Oracle Assets System Setup
http://docs.oracle.com/cd/A60725_05/html/comnls/us/fa/setup.htm
http://www.slideshare.net/anand5538/fixed-assetssetup
http://docs.oracle.com/cd/E18727_01/doc.121/e13657/T477739T542578.htm
http://www.oracleerpappsguide.com/2012/01/fixed-assets-basic-setup-steps.html
http://oraclefinancial.wordpress.com/2010/06/30/oracle-fixed-asset-setup/
This section contains a brief overview of each task you need to complete
to set up Oracle Assets. Before you set up Oracle Assets, you should:
Multiple Reporting Currencies
If you plan to use Multiple Reporting Currencies (MRC) with Oracle Assets, additional setup steps are required.
See:
Multiple Reporting Currencies in Oracle Applications.
Oracle Applications Implementation Wizard
If you are implementing more than one Oracle Applications product, you
may want to use the Oracle Applications Implementation Wizard to
coordinate your setup activities. The Implementation Wizard guides you
through the setup steps for the applications you have installed,
suggesting a logical sequence that satisfies cross-product
implementation dependencies and reduces redundant setup steps. The
Wizard also identifies steps that can be completed independently--by
several teams working in parallel--to help you manage your
implementation process most efficiently.
You can use the Implementation Wizard as a resource center to see a
graphical overview of setup steps, read online help for a setup
activity, and open the appropriate setup window. You can also document
your implementation, for further reference and review, by using the
Wizard to record comments for each step.
For more information, see:
Implementation Wizard Documentation
You must set up underlying Oracle Applications Technology
The setup steps in this chapter tell you how to implement the parts of Oracle Applications specific to Oracle Assets.
The Implementation Wizard guides you through the entire Oracle
Applications setup, including system administration. However, if you do
not use the Wizard, you need to complete several other setup steps,
including:
- performing system-wide setup tasks such as configuring concurrent managers and printers
- managing data security, which includes setting
up responsibilities to allow access to a specific set of business data
and complete a specific set of transactions, and assigning individual
users to one or more of these responsibilities
For more information, see:
System administration documentation
Also, if your product uses Oracle Workflow to, for example, manage the
approval of business documents or to derive Accounting Flexfield values
via the Account Generator, you need to set up Oracle Workflow.
For more information, see:
Oracle Workflow documentation
Setup Flowchart
While you can set up Oracle Assets in many different ways, and defer
optional set up steps until you are ready to use the corresponding
functionality, the order suggested in the following flowchart is
recommended:
Setup Steps
Step 1 - Define Your Set of Books
You need to define at least one set of books before you can implement
and use Oracle Assets. A set of books includes an accounting calendar, a
functional currency, and an Account structure.
The Account defines the structure of your general ledger accounts. If
you have not defined your Account while setting up a Set of Books, you
need to set the Account to match your accounting structure and provide
valid values for expense, cash, and accounts payable liability accounts.
If you previously defined your set of books while setting up a different Oracle Financials product, proceed to the next step.
If you have not defined your set of books, you must complete the following steps:
- Define a set of books and assign it a calendar, functional currency and account structure. See: Defining Sets of Books.
- Have your system administrator assign your set of books to a responsibility
Step 2 - Define Your Asset Category Flexfield
The asset category flexfield allows you to define asset categories and
subcategories. For example, you can create an asset category for your
computer equipment. You can then create subcategories for personal
computers, terminals, printers, and software. You must assign the major
category segment qualifier to one segment of your category flexfield.
The major category segment facilitates capital budgeting. All other
segments are optional. You use the same setup windows to create your
asset category flexfield as you do for your other key flexfields. See:
Category Flexfield
Step 3 - Define Your Location Flexfield
The location flexfield allows you to specify and track the exact
location of your assets. You must assign the state segment qualifier to
one segment of your location flexfield. The state segment facilitates
property tax reporting. All other segments are optional. You use the
same setup windows to create your location flexfield as you do for your
other key flexfields. See:
Location Flexfield
Step 4 - Define Your Asset Key Flexfield
The asset key flexfield allows you to define asset keys that let you
name and group your assets so you do not need an asset number to find
them. The asset key is similar to the asset category in that it allows
you to group assets. However, the asset key has no financial impact.
This flexfield lets you assign the same name to many assets so you can
find similar assets. You can provide additional descriptive data to
group assets by project or other functional group. You can use this
flexfield to track your CIP assets. You use the same setup windows to
create your asset key flexfield as you do for your other key flexfields.
See:
Asset Key Flexfield.
Step 5 - Define Your System Controls
Set up your system controls. You specify your enterprise name, asset
numbering scheme, and key flexfield structures in the System Controls
window. You also specify the oldest date placed in service of your
assets. See:
Specifying System Controls.
Step 6 - Define Your Locations (Optional)
Define valid locations. Your location flexfield combinations tell
Oracle Assets what locations are valid for your company. Oracle Assets
uses location for tracking assets and for property tax reporting.
If your location flexfield has dynamic insertion turned off, this is the
only place you can define valid combinations. If dynamic insertion is
turned on, Oracle Assets automatically updates the Locations window with
the values you enter in the Assignments window. See:
Defining Locations.
Step 7 - Define Your Asset Keys (Optional)
Define valid asset keys. You can use the list of values to choose these combinations for your assets when you enter them.
If dynamic insertion is disabled for your asset key flexfield, Asset
Keys is the only window where you can define valid combinations. If
dynamic insertion is enabled, Oracle Assets automatically updates the
Define Asset Keys window with the values you enter when you add assets.
See:
Defining Asset Keys.
Step 8 - Define Your Standard Asset Descriptions and Other QuickCode Values (Optional)
QuickCode values are values that you can choose from a list of values
when you enter and maintain assets. You can define the QuickCode values
that you want for the following items:
- Standard Asset Descriptions
- Mass Additions Queue Names
See:
Entering QuickCodes.
Step 9 - Define Your Fiscal Years
Use the Fiscal Years window to define the beginning and end of each fiscal year since the start of your company.
Your fiscal year groups your accounting periods. You must define the
start and end date of each fiscal year since the oldest date placed in
service. If you are using a 4-4-5 calendar, your start and end dates
change every year. When you run the depreciation program for the last
period in your fiscal year, Oracle Assets automatically generates the
dates for your next fiscal year. See:
Creating Fiscal Years.
Step 10 - Define Your Calendars
Use the Calendars window to set up as many depreciation and prorate
calendars as you need. Calendars break down your fiscal year into
accounting periods. Define your calendars with as many periods as you
need.
Define a prorate calendar and a depreciation calendar for each
depreciation book. Depreciation books can share a calendar, and you can
use the same calendar for your depreciation calendar and prorate
calendar if appropriate.
| Depreciation Calendar
| Determines, with the divide depreciation flag, what fraction of the annual depreciation amount to take each period.
|
| Prorate Calendar
| Determines, with the date placed in service, which depreciation rate to select from the rate table.
|
You can set up different calendars for each depreciation book. For
example, you might set up a monthly calendar for financial reporting and
a quarterly calendar for tax reporting. See:
Specifying Dates for Calendar Periods.
Step 11 - Define Additional Journal Entry Sources (Optional)
If you do not install Oracle General Ledger, use the Journal Entry
Sources window in Oracle Assets to define additional journal entry
sources. Journal entry sources are used to identify the origin of your
journal entry transactions. See:
Defining Journal Sources.
If you previously defined your journal entry sources while setting up Oracle General Ledger, proceed to the next step.
Step 12 - Define Additional Journal Entry Categories (Optional)
If you do not install Oracle General Ledger, use the Journal Entry
Categories window in Oracle Assets to define additional journal entry
categories. Journal entry categories describe the purpose or type of
your journal entries. See:
Defining Journal Categories.
If you previously defined your journal entry categories while setting up Oracle General Ledger, proceed to the next step.
Step 13 - Define Your Book Controls
Use the Book Controls window to set up your depreciation books. You can
set up an unlimited number of independent depreciation books. Each
book has its own set of accounting rules and accounts so you can
organize and implement your fixed assets accounting policies.
When you define a tax book, you must specify an associated corporate
book. You can mass copy assets and transactions from the source book
into your tax book. You specify the current open period, and Initial
Mass Copy copies each asset into the tax book from the corporate book as
of the end of that fiscal year in the corporate book. See:
Defining Depreciation Books.
Step 14 - Decide How to Use the Account Generator
Oracle Assets uses the Account Generator to generate accounting
flexfield combinations for journal entries. You must review the default
process that Oracle Assets uses to see if it meets your accounting
requirements. You can optionally customize the Account Generator for
each set of books that you have defined. See:
Using the Account Generator in Oracle Assets. Note that you must set up Oracle Workflow in order to use the Account Generator.
Step 15 - Define Additional Depreciation Methods and Rates (Optional)
Depreciation methods specify how to spread the asset cost. Oracle
Assets includes many standard depreciation methods, and you can define
additional methods in the Methods window, if necessary.
| Life-Based Depreciation Method
| Oracle Assets includes standard life-based
depreciation methods and rates. However, you can define additional
life-based methods.
|
| Flat-Rate Depreciation Method
| You can define additional flat-rate methods,
such as Diminishing Value. You can define your methods to calculate
depreciation using either the net book value or the cost of the asset.
|
| Bonus Depreciation Rules
| Use the Bonus Depreciation Rules window to
enter bonus rates for your flat-rate depreciation methods. Bonus rules
allow you to take additional depreciation in the early years of an
asset's life.
|
| Units Of Production
| You can define a units of production method so
you can calculate depreciation for an asset based on actual production
or use for the period.
|
See:
Defining Additional Depreciation Methods and
Defining Bonus Depreciation Rules.
Step 16 - Define Your Depreciation Ceilings (Optional)
Depreciation ceilings limit the depreciation expense you can take for an
asset. Set up depreciation expense ceilings to limit the annual amount
of depreciation expense you can take on an asset. Or set up
depreciation cost ceilings to limit the recoverable cost of an asset.
| Depreciation Expense Ceilings
| Use the Ceilings window to define your
depreciation expense ceilings. If you are subject to United States tax
law, you must set up depreciation ceilings for luxury automobiles.
|
| Depreciation Cost Ceilings
| If you do business in a country which requires
cost ceilings, such as Australia, you can limit the cost Oracle Assets
uses to calculate depreciation. When you use a cost ceiling, Oracle
Assets bases depreciation expense on the lesser of the cost ceiling and
the asset cost.
|
See:
Setting Up Depreciation Ceilings.
Step 17 - Define Your Investment Tax Credits (Optional)
Set up your Investment Tax Credit (ITC) rates, recapture rates, and
ceilings. Investment tax credits (ITC) allow you to reduce the
recoverable cost of an asset.
| ITC Rates
| Oracle Assets allows you to set up ITC rates
for assets that are eligible for Investment Tax Credit. ITC rates
determine the amount of ITC for an asset.
|
| ITC Recapture Rates
| Oracle Assets allows you to set up ITC
recapture rates for assets with Investment Tax Credits. ITC recapture
rates determine the portion of the investment tax credit that must be
recaptured if you retire the asset prematurely.
|
See:
Defining Investment Tax Credit Rates.
| ITC Ceilings
| Oracle Assets allows you to define Investment
Tax Credit (ITC) ceilings. ITC ceilings limit the amount of ITC for an
asset. If you are subject to United States tax law, you must set up ITC
ceilings for luxury automobiles.
|
See:
Setting Up Depreciation Ceilings.
Step 18 - Define Your Prorate and Retirement Conventions
Use the Prorate Conventions window to set up your prorate and retirement
conventions. Prorate and retirement conventions determine how much
depreciation expense to take in the first and last year of life, based
on when you place the asset in service. Oracle Assets lets you set up
as many prorate and retirement conventions as you need.
| Prorate Conventions
| Determines how much depreciation expense to take in the first year of life.
|
| Retirement Conventions
| If you do business in a country that requires
you to use a different prorate convention for retirements than for
additions, set up retirement conventions to determine how much
depreciation to take in the last year of life, based on the retirement
date.
|
You must set up your prorate conventions for the entire year. When you
run the depreciation program for the last period in your fiscal year,
Oracle Assets automatically generates the dates for your next fiscal
year. See:
Specifying Dates for Prorate Conventions.
Step 19 - Define Your Price Indexes (Optional)
A price index lets you calculate gains and losses for retirements using
current value rather than historical cost. If you do business in a
country that requires you to base gains and losses on current value
rather than historical cost, Oracle Assets lets you set up price indexes
to calculate the gains and losses for your asset upon retirement. When
you retire an asset assigned to a category and book for which you have
defined a price index, you can run the Revalued Asset Retirements Report
which uses the revalued asset cost in calculating gains and losses.
You can use a different index for each asset category or the same index
for all categories. You associate an index with an asset category by
entering the name of the price index in the Price Index field on the
Asset Categories window. See:
Defining Price Indexes.
Step 20 - Define Your Unit of Measure Classes (Optional)
If you do not install Oracle Inventory or Oracle Purchasing, use the
Unit of Measure Classes window in Oracle Assets to define your unit of
measure classes. You can define classes for the units you use to
measure production for your units of production assets. See:
Defining Units of Measure Classes.
If you previously defined your unit of measure classes while setting up a
different Oracle Applications product, proceed to the next step.
Attention: You must set up an Organization before you can define units of measure classes. See: Creating an Organization.
Attention: You must define the profile option HR:User Type before you can set up an Organization. See: Setting User Profile Options
Step 21 - Define Your Units of Measure (Optional)
If you do not install Oracle Inventory or Oracle Purchasing, use the
Units of Measure window in Oracle Assets to define your units of
measure. You can define the units you use to measure production for
your units of production assets.
Attention: You must set up an Organization before you can define units of measure. See: Creating an Organization
Attention: You must define the profile option HR:User Type before you can set up an Organization. See: Setting User Profile Options.
If you previously defined your units of measure while setting up a
different Oracle Applications product, proceed to the next step.
Step 22 - Define Your Asset Categories
Asset categories let you define information that is common to all assets
in a category, such as depreciation method and prorate convention.
Oracle Assets uses this information to provide default values to help
speed asset entry. See:
Setting Up Asset Categories.
Step 23 - Define Distribution Sets (Optional)
Distribution sets let you automatically assign distributions to a new
asset or mass addition quickly and accurately by using a predefined
distribution set. Default distribution sets appear in the Distribution
Set poplist in the Assignments window. See:
Defining Distribution Sets.
Step 24 - Enter Leases (Optional)
Define leases in the Lease Details window. You can assign leases to one
or more assets in the Asset Details window. You can also test your
leases in accordance with generally accepted accounting principles in
the Lease Details window, and you can analyze alternate leasing
strategies using the Lease Payments window. See:
Entering Leases and
Lease Analysis.
Step 25 - Define Warranties
Define and track descriptive information on manufacturer and vendor
warranties. You define the warranty information in the Asset Warranties
window. You can then assign assets to these previously defined
warranties in the Asset Details window. You can assign any number of
assets to the same warranty. See:
Defining Asset Warranties.
Step 26 - Define Your Supplier and Employee Numbering Schemes (Optional)
If you do not install Oracle Purchasing or Oracle Payables, use the
Financials Options window in Oracle Assets to define your supplier and
employee numbering schemes. You need to specify how to number your
suppliers and employees before you can enter suppliers or employees.
See:
Defining Financials Options.
If you previously defined your supplier and employee numbering schemes
while setting up a different Oracle Applications product, proceed to the
next step.
Step 27 - Define Your Suppliers (Optional)
If you do not install Oracle Purchasing or Oracle Payables, use the
Suppliers window in Oracle Assets to define your suppliers. You must
enter a supplier before you can enter assets or bring over mass
additions purchased from that supplier. Oracle Assets only uses the
supplier name, number, and inactive date. See:
Entering Suppliers.
If you previously defined your suppliers while setting up a different Oracle Applications product, proceed to the next step.
Step 28 - Define Your Employees (Optional)
If you do not install Oracle Personnel, Oracle Payroll, Oracle
Purchasing, or Oracle Payables, use the Enter Person window in Oracle
Assets to define employees. You must enter an employee before you can
assign an asset to the employee. Oracle Assets only uses the employee
name, number, and termination date. See:
Entering a New Employee.
If you previously defined your employees while setting up a different Oracle Applications product, proceed to the next step.
Step 29 - Define Your Descriptive Flexfields (Optional)
You
can set up descriptive flexfields to track additional information. For
example, you can set up a descriptive flexfield for each asset category
to collect information relevant to your business. For example, you
might want to track the license number for cars, but the square footage
for buildings. Then, when you assign a new asset to a category, you can
enter the additional information.
There are many other descriptive flexfields in Oracle Assets. For
example, you can set up a descriptive flexfield to store additional
information about your transactions. See:
Defining Descriptive Flexfields.
Note: To set up the Leases GUI descriptive flexfield or the Retirements GUI descriptive flexfield, see: Defining Descriptive Flexfield Structures.
Step 30 - Set Profile Options
Profile options specify how Oracle Assets controls access to and
processes data. In general, profile options can be set at one or more
of the following levels: site, application, responsibility, and user.
Oracle Assets users use the Personal Profile Values window to set
profile options only at the user level. System administrators use the
Update System Profile Options window to set profile options at the site,
application, responsibility, and user levels.
You can set or view the following profile options in Oracle Assets. The
table also includes profile options from other applications that are
used by Oracle Assets. See
Overview of User Profiles and
Setting User Profile Options.
| Key
|
| You can update the profile option.
|
| -
| You can view the profile option value but you cannot change it.
|
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