1. Using Assets
  2. Overview of Asset Lifecycle Management

Overview of Asset Lifecycle Management

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

The application:

  • 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 Payables

  • Oracle Project Costing

  • Oracle 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 Maintenance and Receiving

To create assets from receipts from Oracle Receiving, use the following flow:

  • Create the purchase order in Oracle Procurement.

  • Receive the items into the inventory organization defined in the purchase order.

  • Create the assets in Assets.

Integrate with Maintenance Management and Installed Base

Associate your fixed asset with the Installed Base and Maintenance asset either manually, or through file-based data import (FBDI) or REST services.

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 General Ledger.

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

Related Topics