Mar 12, 2015 setup new tax book in assets module associate to the corporate book which posts to the primary ledger allow gl posting assign the secondary cash basis ledger for posting migrate all assets from the old tax book to the new tax book this amounts to a reimplementation of the tax book run initial mass copy and periodic mass copy to process. The report doesnt include expensed assets or construction in process cip assets. Tax book maintenance oracle assets help oracle help center. Tax book maintenance you can copy your assets and transactions from your corporate book to your tax books automatically using mass copy. Also created by mass copy when copying adjustments to a tax book. Oracle assets creates journal entries for the reinstatement to debit asset cost, credit accumulated depreciation, and reverse the gain or loss you recognized for the retirement.
Oracle assets treats an addition in your tax book as prior period only if the assets date placed in service is before the first day of the current tax book accounting period. Oracle assets also integrates with external non oracle systems to complete processing of asset transfers, disposals, reclassifications, financial and tax adjustments, and legacy data conversions. Depreciation information will be maintained as per companies act. Depreciation account select the account that will be tracking the accumulated depreciation balance sheet. Important sql queries related to oracle fixed asset. Asset books edu34bby effective mmddyy page 8 of 38 rev 1 asset books regions asset books regions n setup asset system book controls before you can define an asset book, the following items must be completed. The fixed assets fa module allows you to maintain equipment inventory, depreciation schedules using the best accounting and tax strategies. Determine how to transfer the asset life to the new depreciation book.
R12 fixed assets general questions linkedin slideshare. Generally, oracle assets uses the active row, but if you run a report for a prior accounting period, oracle assets selects the row that was. The name you enter appears in list of values windows which allow no more than 12 spaces. Copying made easy if you work with books and assets, you can now allow transfer transactions to be defaulted into your tax book.
Summary oracle assets prints summary totals of the assets in the tax book that are valid from the start of the fiscal year to the period that you entered. Oracle assets copies new assets and transactions you made in your corporate book during one accounting period in the current fiscal year into the open period of your tax book typically most of organization will be using both the corporate and tax types of asset books. Restricts access to data in a specific corporate fixed asset book by responsibility. For assets depreciating under the units of production method, oracle assets automatically copies the cost, date placed in service, and capacity from the corporate book. Oracle assets reverses the journal entries for proceeds of sale, cost of removal, net. How to avoid the transfer to gl of the journal entries related to the tax book in r12. Which transactions are copied via fixed assets mass copy. Asset book, corporate, tax and budget asset book, depreciation, bonus. Oracle assets automatically copies the date placed in service from the corporate book. If you choose to copy adjustments, oracle assets copies cost adjustments from the associated corporate book if the unrevalued cost in the corporate book before the adjustment matches the unrevalued cost in the tax book.
In oracle assets, specify system controls define your asset calendars. Fixed assets tax books implementation smartdog services. Updating a tax book with assets and transactions oracle docs. Fixed assets responsibility other requests run select and submit the transfer journal entries to gl assets program fagltrn with parameters to include the journal entries to be transferred.
For example, you can make the asset cost in your tax book different from the cost. Consequently, new or existing assets must be added first to a corporate book, and from there can be easily copied to all associated tax books. Unable to copy asset from corporate book to tax book oracle. The report contains information at the category level.
Generally, oracle assets uses the active row, but if you run a report for a prior. Updating a tax book with assets and transactions oracle. Hello friends, here is some of quite commonly used fa fixed assets tables and their usage. These fields are not mass copied because it is expected functionality that the tax books can have depreciation different from the corporate book. There is no regulation that requires the tax depreciation to be the same as the book depreciation in a given year.
We also use fusion projects for capital projects and only the corp book can be selected whilst capitalising in projects. We have established that for each corporate book, you can set up multiple tax books. Ebss oracle assets allows for the use of multiple asset registers, or asset books, and different types of book. Oracle fixed assets fixed assets useful tables fixed. Contains information about your depreciation periods. It lowers the cost of asset ownership and secures your assets while giving you a global view. Oracle fixed assets fa module is one of the oracle financials modules and is very flexible package for managing all the fixed asset management for any organization. Oracle assets does not run depreciation automatically for a tax book when you run depreciation for the associated corporate book. Fixed assets development has now combined the two patches the former rpc and the mandatory postrpc into one patch.
After this, you can setup the tax book and assign in the asset categories the new book. Jun, 2015 in fixed assets we have three types of books. How periodic mass copy works oracle assets help oracle docs. Yeartodate depreciation cannot exceed lifetodate depreciation. Overview of oracle assets overview of oracle assets oracle assets is a complete asset management solution that maintains property and equipment accurately to help you select the best accounting and tax strategies. In typical business scenario and to address the need to be able to hold asset in global and local book books to meet tax regulation, corporate book and tax book will be set up. An asset can belong to multiple tax books but must belong to only one corporate book.
Stepsthe issue can be reproduced at will with the following steps. Establish security by book create assets hierarchy navigator. Oracle assets also integrates with external feeder systems to complete processing of asset transfers, disposals, reclassifications, financial and tax adjustments, and legacy. Cip costs accumulated in projects capitalization events in projects capital assets created. Consequently, new or existing assets must be added first to a corporate book, and from. Group assets will have all costs as 0 fixed asset cost, original cost, deprn reserve. Fixed assets interview questions in r12 oracle techno. Smartdog specializes in helping our clients get full value from their oracle applications so we often see the same problems over and over, which means we get very good at delivering the solutions to those problems. Oracle fusion assets cloud service version na and later. Oracle fixed asset training oracle online training cloud. Technofunc overview of oracle fixed assets fa module. You can create as many tax books as you need, maintain your asset information in your corporate book, and then update your tax books with assets and transactions from your corporate book. When proposing new assets, this is the account that will be searched for new transactions. Journal entry reserve ledger report fixed assets register oracle ebs r12.
Setup new tax book in assets module associate to the corporate book which posts to the primary ledger allow gl posting assign the secondary cash basis ledger for posting migrate all assets from the old tax book to the new tax book this amounts to a reimplementation of the tax book run initial mass copy and periodic mass copy to process. Feb 08, 2014 these 3 account are used to record the difference between the depreciation calculated by the corporate book and the tax book if you are using a tax book. It includes retirement date, asset cost at the time of retirement, retired depreciation reserve amounts, and retired net book value. Useful to get asset cost, accumulated depreciation, nbv and charge account of assets. End to end configuration of oracle fixed assets module. An introduction to asset books in oracle fixed asset. This is also called depreciation book, asset book and asset register. Displays the assets that are retired during a given period. Multiple tax books can be associated to a corporate book. Oracle ebusiness suite fixed assets r12 is written for new and intermediate users.
What is the difference between book depreciation and tax. You can adjust for a single asset, groups of assets, or financial information. This article will provide an overview of oracle fixed assets and its features, functionalities and key steps that needs to be carried out for an implementation. Fixed assets manager setup security organization hierarchy purpose. Tax book in fa is set up to track assets and depreciation as per you tax laws.
Assets are typically transferred from a corporate book to a tax book using a standard system process as part of your period end activities. Quick guide to understand key concepts and approach for implementing oracle fusion tax assets cognizant solution overview solution overview july 2016 process flows. Type of asset books in oracle fixed assets enterprise. Capitalizations the periodic mass copy program treats cip asset capitalization transactions exactly the same way it treats addition transactions, since the cip asset is not already in the tax book. The tax regulations specify the useful life of assets but also allow for accelerated depreciation or the immediate expensing of certain amounts on some companies tax returns. Asset books oracle fusion apps oracle fusion oracle. After depreciation has completed, oracle assets will automatically run the journal entry reserve ledger report or the tax reserve ledger report. Oracle assets revalues the accumulated depreciation using the 5% revaluation rate. Adjustment created by the books and mass change forms when you change an assets financial data after the period of addition. Mar 30, 2014 when the program upload tax book interface is run, some of the assets are ending with below errors. Oct 06, 2015 book specific changes are intentionally not mass copied such as depreciation method, life, prorate convention, etc. Please run standard oracle report journal entry reserve ledger report in fixed assets before running the below query. Overview of oracle asset management oracle fusion apps. Does oracle fusion assets support secondary ledger for tax books.
Enable the allow convention for adjustment and transfer option at the corporate book level 2. It transfers the change in net book value to the revaluation reserve account. When a tax book is defined, it is associated to a corporate book. Hi friends, i need query for fixed asset reserve ledger report in discoverer. You also can manually add a single asset to a tax book. For each asset category assign the associated accounts usually same as corp book and the depreciation default rules. Feb 11, 2016 important sql queries related to oracle fixed asset developed for version 11. An account generator can be used to alternate the way oracle fixed assets standard transaction. Important sql queries related to oracle fixed asset developed for version 11. Asset types 40 fixed assets management asset account select the main asset cost account balance sheet. Use this form to restrict access to data in a specific book by responsibility. Link the asset categories to the tax books that will maintain those assets.
Or acl e d at a sh e et oracle assets oracle assets simplifies asset management and accounting complexities. For assets depreciating under the units of production method, oracle assets automatically copies the cost, date placed. Oracle allows for multiple depreciation default rules based on date placed in service. Hi my customer implemented oracle fixed assets in 2004. Basically there are two depreciation depreciation for you accounting and financial reporting this is based on the corporate book you set up and depreciation as per you tax laws which is based on your tax book. Quick guide to understand key concepts and approach for. These 3 account are used to record the difference between the depreciation calculated by the corporate book and the tax book if you are using a tax book. You can run depreciation as many times as you like. Use periodic mass copy each period to keep your tax book up to date with your corporate book. Oracle assets is a member of oracles asset lifecycle management solution, which maximizes the return on your global assets. Mandatory post patch required for fixed assets feb 2015 rpc. Lifetodate depreciation and yeartodate depreciation must be the same. Understanding book types free oracle cloud training. However the initial mass copy to the tax book was never done.
You can copy your assets and transactions from your corporate book to your tax books automatically using mass copy. When the program upload tax book interface is run, some of the assets are ending with below errors. Cusotmer currently keeps tax book in an excel spreadsheet which has not being updated since the end of the previous financial year. Enable the copy backdated additions and adjustments with current date option in the tax book 3. So learn more about the fixed assets with the help of this fixed assets interview. Run mass copy to update your tax book prior to running depreciation for the tax book. Oracle assets defaults the depreciation rules you defined for the category and date placed in service in the tax book. Corporate book is used to maintain the asset information and to maintain depreciation information. Whats new in assets for 19c learning objectives after completing this topic, youll learn to. Fixed assets upload tax book interface oracle community. Unlock the mystery of oracle assets bouchard, mr brian r. Oracle assets voids the original addition by changing the transaction type to additionvoid and creating a new addition transaction with the new data. Oracle allows you to exclude, if needed, asset categories from be maintained on the tax books.
All subsequent transactions you enter for this book will be processed in the following period. Streamline the copying of fixed asset adjustments and transfers to your tax books. There are many other tables also in fa but here i am putting only few commonly used tables. Oracle fixed asset training oracle online training. Moving assets from one ledger to another oracle applications. Whats new in assets for 19c free oracle cloud training. It copies both adjustments that are adjustment type in the tax book and adjustment transactions.
Bookspecific changes are intentionally not mass copied such as depreciation method, life, prorate convention, etc. Fusion tax assets the diagram below explains typical process flow for tax assets. Ran the periodic mass copy for copy to corporate process to copy to into our tax book and the asset did not appear. We have a requirement where some countries have a requirement to produce statutory reporting. Oracle assets defaults the depreciation rules you defined for the category and date placed in service in the. Oracle assets copies new assets and transactions you made in.255 777 215 1432 978 957 861 256 579 937 1518 1211 1349 569 934 228 1338 536 823 883 402 806 755 1600 539 913 1341 1001 888 742 1404 1060 1525 942 221 1168 220 1153 449 164 1127 1498 887 938 700 1337 309 737 1141