From Release 10.7 to Release 11

Physical Inventory - Enter physical inventory information, such as data from a bar code reader or a laptop device, through an open interface. You can run the Physical Inventory Comparison Report to determine how this information compares with the asset information in the database. To reconcile any discrepancies generated on the exceptions report, you can add assets that were found during the physical inventory check but that are missing from the production

system. You can also transfer assets that are recorded at the wrong location, retire assets that cannot be found, and reinstate assets that were retired incorrectly. Whatif Depreciation - Perform whatif depreciation analysis to optimize asset management. Use this analysis to simulate multiple depreciation scenarios using different combinations of depreciation criteria, such as methods, asset lives, and prorate conventions. Fixed Assets Desktop Integrator (FADI) - Provides an easy upload interface facilitating the flow of data from the desktop to the Oracle Assets system. Currently FADI supports interfaces to upload mass additions and physical inventory data from a Microsoft Excel file. Multiple Reporting Currencies (MRC) - With MRC you can report and maintain accounting records at the transaction level, in more than one functional currency. You do this by defining one or more reporting sets of books, in addition to your primary set of books. Typically, you use MRC in the following situations: You operate in a country with an unstable currency and you need to concurrently report your business in a hard currency. Your company is multinational, and you need to report financial information in a common functional currency other than that of the transaction or your primary functional currency. You operate in a country that is part of the European Monetary Union (EMU), and you want to concurrently report in Euro in preparation for the single European currency.

Dated Adjustments - Set up your amortized adjustments to have a retroactive start date by changing the default amortization start date (usually the system date) to a date in a previous period. Any adjustment amount missed since the amortization start date is taken in the current period. Lease Amortization Schedule - View the principal and interest portions of the minimum lease payments in the new lease amortization schedule. Asset Warranties - Define and track descriptive information on manufacturer and vendor warranties using the Asset Warranties window. You can then assign assets to these previously defined warranties using the Asset Details window. You can assign any number of assets to the same warranty. Depreciating Assets Beyond the Useful Life - Depreciate the salvage value of an asset following the assets useful life, which was specified when the asset was added. You can set up salvage value depreciation for the asset over a certain number of years. The number of years you select determines the rate at which the salvage value of the asset depreciates. Mass Retirements Enhancement - The criteria available to select assets for mass retirement has been expanded to include fully reserved assets and asset cost range. The Asset Type now includes Expensed Assets. View Financial Information Window - View the remaining life of an asset in the Financial Inquiry window and the Asset Workbench.

Assignments Window - View the unit of measure, if one has been defined, in the Assignments window.

From Release 11 to Release 11i

Asset Maintenance - Schedule repair and service events for your longterm capital assets, to help maintain long-term assets in a timely manner. Plan maintenance at appropriate times, such as seasonal downtime, or at specific intervals, such as monthly. You can also record maintenance history of assets and schedule future maintenance events. Security by Book - Secure data access by depreciation book and create a flexible hierarchy of asset security. Tie a depreciation book to a specific responsibility in such a way that only users with access to the specific responsibility can view and transact on the asset data in the secured book. Depreciation Run Depreciation Multiple Times before Closing the Period Before Release 11i, Oracle Assets automatically closed the accounting period after successfully depreciating your assets for the same period. Now running depreciation and closing the accounting period are separate processes. That is, you can run depreciation as many times as you like within a given period, making it possible to perform a last-minute cost adjustment or add a new asset (as with an invoice delayed until after you have already run the depreciation process but before the period close). Simply roll back the depreciation processed earlier, make the necessary accounting adjustments in the open period, and run depreciation again. Formula-based Depreciation - Comply with statutory depreciation requirements in any industry, anywhere in the world, by customizing your depreciation calculation using flexible formulas. Define these formulas using an intuitive calculator-like window, which uses a combination of constants and variables such as life of the asset and remaining life of the asset.

Support for Short Tax Years - This common tax scenario results from mergers and acquisitions, when, prior to the acquisition, the parties maintained their tax records on different fiscal years. Using the formula-based depreciation method, accountants can handle the depreciation reporting requirements of a short tax fiscal year for the acquired company. Mass Reclassification - Re-classify a group of assets from one asset category to another based on flexible selection criteria. Choose whether the newly classified assets inherits the depreciation rules of the new asset category or retains the depreciation rules of the old. This option is available for individual reclassification transactions as well. Maintain CIP Assets in Tax Books - Address statutory reporting requirements in Europe and Latin America by maintaining CIP assets in tax books. This behavior is optional. It is controlled by rules that you define for the tax book and causes Assets to simultaneously add and

then later capitalize the CIP asset in the corporate book and all specified tax books. Maintain Asset Insurance Values - Manage the risk of loss and damage to your capital assets by tracking their insurance values, thus enabling you to file timely and accurate insurance claims. You can define different insurance categories such as Fire Insurance and Flood Insurance and maintain other relevant insurance details such as the Insurance Company, the Policy Number, and the Hazard Class. Choose one of these methods: Value as New - The asset acquisition cost is used to determine its insurance value. Current Market - The net book value of the asset (acquisition cost less accumulated depreciation) can be used to determine the asset insurance value. Manual Value - You can manually enter an insurance value for the asset.

View Accounting Lines View Accounting Lines window - Use to view the detail accounting lines for queried transactions. You can see the account, the accounted debit or credit amount, transaction reference and other relevant accounting information generated behind-the-scenes by AutoAccounting. T-Accounts window - Use to view and print Oracle Assets accounting entries in a graphical T-account format. Use new, flexible options to customize this window. For example, view all the details in a T-account, or just the net total. And, view Taccounts by full accounting flexfield, or summarized by account segment. Drilldown from General Ledger - Drill down from Oracle General Ledger journal entries to subledger information within Oracle Assets and view the subledger line items and the underlying transactions that make up a General Ledger journal line. Drill down to Oracle Assets from the Enter Journals, View Journals, and Account Inquiry windows. If you use Multiple Reporting Currencies (MRC), you can view transactions in the primary functional currency and reporting functional currencies.

MRC Transaction Upgrade Utilities - Provide a flexible solution that accommodates MRC for new and existing customers. If you are an existing customer, you can continue the accounting life cycle of open business transactions when you begin using MRC. Run the Assets Upgrade utility to convert open transactions from your primary functional currency to your reporting functional currencies. Run other upgrade utilities to perform the same conversion in other Oracle subledgers that support MRC and to initialize General Ledger account balances in your reporting sets of books. Multiple Language Support - Users in the same installation can view seed data in their own language. When entering QuickCodes (lookups), enter values in other languages that your site uses.

Improved Exception-handling During Depreciation - Exceptionhandling within the depreciation process streamlines asset processing during the critical month-end close. The depreciation program processes all valid assets in one operation and flags any exceptions, such as invalid GL code combinations, in the log file. Later, you can review the log file and systematically correct exceptions before rerunning the depreciation program to process the remaining assets. Note, however, that the depreciation program will stop processing assets in the case of certain types of setup or database errors. Mass Transfers - Take advantage of expanded selection criteria while choosing assets for mass transfer. You can select assets based on the new high-low range capability on the depreciation expense account, cost center, company, and other segments of the accounting flexfield. For example, you can choose all assets that belong to cost center range 100 to 234. You may also specify a transfer date in a prior period and Assets will adjust the resulting depreciation expense appropriately. What-if Depreciation Analysis on Hypothetical Assets - In Release 11, you could simulate what-if depreciation scenarios for existing assets using different depreciation rules. Now, you can analyze what-if scenarios for future assets, making it possible to select the optimal depreciation strategy for your capital assets even before you add them to the system. Unplanned Depreciation - Charge unplanned depreciation to an asset in the period in which it was added. You can also apply unplanned depreciation to assets using the flat-rate or units of production method and the straight line method. Mass Additions - Upload short tax year assets into the Mass Additions interface table.

From Release 11i to Release 12

Subledger Accounting :Oracle Subledger Accounting provides tools that allow users to meet multi- gaap, corporate, and fiscal accounting requirements. With a flexible tool called Accounting Methods Builder, users can determine the accounts, lines, descriptions, summarization, and dates of their journal entries. Users can also add detailed transaction information to journal headers and lines. Detailed subledger accounting journals are available for analytics, auditing, and reporting. They are summarized, transferred, imported and posted to Oracle General Ledger. For more details, please see the Oracle Subledger Accounting section of this document. Oracle Assets is fully integrated with Oracle Subledger Accounting for creating Journal Entries, Account drill down and Inquiry. Oracle Assets provides several out-of-the-box sources and rules to derive account code combinations and journal entry descriptions. Customers can use the seeded Oracle Assets accounting definition or they may use the flexibility of SLA to create their own definitions.

Enhanced Mass Additions Interface for Legacy Conversions :Additional attributes are available in the Mass Additions interface to ease legacy data conversions. Attributes such as asset life, depreciation method, prorate convention; bonus rule ceiling name, depreciation limit, and others can now be directly imported from your legacy system instead of being derived from asset category setups.

Automatic Preparation of Mass Additions: A set of extensible public API's is available to automatically prepare a mass addition line for all required attributes such as depreciation expense account, asset category, location etc. with the goal of minimizing manual intervention by the user in the mass additions workbench.

Enhanced functionality for Energy Industry

Asset Impairment: Impairment is used to reduce the carrying value of a producing asset. Expressed another way, impairment expense is simply an unplanned depreciation expense. When entering an unplanned depreciation expense, the user may enter a Type, Amount and Expense Account. 'Type' allows the user to indicate the nature of impairment performed. 'Amount' is recognized as a current period expense in addition to the normal periodic depreciation expense. The unplanned depreciation (impairment) 'expense account' may be derived from the category setup or it may be entered at the time of each impairment transaction

Energy Units of Production Method: In the oil & gas industry, asset properties may include fields, leases and wells. These assets are typically associated with units of production (UOP) and are depreciated using a special UOP depreciation method. 'Energy' assets are generally structured into two levels, group and member assets, where the group asset is a collection of several members. Units of production are entered on the group asset for calculating depreciation and then allocated down to the member assets
Energy Straight line Method: In the oil & gas industry, nonproducing assets are depreciated using the energy straight-line method based on the asset's net book value. Assets that depreciate using the energy straight-line method may either depreciate at the member asset level or group asset level. When the depreciation is calculated at the member asset level, it is calculated based on each member's life and then summed up to the group asset. When depreciation is calculated at the group asset level, the life of the group asset is used

Flexible Reporting using XML Publisher

Oracle Assets leverages the Oracle XML Publisher technology to support major asset transaction reports. With XML Publisher, you can display reports in variable formats by creating your own templates using familiar tools such as Acrobat, Word and Excel.

Automatic Depreciation Rollback :Since release 11i, users have been able to run depreciation for an asset book without closing the period. If additional adjustments are required in the current period, then the user submits a process to roll back depreciation for the entire book, performs the necessary adjustment(s) and then resubmits the depreciation program. In Release 12.0 the intermediate manual step of rolling back depreciation for the entire book in order to process further adjustments on selected assets is no longer necessary. As before users may submit depreciation for the entire book prior to closing the period. If it becomes necessary to process financial adjustments on one or more assets, the user may proceed with the transaction normally via the asset workbench or mass transactions. Oracle Assets automatically rolls back the depreciation on just the selected assets (instead of the whole book) and allows the transaction(s) to be processed normally. The asset(s) for which depreciation was rolled back is automatically picked up during the next depreciation run or at the time that the depreciation period are finally closed.

Enhanced Logging for Asset Transactions and Programs :Through the common logging architecture, Oracle Assets ensures a common repository for all log messages within and outside the product. This reduces resource usage on the file system for excessively large log files.