Automatically Create Project Assets for Item Receipts

Automatically create a project asset for project purchases to an Inventory or Expense (accrued at receipt) destination. The automatically created project asset is related to a maintenance asset and will automatically establish a relationship between the maintenance asset, the project asset, and the associated fixed asset.

Project assets for serial controlled item receipts to an inventory or expense destination will be created for each serial number.

Note: This feature will be available starting with the 25C release.

Creating Project Assets Automatically

To create project assets automatically:

Create a purchase order in Oracle Fusion Cloud Procurement. Select mandatory parameters, including Business Unit, Supplier, and Supplier Site.
When adding purchase order line items, ensure you provide the following parameters in addition to the details required to create a purchase order with a receipt destination type of Inventory or Expense:
1. Select the inventory item that's enabled for creation of fixed assets at receipt.
2. Select a capital project that's enabled for automatic creation of project assets.
Submit the purchase order for approval.
After the item is procured, process the receipt of the item into the inventory organization defined in the purchase order. Some or all of the following processes will need to be submitted, depending on the receipt destination.
- Transfer Transactions from Receiving to Costing
- Transfer Transactions from Inventory to Costing
- Transfer Costs to Cost Management
- Create Receipt Accounting Distributions
- Create Cost Accounting Distributions
- Create Accounting for Receipt Accounting and Cost Management
Review receipt or cost accounting distributions and verify that your transactions are fully costed and accounted.
Import the accounted receipt costs into Project Costing using the Import Costs process.
Ensure an installed base asset role is assigned to your user and run the Transfer Receipts to Mass Additions and Projects scheduled process.
To create the project asset for the imported project receipt costs, run the Import Asset and Assignments process.

You can view the automatically created project assets in the Manage Capital Assets page. If the imported project cost is associated with a serial controlled item, you can also view the serial number information in the related project asset record.

At any point of time, you can ascertain whether a project asset was automatically created by reviewing the corresponding value in the Asset Creation Source column, which can hold only two values, Manual and Automatic.
If your project type has the Require Complete Asset Definition option selected, review your project asset for any missing details and update them as appropriate.
Account the project cost transactions for the concerned project and run the following processes to capitalize these costs, as usual:
1. Generate Asset Lines
2. Transfer Assets to Oracle Fusion Assets, from the Project Assets work area
3. Post Mass Additions scheduled job, in Fusion Assets
4. Update Asset Details from Oracle Fusion Assets, in Project Costing
Review the fixed asset details transferred from Fusion Assets for the project asset in the Manage Capital Assets page for the relevant project assets. Use the Asset Number column to ensure that each project asset now has an associated fixed asset.
Ensure that an installed base asset role is assigned to your user: Run the Connect and Synchronize Fixed Asset to Operational Asset scheduled process. The asset book on the project asset, fixed asset, and the maintenance asset must match for the synchronization process to be successful.
Once this is done, you can see the fixed asset associated with your installed base asset on the Fixed Asset tab of the Edit Asset user interface in Fusion Assets.

Automatic Updates to Project Asset Units for an Automatically Created Project Asset

Receipt returns to suppliers for replacements and receipt corrections will also be automatically updated for the original receipt associated with the automatically created project asset. The updates made to project asset units depend on the status of the associated project asset. The details are as follows.

When a project asset has been created for the original item receipt

When you import capital project related receipt returns into Project Costing after creating project assets for item receipts, the project asset units for such automatically created project assets will reflect the net result of the original receipt and receipt returns.
For serial-controlled items and non-serial-controlled items, when the project asset units become zero or negative as a result of returns, the project asset will be placed on hold. You can review and take necessary action on such automatically created project assets. No asset lines will be generated for the assets on hold.

When a project asset is yet to be created for the original item receipts

When capital project related receipts eligible for automatic project asset creation are imported in Project Costing along with receipt returns, the project asset units for such assets will reflect the net result of such receipts and receipt returns.

For serial-controlled items and non-serial-controlled items, when project asset units become zero or negative as a result of returns, the project asset will be placed on hold. You can review and take necessary action on such automatically created project assets. No asset lines will be generated for the assets on hold.

When a project asset has been created for the original item receipt and transferred to Oracle Fusion Assets

When the receipt returns are imported in Project Costing for an automatically created project asset after it has been transferred to Oracle Fusion Assets, there will be no update made to the project asset units associated with the related project assets. Users are expected to make the necessary updates directly in Oracle Fusion Assets for the fixed asset.

The completion text output of the Import Asset and Assignments process will indicate as to when updates to project asset units are not successful and provide project asset details associated with such scenarios. Users can use this information to review and make the necessary changes in Oracle Fusion Assets.