Placing an Asset in Service
When the CIP asset is complete, you place it in service. If your project has more than one CIP asset, you can place each asset in service as it is completed; you do not have to complete the entire project to place an asset in service. You place an asset in service by entering the Actual Date In Service for the asset. Although you can collect expensed costs for a capital project, you cannot capitalize these costs.
The Actual Date In Service can be a past, current, or future date. After you enter the date, generate and interface the asset lines. Oracle Assets will calculate and record how much depreciation should have been taken for the asset.
To capitalize CIP asset costs (place an asset in service):
1. Navigate to the Capital Projects window.
2. Find the capital project whose assets you want to place in service by entering search criteria, such as estimated in service date, project name or number, project type, organization, key member, or class code, in the Find Capital Projects window.
In the Capital Projects window, Oracle Projects displays the summarized expensed, CIP, and capitalized project costs for each project. The Update Project Summary Amounts process updates expensed and CIP amounts; the Interface Assets process updates the capitalized amount.
3. Choose the capital project you want and choose the Assets button.
4. In the Assets window, enter the Actual Date In Service.
Compare the Estimated Date In Service to the Actual Date Placed in Service. If unreasonable discrepancies exist, verify that the Date Placed in Service for the asset is correct.
Attention: You cannot send assets to Oracle Assets whose Actual date placed in service is later than the current Oracle Assets period date.
5. Enter a complete asset definition for the asset if you have set up Oracle Projects to only allow complete definitions to be sent to Oracle Assets. (Oracle Projects prompts you to enter missing required fields when you attempt to save your work.)
For a list of the fields required for a complete asset definition, see: Defining Assets.
See Also
Defining Assets
Generating Summary Asset Lines.
Reversing Capitalization of an Asset in Oracle Projects
