R12 x Oracle Asset Management Fundamentals Student Guide Vol 2

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R12.x Oracle Asset Management Fundamentals Volume - Student Guide D59987GC10 Edition 1.0 March 2010 D64876 Copyright © 2008, 2010, Oracle and /or its affiliates All rights reserved Disclaimer This document contains proprietary information and is protected by copyright and other intellectual property laws You may copy and print this document solely for your own use in an Oracle training course The document may not be modified or altered in any way Except where your use constitutes "fair use" under copyright law, you may not use, share, download, upload, copy, print, display, perform, reproduce, publish, license, post, transmit, or distribute this document in whole or in part without the express authorization of Oracle The information contained in this document is subject to change without notice If you find any problems in the document, please report them in writing to: Oracle University, 500 Oracle Parkway, Redwood Shores, California 94065 USA This document is not warranted to be error-free Restricted Rights Notice If this documentation is delivered to the United States Government or anyone using the documentation on behalf of the United States Government, the following notice is applicable: U.S GOVERNMENT RIGHTS The U.S Government’s rights to use, modify, reproduce, release, perform, display, or disclose these training materials are restricted by the terms of the applicable Oracle license agreement and/or the applicable U.S Government contract Trademark Notice Oracle and Java are registered trademarks of Oracle and/or its affiliates Other names may be trademarks of their respective owners Author Gail D’Aloisio, Brent A Bosin, Paul Scott, Assad Akhavan Technical Contributors and Reviewers Kathy Wohnoutka, Ruth Kukla, Jan Quist, JongSung Ahn, Chris Rudd, Som Viswapathy, Bruce Isner, Ivy Farren, Bruce Ingram This book was published using: oracletutor Table of Contents Overview of Oracle Asset Management .1-1 Overview of Oracle Asset Management 1-3 Objectives 1-4 Agenda 1-5 Overview of Oracle Assets 1-6 E-Business Suite Integration 1-7 Implementation Considerations for Oracle Financials 1-8 The Best Project Team for the Job 1-9 Critical Implementation Issues 1-10 Oracle Assets Setup Steps .1-12 Oracle Assets Key Flexfields .1-13 Implementing Oracle Assets 1-14 Asset Books Positioning 1-15 Asset Categories Positioning 1-17 Asset Life Cycle 1-18 Adding Assets Manually .1-19 Mass Asset Additions Process .1-21 Quiz .1-23 Adding and Capitalizing a CIP Asset 1-24 Acquire and Build CIP Assets .1-25 Asset Adjustments 1-26 Asset Adjustment Overview 1-27 Performing Physical Inventory 1-28 Elements of Depreciation 1-30 Basic Depreciation Calculation .1-32 Tracking Asset Retirements 1-34 Assets Journal Entries Flow 1-35 Default Account Generator Process for Oracle Assets 1-37 Reconciling Data in Oracle Assets 1-38 Viewing Asset Information Online 1-39 Oracle Assets Reporting 1-40 Assets Reports Groupings 1-41 Creating a Tax Book 1-42 Entering Information in Tax Books .1-43 Transaction APIs 1-45 Business Events .1-47 Asset Business Event Triggers 1-48 Quiz .1-49 Summary 1-50 Asset Controls Setup .2-1 Asset Controls Setup .2-3 Objectives 2-4 Agenda 2-6 Oracle Assets Setup Steps .2-7 Setup Steps Flow 2-8 Quiz .2-11 Setup Steps Flow 2-12 Oracle Assets Key Flexfields .2-16 Setting Up Key Flexfields .2-17 Asset Category Key Flexfield 2-18 Location Key Flexfield 2-19 Asset Key Key Flexfield 2-20 Copyright © Oracle, 2010 All rights reserved R12.x Oracle Asset Management Fundamentals Table of Contents i Creating Key Flexfield Combinations 2-21 Specifying System Controls 2-22 QuickCodes 2-24 Available QuickCodes 2-27 Defining Fiscal Years and Calendars 2-35 Setting Up Fiscal Years 2-36 Setting Up Asset Calendars 2-37 Sharing Calendars 2-38 Defining Price Indexes 2-39 Profile Options .2-41 Asset Insurance 2-47 Entering Asset Insurance Information 2-49 Implementing Oracle Assets 2-50 Planning Implementation .2-51 Key Flexfields Planning Considerations 2-53 The Key Flexfields Planning Phase .2-55 Implementing Oracle Assets 2-57 Convert Existing Asset Information 2-59 Using the FA_MASS_ADDITIONS Table for Conversion 2-61 Implementing Oracle Assets 2-63 Post Conversion Reconciliation 2-64 Other Conversion Issues 2-65 Maintaining an Audit Trail 2-66 Maintaining Audit Trails .2-67 Defining Asset Warranties 2-69 Creating Leases .2-70 Quiz .2-71 Summary 2-72 Asset Books .3-1 Asset Books 3-3 Objectives 3-4 Agenda 3-5 Asset Books Positioning 3-6 Quiz .3-8 Asset Books Regions .3-9 Calendar Region 3-11 Accounting Rules Region 3-13 Natural Accounts Region .3-15 Security by Book 3-17 Organizations and Security by Book .3-18 How Security by Book Is Used within Process Flow 3-19 Security by Book Setup Steps 3-20 Quiz .3-24 Troubleshooting Security by Book 3-25 Implementation Considerations for Security by Book 3-27 Summary 3-28 Asset Categories .4-1 Asset Categories 4-3 Objectives 4-4 Agenda 4-5 Asset Categories Positioning 4-6 Quiz .4-7 Asset Categories Regions 4-8 Asset Categories Setup 4-9 Summary 4-17 Copyright © Oracle, 2010 All rights reserved R12.x Oracle Asset Management Fundamentals Table of Contents ii Manual Asset Additions 5-1 Manual Asset Additions 5-3 Objectives 5-4 Agenda 5-6 Asset Life Cycle 5-7 Adding Assets Manually .5-8 Quiz .5-10 Asset Additions Required Data .5-11 QuickAdditions 5-12 Quiz .5-15 Detail Asset Additions 5-16 Detail Additions - Asset Details Window 5-18 Quiz .5-20 Detail Additions - Books Window .5-21 Asset Cost Terminology 5-23 Accumulated Depreciation Considerations 5-24 Depreciate Checkbox Actions .5-26 Detail Additions - Assignments Window 5-27 Detail Additions - Source Lines Window 5-28 Manual Asset Additions Journal Entries .5-29 Group Depreciation .5-30 Group Depreciation in the Global Market .5-32 Group and Member Asset Rules 5-33 Set Up Group Assets 5-35 Assigning Member Assets to Group Assets 5-37 Group Asset Reserve Transfer .5-39 Quiz .5-40 Energy Assets 5-41 Summary 5-43 Mass Asset Additions .6-1 Mass Asset Additions 6-3 Objectives 6-4 Agenda 6-6 Mass Asset Additions Process .6-7 Using the Mass Additions Interface Table 6-9 Adding Assets from Invoice Distribution Lines 6-10 Quiz .6-11 The Mass Additions Process 6-12 Step Mass Additions Create 6-14 Requirements to Create Mass Addition Lines .6-16 Tracking Expensed Items in Oracle Assets 6-18 Other Mass Additions Considerations 6-19 Quiz .6-21 Step Prepare Mass Additions 6-22 Required Fields and Mass Additions .6-23 Automatic Preparation of Mass Additions 6-24 Automatic Preparation of Mass Additions Process .6-25 Mass Addition Queues 6-27 Changing Asset Information 6-28 Merging Mass Addition Lines .6-29 Splitting Mass Addition Lines .6-30 Merging Then Splitting Functionality 6-31 Adding a Mass Addition Line to an Existing Asset .6-32 Accounting for Cost Adjustments Example 6-33 Step Post Mass Additions 6-34 Effect of Post Mass Additions on Queue Names 6-35 Copyright © Oracle, 2010 All rights reserved R12.x Oracle Asset Management Fundamentals Table of Contents iii Step Delete Mass Additions 6-36 Purge Mass Additions 6-37 Future Transactions .6-38 Quiz .6-41 View Pending Transactions 6-42 Quiz .6-43 Creating Assets Using Web ADI 6-44 Web ADI Upload to Oracle Assets 6-46 Summary 6-48 CIP Asset Additions .7-1 CIP Asset Additions 7-3 Objectives 7-4 Agenda 7-5 Adding and Capitalizing a CIP Asset 7-6 Acquire and Build CIP Assets .7-7 Automatically Adding CIP Assets to Tax Books 7-8 Quiz .7-10 Modifying the Cost of CIP Assets 7-11 Recording a CIP Asset Addition 7-13 Capitalizing a CIP Asset 7-14 Quiz .7-15 Reversing a Capitalized Asset .7-16 Updating Asset Fields When Capitalizing CIP Assets 7-17 Updating Transaction Types When Capitalizing CIP Assets 7-18 Recording a Capitalization - Adding and Capitalizing in the Same Period 7-19 Recording a Capitalization - Adding and Capitalizing in Different Periods 7-20 CIP Assets and Oracle Projects .7-22 Tracking Capital Projects in Oracle Projects 7-23 Capital Projects Flow Integration 7-24 Creating Mass Additions from Oracle Projects .7-25 Integrating Oracle Projects with Oracle Assets .7-27 Summary 7-29 Asset Adjustments and Maintenance 8-1 Asset Adjustments and Maintenance 8-3 Objectives 8-4 Agenda 8-6 Asset Adjustments 8-7 Quiz .8-8 Asset Adjustment Overview 8-9 Single Asset Reclassification .8-10 Mass Reclassification 8-11 Quiz .8-12 Inheriting Depreciation Rules 8-13 Copying Category Descriptive Flexfield Information 8-15 Mass Transactions Process 8-16 Recording a Reclassification 8-17 Adjusting Units 8-18 Adjusting Financial Information 8-19 Choosing to Expense or Amortize Depreciation Adjustments 8-20 Amortizing Adjustments Using a Retroactive Start Date 8-22 Using Mass Changes .8-23 Single Asset Transfers 8-24 Mass Asset Transfers 8-26 Asset Revaluation 8-28 Quiz .8-30 Scheduling Asset Maintenance 8-31 Copyright © Oracle, 2010 All rights reserved R12.x Oracle Asset Management Fundamentals Table of Contents iv Performing Physical Inventory 8-32 Entering Physical Inventory 8-34 Physical Inventory Comparison 8-35 Physical Inventory Reconciliation 8-37 Integrating Web ADI with Physical Inventory 8-38 Summary 8-40 Depreciation .9-1 Depreciation 9-3 Objectives 9-4 Agenda 9-5 Elements of Depreciation 9-6 Depreciation Setup Areas 9-8 Basic Depreciation Calculation .9-9 Depreciation Methods 9-11 Using the Life-Based Method 9-12 Life-Based Method Terms 9-13 Life-Based Method Example .9-14 Using the Flat-Rate Method 9-15 Flat-Rate Method Example 9-17 Using the Units-of-Production Method 9-19 Quiz .9-20 Units-of-Production Method Example 9-21 Entering Production Information 9-22 Units-of-Production Method Production Amount Restrictions .9-24 Units-of-Production Method Restrictions 9-25 Units-of-Production Capacity Restrictions 9-26 Prorate Conventions 9-27 Run Depreciation Process 9-28 Quiz .9-30 Depreciation Program Processes 9-31 Projecting Depreciation for an Asset 9-32 Defining a Projection 9-33 Quiz .9-34 Depreciation Forecasts 9-35 Using Depreciation Override .9-36 Useful Depreciation Reports 9-38 Summary 9-40 Asset Retirements 10-1 Asset Retirements 10-3 Objectives 10-4 Agenda 10-5 Tracking Asset Retirements 10-6 Overview of Retiring an Asset 10-7 Restrictions on Retirements and Reinstatements 10-8 Quiz .10-10 Fully Retiring Assets .10-11 Partially Retiring Assets 10-12 Mass Asset Retirements .10-14 Quiz .10-16 External Retirements .10-17 Reinstating Retired Assets 10-19 Calculate Gains and Losses Program 10-20 Retirement Processing Flow 10-21 Processing a Pending Retirement and Reinstatement 10-22 Calculating Depreciation for the Period Retired 10-23 Recording Retirements and Reinstatements 10-24 Copyright © Oracle, 2010 All rights reserved R12.x Oracle Asset Management Fundamentals Table of Contents v Recording Retirements 10-25 Recording a Retirement on Multiple Accounts 10-27 Retirement Journal Entries Example .10-28 Recording Prior Period Reinstatement Entries 10-29 Retirement Reports 10-30 Summary 10-33 Asset Accounting 11-1 Asset Accounting 11-3 Objectives 11-4 Agenda 11-5 Setting Up Asset Accounting .11-6 Assets Journal Entries Flow 11-8 Oracle Subledger Accounting 11-10 Accounting Event Entities and Classes 11-11 Create Accounting – Assets Program 11-13 Journal Entries Created 11-14 Quiz .11-16 Reconciling Data in Oracle Assets 11-17 Generating Reports to Reconcile to the General Ledger .11-18 Reconciling an Asset Cost Account .11-19 Reconciling Asset Cost Accounts 11-20 Reconciling a CIP Cost Account 11-21 Reconciling a Reserve Account 11-22 Reconciling Depreciation Expense 11-24 Reconciling Mass Additions 11-25 Quiz .11-27 Summary 11-28 Asset Inquiry & Reporting .12-1 Asset Inquiry & Reporting 12-3 Objectives 12-4 Agenda 12-5 Viewing Asset Information Online 12-6 Types of Asset Inquiries 12-7 Asset Inquiry Options 12-8 iAssets Search for Assets .12-9 Viewing Financial Information 12-11 Viewing Transaction History .12-13 Viewing Transaction Accounting 12-14 Quiz .12-15 Viewing Subledger Accounting Transactions .12-16 iAssets 12-17 iAssets Setup Steps 12-18 Oracle Assets Reporting 12-20 Assets Reports Groupings 12-22 Variable Format Reports .12-23 Assets Reports Using XML Publisher 12-24 Summary 12-25 Tax Accounting 13-1 Tax Accounting .13-3 Objectives 13-4 Agenda 13-6 Creating a Tax Book 13-7 Asset Books Regions .13-8 Prerequisites for Setting Up Tax Book Asset Categories 13-10 Quiz .13-11 Copyright © Oracle, 2010 All rights reserved R12.x Oracle Asset Management Fundamentals Table of Contents vi Entering Information in Tax Books .13-12 Quiz .13-14 Populating the Tax Book by Initial Mass Copy 13-15 Populating the Tax Book .13-17 Populating the Tax Book by Periodic Mass Copy 13-18 Updating a Tax Book Manually 13-20 Quiz .13-21 Tax Book Upload Interface 13-22 Discussing Tax Rules 13-24 Deferred Depreciation 13-26 Calculating Deferred Depreciation 13-27 Adjusting Accumulated Depreciation 13-28 Adjusting Depreciation Reserve for a Single Asset .13-29 Adjusting Depreciation Reserve for All Assets .13-31 Controlling Mass Depreciation Adjustment 13-32 Calculating Mass Depreciation Adjustment 13-33 Automatically Adding CIP Assets to Tax Books 13-34 General Tax Reports 13-36 Special Tax Reports .13-37 Depreciation Adjustment Reports 13-38 Summary 13-39 Copyright © Oracle, 2010 All rights reserved R12.x Oracle Asset Management Fundamentals Table of Contents vii Deferred Depreciation Deferred Depreciation Defining Deferred Depreciation Deferred depreciation is the temporary difference in depreciation expense between the corporate book and the tax book FAS 109 determines how to account this difference between the corporate and tax books in the United States Estimating Deferred Depreciation Tax Liability Project depreciation expense for the corporate and tax book Determine permanent differences, such as salvage value in the corporate book or an investment tax credit, by running the Recoverable Cost Report Adjust depreciation expense for permanent differences Adjusted tax depreciation expense = Tax depreciation expense × (Corporate recoverable cost/Tax recoverable cost) Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 26 Calculating Deferred Depreciation Calculating Deferred Depreciation (N) Journal Entries > Deferred Creating Deferred Depreciation Journal Entries After closing the corporate and tax periods, create journal entries for the general ledger for the actual deferred depreciation Oracle Assets calculates deferred depreciation by comparing the tax and corporate books, which must use the same depreciation calendar The general ledger period for which you want to create journal entries must be open or future entry Creating Journal Entries from Tax Books Create a corporate tax book and associate it with a set of tax books Create journal entries for the tax book from the set of tax books Compare the corporate book with the set of tax books in the general ledger Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 27 Adjusting Accumulated Depreciation Adjusting Accumulated Depreciation • You adjust the depreciation taken for a previous fiscal year in a tax book if an auditor specifies a different depreciation amount or you need to adjust depreciation between the minimum and maximum amounts • You adjust the depreciation taken for all assets in a tax book using the Mass Depreciation Adjustment feature Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 28 Adjusting Depreciation Reserve for a Single Asset Adjusting Depreciation Reserve for a Single Asset (N) Tax > Tax Workbench (B) Reserve Adjustments Adjusting Depreciation Reserve in a Tax Book Adjust an asset reserve for a year only if you have not performed an amortized change since that year • Allow Reserve Adjustments for the tax book • Add assets to the tax book by using Mass Copy • Close the fiscal year you want to adjust - You cannot adjust the depreciation taken in a previous fiscal year for assets using a units-of-production method - You cannot adjust depreciation for assets on which you have performed an amortized cost adjustment since the end of the fiscal year you are adjusting Adjust a reserve in tax books only, because once depreciation is reported to shareholders, it cannot be changed Updating Subsequent Years Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 29 Oracle Assets automatically adjusts the life-to-date depreciation for all subsequent years to reflect the adjustment • Updating a reserve in tax books does not change the depreciation expense taken • It creates journal entries to the accumulated depreciation and depreciation adjustment accounts • Use this feature only when a reporting authority specifies a different accumulated depreciation Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 30 Adjusting Depreciation Reserve for All Assets Adjusting Depreciation Reserve for All Assets (N) Tax > Mass Depreciation Adjustments Oracle Assets can adjust depreciation for each asset between minimum and maximum amounts by a factor that you enter It determines the minimum and maximum amounts by comparing the accumulated depreciation in the tax book, a control book, and the associated corporate book Preparing for the adjustment: • Define the three books The adjusted and control tax book must have the same associated corporate book • Close the fiscal year in all three books • Ensure that you have run depreciation to close the previous fiscal year for the tax book you want to adjust, its associated corporate book, and the control tax book • The current open period in the adjusted tax book must be the first period of the following fiscal year with no transactions entered Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 31 Controlling Mass Depreciation Adjustment Controlling Mass Depreciation Adjustment • Use the Status field to see the current status of the adjustment • Select Preview, Run, or Review to specify the action that you want Oracle Assets to Preview runs the Mass Depreciation Adjustment Preview Report Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 32 Calculating Mass Depreciation Adjustment Calculating Mass Depreciation Adjustment Oracle Assets calculates the adjusted depreciation for the fiscal year for each asset in the tax book by the following formulas: • Adjusted depreciation expense = Minimum depreciation + [Adjustment factor (Maximum - Minimum depreciation)] • Minimum depreciation = Minimum accumulated depreciation - Opening accumulated depreciation in adjusted book • Maximum depreciation = Maximum accumulated depreciation - Opening accumulated depreciation in adjusted book Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 33 Automatically Adding CIP Assets to Tax Books Automatically Adding CIP Assets to Tax Books • After you set up Oracle Assets to automatically add CIP assets to your tax book, all CIP assets you add to your corporate book will automatically be added to your tax book at the same time • When you capitalize these CIP assets in your corporate book, the same assets will automatically be capitalized in your tax book, even if the corporate and tax books are in different periods • If you checked Allow CIP Assets and later you uncheck it, you may have CIP assets that were automatically added to the tax book while Allow CIP Assets was checked Although Allow CIP Assets is no longer checked, those CIP assets in the tax book will be automatically capitalized when the same assets are capitalized in the corporate book • You cannot perform any transactions directly to CIP assets in tax books You can only perform transactions on CIP assets in your corporate book, and these transactions will automatically be replicated to the tax book - Adjustments, retirements, reinstatements, and capitalizations must be performed on CIP assets in the corporate book Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 34 - • These transactions are copied automatically to the related tax book Cost adjustments are copied as actual adjustment amounts, not as a percentage of the cost - Example: The cost of Asset A in the corporate book is $1000 In the tax book, the cost of Asset A is $1500 due to inflationary revaluation If the cost of Asset A in the corporate book changes by 30% to $1300, the actual adjustment is $300 In the tax book, the cost adjustment amount of $300 will be copied, not the rate of the adjustment (30% of $1500) The adjusted cost for Asset A in the tax book will be $1800, not $1950 You cannot view CIP assets in tax books from the Asset Workbench You can view this information in the View Financial Information window Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 35 General Tax Reports Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 36 Special Tax Reports Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 37 Depreciation Adjustment Reports Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 38 Summary Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 39 Summary Copyright © Oracle, 2010 All rights reserved Tax Accounting Chapter 13 - Page 40
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