Convert Assets from a Legacy System

Load Assets into Assets

You can easily load the assets into Assets using the Create Asset Additions spreadsheet template.

From the Assets page, click the Add Assets in Spreadsheet panel tab.
Select the book and asset type, and click Go.
Enter your user name and password.
Enter the asset information in the spreadsheet.
Click Submit to save the information.

Note: You can also load asset information into the FA_MASS_ADDITIONS table using SQL*Loader.

View or verify the uploaded asset lines and make changes if necessary.

On the Assets page, click the Prepare Source Lines panel tab.
Search for the newly added asset lines.
If necessary, select a line and click Edit from the Actions menu to view or update an asset line.
Click Prepare All to export all lines to a spreadsheet.
Review the assets and enter additional information, if necessary.
Click Submit to save the information.

After you're satisfied that the asset information you loaded is correct, you can create the assets.

Run the Post Mass Additions process to create the assets using one of the following methods:
- Set the assets to Post in your spreadsheet and click Submit and Post Mass Additions.
- After setting the mass additions lines to Post, click the Ready to Post link on the Additions infotile and click Post All.
Verify the post mass addition results in the Post Mass Additions report.

On the Scheduled Processes page, click Schedule New Process.
On the Process Name menu, select Asset Additions Report.
Click OK to run the Asset Additions report to verify that each asset has the correct depreciation method, life, and date placed in service.
Also verify that each asset has the correct cost and accumulated depreciation and that the totals for each asset account are correct.
If you find any errors, click the Adjust Assets panel tab on the Assets page.
Search for the assets with errors to be fixed.
Select the asset and click Change Financial Details.
Make the necessary changes and click Submit.

Note: If you need to make adjustments to a large number of assets, you can process the assets by clicking the Mass tab and creating a batch, or by adjusting assets using a spreadsheet.
For additional verification, click the Perform What-if Analysis panel tab on the Assets page and verify that the expense projections agree with your estimates and that the assets were added properly.

After you verify that your assets are correct, click the Depreciation infotile on the Assets page and run the Calculate Depreciation process for the conversion period.

After the Calculate Depreciation process completes, run the Journal Entry Reserve Ledger report.
Use the Journal Entry Reserve Ledger report to verify that the depreciation amounts calculated by Assets are correct.
If you find any errors, click the Adjust Assets infotile on the Assets page.
Search for the assets with errors to be fixed.
Select the asset and click Change Financial Details.
Make the necessary changes and click Submit.

Note: If you need to make adjustments to large numbers of assets, you can process the assets by clicking the Mass tab and creating a batch, or by adjusting assets using a spreadsheet.

After you successfully create assets, you can remove the asset lines from the FA_MASS_ADDITIONS table.

On the Scheduled Processes page, click Schedule New Process.
On the Process Name menu, select Delete Mass Additions.
Click OK to run the Delete Mass Additions report to view the lines that can be deleted.

Verify that the asset in your corporate book is correct.
On the Assets page, select your tax book.
Click the Depreciation infotile.
Click Copy from Corporate.
Select the Corporate book period.
Click Submit.

Note: You should set up your tax books so that the first period starts at the same time as the associated corporate book. If your import period is the last period of the previous fiscal year, use Perform Initial Mass Copy. If your import is the first period of the current fiscal year, use Perform Periodic Mass Copy since there is no historical data in Assets.
Reconcile your tax books the same way you did your corporate book.
If you find any errors, make adjustments in the Adjust Assets infotile to correct them.

Note: If you need to make adjustments to large numbers of assets, you can process the assets by clicking the Mass tab and creating a batch, or by adjusting assets using a spreadsheet.