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Oracle Lease and Finance Management User's Guide
Release 12.1
Part Number E13583-05
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Asset Conditioning

This chapter covers the following topics:

Overview

The Asset Return to Disposal process covers record keeping of returned assets, handling amortization and writedowns, evaluating the condition of an asset, determining what you want to do with the asset, and deploying your end-of-term strategies.

Asset Conditioning

During the asset return process, inspectors examine the asset and produce a condition report. If the asset is in need of repairs, then the inspector determines what the needed repairs are and estimates their costs.

The following topics cover how to record the condition of a returned, off-lease asset. When you record the condition of a returned asset, you record the overall condition of the asset, and then you can record detailed condition lines. Detailed condition lines include specifying the actual costs of conditioning the asset. When you are ready to bill either the vendor or the lessee for the repairs, you can issue an invoice.

The main topics in this section include:

Maintain an Asset's Condition

The topics in Asset Condition are:

Create Asset Condition

When you receive a returned asset, you can evaluate and record the asset's overall condition. After you create the overall asset condition, you can add detailed line items to describe the condition. To record the condition of a returned asset, you must put it into context. See Search for a Returned Asset Request.

Prerequisites

You have created the asset return and placed the asset into context.

You have evaluated the returned asset's condition.

Steps

Perform the following steps:

  1. In the Asset Return and Asset Number fields, verify that the correct asset is in context by clicking the hypertext links.

  2. If you need to select another returned asset, see Search for a Returned Asset Request.

  3. Click the Inspection subtab in the applicable Asset Return Request details page.

  4. Click Create to create an inspection report for the asset. The Create Inspection page opens.

  5. In the Asset Condition field, choose a condition, such as Good, Fair, Poor, or Not Applicable.

  6. Select the applicable inspector.

  7. In the Reported On field, click the Calendar icon and choose a date.

  8. Click Apply.

Guidelines

You can add specific condition lines and detailed information for each line. See Create Condition Line and Update Condition Line.

Create Condition Line

After you create a record of the asset's overall condition, you can add detailed line items to describe specific areas. Detailed line information can include recommended repairs, repair descriptions and codes, and estimated and actual costs of repairs.

Prerequisites

Steps

Perform the following steps:

  1. In the Asset Return and Asset Number fields, verify that the correct asset is in context by clicking the hypertext links.

  2. On the Asset Condition Details page, click the Create Line button.

    The Create Asset Condition Line page appears.

  3. Complete the following fields:

  4. In the Damage Details area, provide specific damage information:

  5. In the Repair Details area, complete the following fields:

  6. Click the Create button.

Update Condition Line

After you create a record of the asset's overall condition and have added detailed line items to describe specific areas, you can update existing line items, such as to change the status, approval, damage details, or repair information.

Prerequisites

Steps

Perform the following steps:

  1. In the Asset Return and Asset Number fields, verify that the correct asset is in context by clicking the hypertext links.

    If you need to locate the asset to put it into context, see Section 20.2.3, "Search for a Returned Asset Request".

  2. On the Asset Condition Details page on the row that shows the item you want to edit, click the Details icon.

    The Asset Condition Line Detail page appears.

  3. Edit any of the available fields:

  4. Click the Update button.

Generate Repair Invoice

After you create a record of the asset's overall condition, you have added detailed line items to describe specific areas of damage and repair, you may bill either the vendor or the lessee for the repairs. To bill either the vendor or the lessee, the status must be Approved.

The setup of billing items happens during implementation. For more information, see the Oracle Lease and Finance Management Implementation Guide.

Prerequisites

Steps

Perform the following steps:

  1. In the Asset Return and Asset Number fields, verify that the correct asset is in context by clicking the hypertext links.

    If you need to locate the asset to put it into context, see Search for a Returned Asset Request.

  2. Select the line items that you want to bill either the vendor or the lessee.

  3. Click the respective Bill Vendor or Bill Lessee button.

    A confirmation message indicates that the billing was successfully processed.