Overview of Oracle Assets Approvals

You can configure automatic approvals for routine transactions and exceptions for manager approvals to optimize controls for managing the fixed assets life cycle.

These approvals encompass most asset transactions, including additions, transfers, retirements, reclassifications, and cost or depreciation method adjustments.

The asset capitalization process requires a certain level of governance to review and approve the capital costs that are initialized as the cost of an asset. Similar governance is required for movement of assets, retirements, and other forms of cost adjustments.

Oracle Assets provides an approval workflow that lets you configure the proper approval mechanism to tightly control fixed asset transactions that materially affect the balance sheet and profit and loss account.