Can I delete a project asset that has been transferred into Oracle Assets?

You can't delete a project asset once it's transferred into Oracle Assets. You can, however, reverse the costs associated with the capitalized asset.

When you reverse a capitalized asset in Oracle Projects, Projects creates reversing (negative) asset lines to offset the asset lines previously interfaced to Oracle Assets. The asset remains in Oracle Assets with a value of zero. Projects does not delete the asset from Oracle Assets. You can use functionality within Oracle Assets to retire the asset if you do not plan to recapitalize the reversed asset.

You typically need to reverse a capitalized asset when:

• The project asset was placed in service in error.
• The project asset sent faulty asset costs to Oracle Assets. For example, the project asset sent incorrect:
  • Actual asset in-service date
  • Asset book name
  • Asset category
  • Depreciation expense account

You can reverse the capitalization of the asset in Projects, and send the reversing asset lines to Oracle Assets as an adjustment. However, you can do so only if the asset lines were transferred into Oracle Assets using the Transfer Assets to Oracle Fusion Assets process, and the Post Mass Additions process ran successfully on those source asset lines in Oracle Assets.

Reversing a Capitalized Asset within Project Costing

To reverse the capitalization of an asset:

1. Navigate to Projects > Assets > Manage Capital Projects.
2. Find the project associated with the asset and select Actions > Manage Capital Assets.
3. Choose the asset whose capitalization you want to reverse. Ensure that you do not have amortized adjustments created for the asset.
   Note: You can specify whether you want to amortize adjustments to a project asset when you define or update it. For details, see How can I amortize adjustments to capital assets?
4. Either right-click or go to Actions and select Reverse Capitalized Asset.

   A warning message appears, informing you that there are assets that share transaction costs with the selected asset, and that all assets are included for reversal in addition to the selected asset.

5. You can now either choose to include all the assets or only the selected asset for reversal. If you don't want to mark any of the other assets for reversal, click Cancel.
6. Projects automatically enables the Reverse check box for the asset whose capitalization you want to reverse. Verify the number of assets selected at the top.

   If you reversed the wrong asset, or you want to unreverse an asset before you run the Generate Asset Lines process, choose the asset and navigate to Actions > Reverse Capitalized Asset to deselect the asset for reversal.

7. Save your changes.
8. Run the Generate Asset Lines process to remove the actual date in service from the asset and create reversing entries that you can send to Oracle Assets.