Asset Descriptive Details (Oracle Assets Help)


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Asset Descriptive Details

This section describes selected fields on the Asset Details window.

Asset Number

An asset number uniquely identifies each asset. When you add an asset, you can enter the asset number, or leave the field blank to use automatic asset numbering. If you enter an asset number, it must be unique and not in the range of numbers reserved for automatic asset numbering. You can enter any number that is less than the number in the Starting Asset Number field in the System Controls window, or you can enter any non-numeric value.

Description

Use list of values to choose a standard description you defined in the QuickCodes window, or enter your own.

Tag Number

If you enter a tag number, it must be unique. A tag number uniquely identifies each asset. For example, use the tag number to track asset barcodes, if you use them.

Asset Category

Oracle Assets defaults depreciation rules based on the category, book, and date placed in service. All assets in a category share the same asset cost accounts and depreciation accounts for each depreciation book.

Category Descriptive Flexfield

Descriptive flexfields allow you to collect and store additional information about your assets. For each asset category, you can set up a descriptive flexfield to prompt you for additional information based on the asset category you enter. For example, you might want to track the license number for automobiles, but the square footage for buildings. When you specify a category for a new asset, you can enter your information in a descriptive flexfield.

Asset Key

The asset key allows you to group assets or identify groups of assets quickly. It does not have financial impact; rather it can be used to track a group of assets in a different way than the asset category. For example, use an asset key to group assets by project.

Asset Type

Valid asset types are:

Capitalized: Assets included on the company balance sheet. Capitalized assets usually depreciate. Charged to an asset cost clearing account.

CIP (Construction-In-Process): Unfinished assets being built, not yet in use and not yet depreciating. Once you capitalize a CIP asset, Oracle Assets begins depreciating it. Charged to a construction-in-process clearing account.

Expensed: Items that do NOT depreciate; the entire cost is charged in a single period to an expense account. Oracle Assets tracks expensed items, but does not create journal entries for them. Oracle Assets does not depreciate expensed assets, even if the Depreciate check box in the Books and Mass Additions Prepare windows is checked for that asset.

Units

The number of units represents the number of components included as part of an asset. Use units to group together identical assets. For example, you might add an asset that is composed of ten separate but identical chairs. If you are adding an asset, accept the default value of one, or enter a different number of units.

Parent Asset

You can separately track and manage detachable asset components, while still automatically grouping them to their parent asset. For example, a monitor can be tracked as a subcomponent of its parent asset, a computer. You can specify a rule in the Asset Categories window by which Oracle Assets defaults the life for a subcomponent asset based on the category and the parent asset life.

Enter the parent asset to which your asset belongs if you are adding a subcomponent asset. The parent asset must be in the same corporate book. If you are adding a leasehold improvement, enter the asset number of the leased asset. To properly default the subcomponent life, add the parent asset before the subcomponent.

You must set up the depreciation method for the subcomponent asset life before you can use the method for that life. If your subcomponent asset uses a depreciation method of type Calculated, Oracle Assets sets up the depreciation method for you. If the depreciation method is not Calculated and if it is not already set up for the subcomponent life rule default, Oracle Assets uses the asset category default life.

Oracle Assets does not automatically perform the same transaction on a subcomponent asset when you perform it on the parent asset. Use the Parent Asset Transactions Report to review the transactions that you have performed on parent assets during a period.

Warranty Number

You can set up and track manufacturer and supplier warranties online. Each warranty has a unique warranty number. Use the list of values or enter a previously defined warranty number to assign the asset to the coinciding warranty.

Lease Information

You can enter lease information only for an asset assigned to a leased asset category. You must define the lessor as a valid supplier in the Suppliers window, and define leases in the Lease Details window, before you can attach a lease to an asset you are adding in the Asset Details window.

If you are entering a leasehold improvement and you completed the Parent Asset field in the Asset Details window, Oracle Assets displays the related lease information from the parent asset. You cannot provide separate lease information for the leasehold improvement.

Ownership

You can track Owned and Leased assets. Choosing the value Leased from the Ownership list does not automatically allow you to enter lease information. You can enter lease information only if you assign the asset to a leased asset category.

In Use

The In Use check box is for your reference only. It indicates whether the asset is in use. For example, a computer in storage still depreciates because it becomes obsolete over time whether or not it is in use. Use this check box to track that it is not in use.

In Physical Inventory

When you check the In Physical Inventory check box, it indicates that this asset will be included when you run the Physical Inventory comparison. When you set up categories, you define whether assets in a particular category should be included in physical inventory. You can use the In Physical Inventory check box in the Asset Details window to override the default.