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Oracle Assets
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Training Agenda
Areas Covered:
– Overview
– Concepts
– Setup
– Use Cases in Oracle ERP
– Q&A
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Topics:
– Overview of Oracle Assets
– Concepts
– Setup
– Manual Addition
– Mass Addition
– Depreciation
– Retirement
– Accounting Process
– Reporting using XML Publisher
– Use case in ERP
– Q&A
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Oracle Assets - Overview:
The Fixed Assets (FA) module allows you to maintain
equipment inventory, depreciation schedules using the best
accounting and tax strategies. It allows you to value assets
using different classifications, such as Construction in Process
(CIP) or expensed items.
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Oracle Assets - Overview:
Features of Oracle Fixed Assets:
Mass Additions
Invoice lines automatically are added to a review status in the
assets module Split single lines into multiple asset lines
Combine multiple lines into single asset lines
Depreciation Management
Calculate gains and losses separate from the depreciation
books Create journal entries to the general ledger
Utilize flexible depreciation calendars Make mass changes to
assets due to tax law adjustments
Asset Revaluation
Change asset value due to inflation or deflation
Create a new amortization schedule due to revaluation
Define limits to revaluation for any asset.
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Oracle Assets - Concepts:
Asset management encompasses three primary activities:
Physical Upkeep: Comprises asset location, asset condition and assignment
Asset Tracking: Covers the whole gamut from controlling, leased, loaned and consigned items from acquisition to asset
maintenance.
Financial Administration: Involves asset value, depreciation and taxation.
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Oracle Assets - Concepts:
Event Accounting
Assets now has event accounting, meaning that every transaction is treated as a new event to the assets. The impact on assets are as
follows:
• Audit trail will no longer show voided transaction types if changes occur in the month an asset was added.
• No longer forced to delete assets in the period it was added, due to the event accounting – Oracle treats the addition and retirement as
two separate events, so now Oracle allows assets to be retired in the period added.
• Event accounting also allows for transferring accounting to GL multiple times in a period.
Asset Category
Asset Category – this is derived from the asset cost clearing account, as long as there is one to one relationship between the account and
asset category.
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Oracle Assets - Concepts:
Auto Depreciation Rollback
In Release 12, you will no longer be required to run the Rollback Depreciation process in order to make corrections to assets.
After running depreciation when a correction or change is required, simply choose the asset to modify. Oracle will automatically
rollback depreciation for this single asset.
Create Accounting process is now used in Assets – journals are created not by a period, but by events and a date. This means
that one can create accounting on the 15th of a month for all transactions performed at the end of the month.
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Oracle Assets - Setup:
FLEXFIELDS in ASSETS:
In Assets, there are 3 FLEXFIELDS:
Category Flexfield:
Category Flexfield is used to track the assets based on the depreciation method and rate.
In category flexfield, we can define a maximum 7 segments under that, one segment should be a mandatory segment. That is,
MAJOR SEGMENT.
Allow Dynamic Insert can not be enabled.
Location Flexfield:
Location Flexfield is used to track the asset based on the location of the country concern.
In Location Flexfield, we can define a Maximum 7 segment, under that, one segment should be mandatory segment. That is ,
STATE SEGMENT
Allow dynamic insert can be enabled
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Oracle Assets - Setup:
FLEXFIELDS in ASSETS:
N----FA---SET UP---FINANCAIAL---FLEXFIELD—KEY---SEGMENTS
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Oracle Assets - Setup:
ASSET CALENDAR:
Before defining an asset calendar, we have to definethe fiscal years of asset calendar to state that
the start of the asset calendar and the following year.
N---FA----SET UP---ASSET SYSTEM---FISCAL YEARS
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Oracle Assets - Setup:
Asset books
there are 3 types of asset books :
1. Corporate book
2. Tax book
3. Budget book(Optional)
N---FA ---ASSET --- ASSET SYSTEM --- BOOKS CONTROL
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Oracle Assets - Setup:
ASSET CATEGORIES:
Defining Asset Categories for Corporate Book
N---FA---SET UP---ASSET SYSTEM---ASSET CATEGORIES
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Oracle Assets – Process Flow:
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Manual Addition:
MANUAL ADDITION:
It is also called as detailed addition.
N---FA---ASSET ---ASSET WORKBENCH
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Manual Addition:
MANUAL ADDITION:
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Manual Addition:
MANUAL ADDITION:
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Manual Addition:
MANUAL ADDITION:
Save the changes and note down the Asset number.
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Asset Types:
TYPES OF ASSETS:
THERE ARE 3 TYPES OF ASSETS :
1. CAPITALISED ASSETS
2. EXPENSE ASSETS
3. CIP (CONSTRUCTION IN PROCESS) ASSETS
CAPITALISED ASSETS
We can run the depreciation on capitalized assets because the assets would have the capitalized cost to run the depreciation.
Expense assets
We can not run the depreciation on expense assets because it is an expenditure on assets. (For example fuel for car is an expense asset)
CIP asset
Initial worth of the CIP asset will be zero and we can not run the depreciation on the CIP asset.
We have to increase the CIP asset cost to interface, after increasing, it has to be capitalized, then only, we can run the depreciation.
(for example : any assembling of a product / asset) ERP package for development, it iwill start with zero, and cost will go up with time
and during process of development)
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Mass Addition:
MASS ADDITION:
Adding the assets to the interface (Payable interface).
To raise an invoice
N – AP --- INVOICES --- ENTRY -- -INVOICES
Provide the Asset Book in Distributions
And do Final Post.
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Mass Addition:
MASS ADDITION:
Create mass addition
go to view request submit a new request single request
select the program name as “mass addition - create”
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Mass Addition:
MASS ADDITION:
TO PREPARE MASS ADDITIONS
N—FA--- MASS ADDITIONS --- PREPARE MASS ADDITION
Change the Queue to “NEW” and save.
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Depreciation:
WHAT IF ANALYSIS
What if analysis is run to know a new depreciation method, if
the old depreciation method is changed.
N---FA---DEPRECIATION---WHAT IF ANALYSIS
Click on Run and see the output.
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Depreciation:
RUN THE DEPRECIATION:
N---FA—DEPRECIATION---RUN DEPRECIATION
NOTE : once the program closes the period, we can not re open
it.
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Retirement:
select the asset you wish to retire
select retirements.
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Retirement:
Enter the units to be returned (in negative number)
select done
select ok and close
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Accounting Process:
TRANSFERRING THE ASSETS TO GL:
N—FA—CREATE ACCOUNTING
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Reporting using XML Publisher :
XML reporting is available for the following asset reports:
Asset Transfers Report
Transaction History Report
Asset Reclassification Report
Mass Additions Create Report
Cost Adjustment Report
Cost Summary Report
CIP Summary Report
Reserve Summary
Journal Entry Reserve Ledger
Asset Additions Report
CIP Capitalization Report
Mass Additions Posting
Asset Retirements
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Q&A:
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Contact Info:
Manish Misra
Email: manish.misra@etontechnologies.com
Phone: +1-614-453-2074
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