GASB 34/35 asset accounting enables users to report capital acquisitions as expenditures in fund statements and as depreciating assets in the government- or university-wide statements while continuing to charge the acquisitions to expense accounts in Oracle Purchasing and Oracle Payables.
To meet GASB 34/35 asset accounting requirements, users must set up a new request set that includes the following concurrent processes in the sequence indicated:
Payables Approval
Create Accounting
Update Assets Tracking Flag
Mass Additions Create
Update Asset Type
Users must define the parameters for the concurrent processes and schedule the request set to run overnight to capture all daily Payables activity. Users can also set up the option to print all output results.
Note: Context sensitive help for these concurrent processes is available when running the processes individually. To enable context sensitive help when running the concurrent processes as part of the new GASB 34/35 request set, users must customize the online help files to add the anchor name. To customize online help, see Customizing Oracle Applications Help, Oracle Applications System Administrator's Guide.. Users can also consult the online documentation.
The Payables Approval process enables users to automate their approval cycle through automatic approval submission.
The Create Accounting process creates accounting entries for Payables transactions.
The Update Assets Tracking Flag process automatically checks the Track As Asset flag for all invoice distributions containing object codes in a predefined range of values for recording capital expenditures. The process selects the Track As Asset flag for all invoice distributions that meet the following conditions:
Track As Asset flag not already selected
not yet exported to Oracle Assets by the Mass Additions process
An output report is generated that lists all invoice distributions with the Track As Asset flag automatically selected.
The Mass Additions Create process transfers capital invoice line distributions from Payables to Assets.
The Update Asset Type process changes the asset type from Expensed to Capitalized or CIP for each expensed asset within the range of accounts brought into Assets by the Mass Additions process. This process changes the asset type for all lines in the Mass Additions table that meet the following conditions:
asset type equals Expensed
posting status equals New
account falls within range of all possible Capital and CIP expenditure accounts
An output report is generated that lists all assets whose types were changed from Expensed to Capitalized or CIP.
Setup of the GASB 34/35 asset accounting feature must be completed in the sequence indicated in the Oracle Public Sector Financials Setup Checklist. Ensure that all setup steps required before defining request set parameters are completed.
To review setup steps, see Oracle Public Sector Financials Setup Overview.
A GASB 34/35 request set must be set up.
To set up a GASB 34/35 request set, see Oracle Public Sector Financials Setup Overview.
Note: For additional information on defining request sets, see Organizing Programs into Request Sets, Oracle Applications User's Guide.
To define the GASB 34/35 request set:
In System Administration, navigate to the Submit Request window.
Click Request Set Wizard.
To set up requests to run sequentially, select the Sequentially (One After Another) radio button.
Click Next.
To abort processing when a request ends with the status Error, select the Abort Processing radio button.
Click Next.
In the Set field, enter a name for the request set.
In the Application field, select System Administration from the list of values.
Click Next.
To print output files, select the appropriate radio button to print output files as each request in the set completes or after the entire set has completed.
Click Next.
Enter the concurrent processes in the Program field in the following sequence:
Payables Approval
Create Accounting
Update Assets Tracking Flag
Mass Additions Create
Update Asset Type
The application for each concurrent process is automatically entered in the Application field.
Click Finish.
Click OK.
The Request Set window appears.
To define parameters and print options for the request set, click Define Stages.
The Stages window appears.
Select a concurrent process and click Requests.
The Stage Requests window appears.
Enter print options for the concurrent process.
To enter parameters, click Parameters.
The Requests Parameters window appears.
Enter and save the parameters and return to the Stages window.
Note: Use the current date as a parameter for these processes to allow the request set to automatically run overnight or on a daily basis.
Enter parameters as follows:
To enter parameters for the Payables Approval process, see Payables Approval Program, Oracle Payables User Guide.
To enter parameters for the Create Accounting Process, see Oracle Subledger Accounting Implementation Guide
To enter parameters for the Update Assets Tracking Flag process, see Table 14–1.
To enter parameters for the Transfer GL Journal Entries to General Ledger process, seeOracle Subledger Accounting Implementation Guide.
To enter parameters for the Mass Additions Create process, see Mass Additions Create Program, Oracle Payables User Guide.
To enter parameters for the Update Asset Type process, see the Update Asset Type Parameters table.
Repeat Steps 16 to 19 for each concurrent process.
The table below describes the parameters for the Update Assets Tracking Flag process.
| Parameter | Type | Description |
|---|---|---|
| GL Date From | optional | General Ledger start date
Note: GL Date From and GL Date To establish the date range for invoice distributions. |
| GL Date To | required | General Ledger end date
Note: GL Date From and GL Date To establish the date range for invoice distributions. |
| Account From | required | starting account for all Capital and CIP expenditure accounts as defined in the chart of accounts setup
Note: Account From and Account To establish the account range for invoice distributions that are checked by the process. |
| Account To | required | ending account for all Capital and CIP expenditure accounts as defined in the chart of accounts setup
Note: Account From and Account To establish the account range for invoice distributions that are checked by the process. |
The table below describes the parameters for the Update Asset Type process.
| Parameter | Type | Description |
|---|---|---|
| Asset Book | required | asset book |
| Capital Account From | required | beginning capital account
Note: Capital Account From and Capital Account To represent all possible capital expenditure accounts. |
| Capital Account To | required | ending capital account
Note: Capital Account From and Capital Account To represent all possible capital expenditure accounts. |
| CIP Account From | required | beginning CIP account
Note: CIP Account From and CIP Account To represent all possible CIP expenditure accounts. |
| CIP Account To | required | ending CIP account
Note: CIP Account From and CIP Account To represent all possible CIP expenditure accounts. |
To schedule the GASB 34/35 request set:
In Payables, navigate to the Submit Request window.
In the Name field, select the GASB 34/35 request set from the list of values.
To schedule the request set to run overnight, click Schedule.
The Schedule window appears.
Note: Scheduling the request set allows users to set the parameters once, save the parameters, and automatically run the request set at regular intervals.
Enter details in the Schedule window.
Click OK.