This function allows you to create a new Asset, make an Adjustment and also Transfer of Units into Oracle Assets the same way you do in EBS workbench. It consists of mainly Assets, Books, Depreciation, Assignments, and Source sections.
Use the ‘Asset Workbench’ template for this function.
Assets Tab
Asset Action determines the action for this record. If you are creating a new asset then Asset Action must be ‘Addition’. If you are updating an asset; be it change of the Description or the Cost, the action must be ‘Update’. When you need to change a unit, the Asset Action must be ‘Transfer’.
Use the form to validate each of the values comprising the new asset.
Refer to the Oracle Manual for a description of the Asset fields.
Note: If entering ‘Asset Number’ field with lower case letters, these will be converted to capital letters in Oracle.
Books Tab
This section consists of Books, Depreciation, Unplanned Depreciation, Group Asset, Impairment and Transaction sections.
Book Action will default from Asset Action.
Book Actions
• Addition – Use this action when creating a new asset.
• Adjustment – Use this action when you want to change the Current Cost,
Depreciation Method etc.
• Unplanned Depreciation – To handle unusual accounting situations in which the
net book value (NBV) and accumulated depreciation amounts for an asset need to be adjusted without affecting the asset cost then use this action.
• Toggle Depreciate Flag – When you want to change the depreciation flag to ‘Yes’ or ‘No’.
Salvage Value Type - This field is only available for versions of Oracle higher than 11.5.9 so will not appear on the form for lower versions.
Salvage Value Percent – The value entered in this field/column should be as a decimal as the interface will convert this to a percentage e.g. If a required outcome of 25% is required, then a value of 0.25 should be entered.
To Add to Asset TAX Book
Download the asset created by corporate book. Go to Books section, enter the Tax Book name in the book field and upload the record with Book Action ‘Addition’.
Tax Book record can be automatically created based on the Book controls set up when you create CIP asset as like in EBS.
Depreciation Tab
You can add or alter the Depreciation details in this section. Note that the Depreciation section can be blank and these will be populated by category defaults that we have set up for the Books.
Unplanned Depreciation Tab
‘Unplanned Deprn Amount’ and ‘Unplanned Deprn Expense Account’ are mandatory when Book Action is ‘Unplanned Depreciation’.
Transaction Tab
If an asset has been previously amortized then you are not allowed to then create an expensed adjustment. The Wizard will throw a validation error if the ‘Transaction Type’ is set to ‘EXPENSED’ (or blank due to the default) and an amortized adjustment has previously occurred.
Transaction Date
The form will default ‘Transaction Date’ after the book is populated. The default value can be changed and will be validated as you exit the field. Please refer to the Oracle Manual for a description of the Asset Fields.
Amortization
When adding assets with depreciation reserve, you can choose to amortize the net book value over the remaining life of the asset. Oracle Assets uses the Amortization Start Date to spread the remaining recoverable cost over the remaining useful life of the asset. This can only be performed in the period of addition.
When you choose to amortize an adjustment, Oracle Assets uses the Amortization Start Date to determine the amount of catchup depreciation to take in the current open period. The remaining depreciation is spread over the remaining life of the asset. You may optionally provide an amortization start date otherwise the adjustment will be amortized
from the open period.
The Wizard TRANSACTION_SUBTYPE will default to EXPENSED so you should populate the TRANSACTION_SUBTYPE with AMORTIZED if you wish to instead amortize the adjustment. Note that once an Asset has been amortized, EXPENSED adjustments can no longer be made. There is however a facility to override the system so that the default is ‘AMORTIZED’. Refer to the Profile Options section of this document for further details.
When you set the Wizard field Amortization Start Date, it automatically sets the EBS “Amortize Adjustment” flag (see below) to Yes (or Tick on). This is why the field is not displayed on the Wizard.
Assignment Tab
Grey field columns are read only fields that reflect the current values of the existing asset. Use this section for transfer of units.
When transferring the units, you need to enter positive number of units you want to transfer in the ‘Unit Change’ and select Employee, Account and Location accordingly at the same row.
Both the ‘Expense Account’ and ‘Location’ support Dynamic Insert, if it is enabled on these key flexfields.
Source Tab
Source Action determines the action for this section.
Source Action
Addition – To create a new line
Adjustment – To amend the current invoice amount
Delete Invoice – To delete the current invoice line
Reinstate Invoice – To reinstate the deleted invoice line
When creating a CIP asset, you can enter the Source Line details. Line amount is the current cost of the asset.
Save Changes
To save your changes, click the ‘Ok’ button. This will save the changes and close the form. To clear your changes click the ‘Cancel’ button.
Upload Transactions
Once your Additions/Adjustments are entered you can upload the transactions to Oracle Assets using the instructions in the Upload Transactions section.
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