1Asset Lifecycle Management

This chapter contains the following:

Overview of Asset Lifecycle Management

Oracle Fusion Assets automates asset management and simplifies fixed asset accounting tasks.

Oracle Fusion Assets:

  • Uses a unified source of asset data (with data from your Oracle Fusion applications as well as external feeder systems).

  • Provides you with visibility into your assets worldwide.

  • Provides data security and function access.

You can streamline standard asset management tasks with automated business flows for these transactions:

  • Asset additions

  • Asset transfers

  • Disposals

  • Reclassifications

  • Financial adjustments

  • Legacy data conversions

You can also use standard accounting, operational, and registry reports for ease of reconciliation and analysis.

Assets directly integrates with the following applications:

  • Oracle Fusion Payables

  • Oracle Fusion Project Costing

  • Oracle Fusion Subledger Accounting

Integrate with Payables

To create assets from invoice information in Payables, use the following flow:

  • Use the Create Mass Additions for Assets process to send valid invoice line distributions and associated discounts from Payables to the Mass Additions interface table in Assets.

  • Review the mass addition lines in Assets and determine whether to create assets from the lines.

  • Create the assets in Assets.

Integrate with Project Costing

To create assets from project lines in Project Costing, use the following flow:

  • Collect construction-in-process (CIP) costs for capital assets you're building in Project Costing.

  • When you finish building your CIP asset, capitalize the associated costs as asset lines in Project Costing.

  • Run the Interface Assets process to send valid capital asset lines to the Mass Additions interface table in Assets.

  • Review the mass addition lines in Assets and determine whether to create assets from the lines.

  • Create the assets in Assets.

Note: If you use Project Costing to build CIP assets, you don't need to create CIP assets in Assets. For costs that originate in Payables, you should send CIP costs to Project Costing and capitalized costs to Assets.

Integrate with Subledger Accounting

Assets is fully integrated with Subledger Accounting for generating accounting entries, transaction drill down, and reporting. You can:

  • Run the Create Accounting for Assets process to create journal entries for transaction events in Assets.

  • Transfer and post the journal entries to Oracle Fusion General Ledger.

  • Use the accounting reports to review accounting information for your assets, and to reconcile to the general ledger.

This overview outlines the infotiles on the Assets landing page to manage your daily work.

The Assets landing page contains the following infotiles:

  • Additions

  • Adjustments

  • Transfers

  • Retirements

  • Depreciation

The number against each status depicts the number of transactions that require action.

Additions

The Additions infotile depicts the number of transactions that require action. Transactions that require action are assigned one of the following three statuses:

  • Incomplete

  • Exceptions

  • Ready to Post

The number against each status depicts the number of transactions that require action.

After you enter any required information, set the status to Post, and fix any exceptions, all of your transactions should be in a status of Ready to Post. You can then post the assets by clicking Post All. You can also use a spreadsheet to update the transactions and then post your assets directly from the spreadsheet.

You can review the posted assets by clicking the Notifications icon, then clicking the most recent link. The link opens the Asset Inquiry page, where you can review your posted assets.. You can also review reports and accounting entries on the Asset Inquiry page.

Adjustments

The Adjustments infotile displays adjustments that are in progress. You can compare the old details with the updated details by clicking the Information icon to open the old details. For example, the old details show a life in years of 2 and the updated details show a life in years of 3.

Transfers

The Transfers infotile displays the details of the assets that you're transferring. You can compare the old details with the updated details by clicking the Information icon to open the old details. For example, the old details indicate that the asset isn't assigned to an employee, but in the updated details, the asset is assigned to an employee named Hunter Flores.

Retirements

The Retirements infotile depicts the number of transactions that require action. Retirement transactions that require action are assigned one of the following three statuses:

  • Incomplete

  • Exceptions

  • Ready to Post

After you enter any required information and fix any exceptions, all of your transactions should be in a status of Ready to Post. You can then post the retirements by clicking Post All. You can also use a spreadsheet to update the transactions and then post your assets directly from the spreadsheet.

Depreciation

When you complete the actions on the Additions, Adjustments, Transfers, and Retirements infotiles, you can run the Calculate Depreciation process. Use the infotile to either:

  • Run the Calculate Depreciation process

  • Run the Calculate Depreciation process and close the period