You must enter asset information when you define an asset in Oracle Projects. The Interface Assets process sends all asset information to Oracle Assets except for the asset name and estimated date in service. This section describes the attributes you can define for assets in Oracle Projects.
You must define a unique asset name for each asset within a project. You cannot change the asset name after you place the asset in service or specify a retirement date in Oracle Projects.
An asset number uniquely identifies each asset. You can enter a unique asset number, or use automatic asset numbering in Oracle Assets during the Mass Additions process. You cannot update this field after you send the asset to Oracle Assets.
If you enter an asset number, it must be unique and not in the range of numbers reserved for automatic asset numbering in Oracle Assets. You can enter any unique number that is less than the number in the Starting Asset Number field in the System Controls form, or you can enter any non-numeric value.
Use this field to provide a description of the asset you are building. You cannot update this field after you send the asset to Oracle Assets.
The asset category determines the default asset cost account and depreciation rules for the asset after you send the asset to Oracle Assets. You cannot update this field after you send the asset to Oracle Assets.
Oracle Projects provides you with a list of asset category values defined in Oracle Assets and associated with the corporate book of the CIP asset. The asset category you choose here is not displayed in the Asset Lines window.
You can define an asset key to group assets or identify groups of assets independently of the asset category. This field does not have a financial impact.
The Book field defines the corporate depreciation book of the asset. Oracle Assets determines default financial information from the asset category, book, and date placed in service for your asset after you send it to Oracle Assets.
By default, this field displays the asset book defined in Oracle Projects Implementation Options. You can override this value at the asset level. Oracle Projects provides you with a list of corporate book values defined in Oracle Assets which match the Oracle Projects ledger. You can have multiple corporate books associated with one ledger in Oracle Assets.
The location identifies the expected physical location of the asset after it is placed in service. Oracle Projects provides you with a list of valid locations defined in Oracle Assets.
This field identifies whether an asset represents an Estimated or complete, As-Built capital asset, or a Retirement Adjustment asset.
This field identifies the capital event, if any, associated with the asset.
Enter the date you estimate placing an asset in service. Use the Estimated In-Service Date to query and review assets you expect to be in service.
Enter the date you estimate retiring an asset from service. Use the Estimated Retirement Date to query and review assets you expect to be retired.
This date represents the actual date you place an asset in service and begin using it. The date can be in the current or a prior accounting period. You must specify an actual in-service date for a completed asset in order to interface the asset to Oracle Assets. You cannot change this date after you place the asset in service in Oracle Projects.
You may want to begin creating and reviewing asset lines prior to the period you intend to place the asset in service. You can enter a date in a future accounting period.
Note: The Interface Assets process automatically rejects an asset with a future date in service.
Use this field to enter the date you retire an asset from service. You cannot change this date after you interface a retirement adjustment asset to Oracle Assets.
Use this field to capture an estimate of the number of components that make up or are installed for an asset.
The actual number of components for an asset. For example, if you build two assembly machines, enter 2 units for the asset. You cannot update this field after you send the asset to Oracle Assets. Oracle Projects uses the value in this field to allocate unassigned and common costs to assets when you select an asset cost allocation method of Actual Units.
You can use this field to identify a parent asset for assets that you separately track and manage as asset components.
You can use this field to specify an estimated cost for the asset. Oracle Projects uses the value in this field to allocate unassigned and common costs to assets when you select an asset cost allocation method of Estimated Cost.
Use this field to identify the manufacturer of an asset.
Use this field to identify the model number of an asset.
Use this field to capture the serial number of an asset. This number must be unique for the manufacturer in Oracle Assets.
Use this field to enter a user-defined tracking number for an asset. This number must be unique in Oracle Assets.
This field identifies the external asset management asset system from which an asset is imported, if any.
The external asset management system identifier for an asset imported from an external asset management asset system, if any.
The name of the employee responsible for the asset when it is placed in service (not the project owner).
The employee number of the person responsible for the asset when it is placed in service.
You can select this check box to identify an asset you want to reverse.
You can select this check box to prevent any further costs from being charged to the asset.
Check the Depreciate check box if you want to depreciate the asset in Oracle Assets.
Check the Amortize Adjustments check box if you want to amortize the catchup depreciation on a cost adjustment over the remaining life of the asset. If you do not check Amortize Adjustments, Oracle Assets expenses the catchup depreciation expense for the adjustment in one period.
Note: Oracle Projects does not interface the amortization information to Oracle Assets if either of the following conditions apply:
You are interfacing an asset to Oracle Assets for the first time.
The asset is in a period of addition in Oracle Assets.
Otherwise, Oracle Projects interfaces the amortization information that you define for the asset in Oracle Projects to Oracle Assets.
If you check this check box, you cannot deselect it once the asset has been interfaced to Oracle Assets.
Attention: If you select this field and reverse capitalize the asset, Oracle Assets will amortize the catch up depreciation on the negative cost adjustment over the remaining life of the asset. Therefore, the depreciation expense per period on the original asset cost will not match the depreciation amount generated per period to account for the asset cost reversal in Oracle Assets.
This field is displayed only for assets with a project asset type of Retirement Adjustment. You must use this field to specify the group asset in Oracle Assets that corresponds to the retirement adjustment asset for which you want to capture retirement costs.
This field identifies the expense account to which you charge depreciation for a capital asset. You must specify a book before you can enter a depreciation expense account. In addition, you must specify a depreciation account for a capital asset before you can interface the asset to Oracle Assets. You can optionally set up the Depreciation Account Override Extension to automatically derive the depreciation expense account based on the book and asset category that you define for the asset. You cannot update this field after you send the asset to Oracle Assets.
Other Sources
Asset Setup Information, Oracle Assets User Guide