Oracle Assets is fully integrated with Oracle Subledger Accounting for generating accounting entries, transaction drilldown, and reporting. The Create Accounting – Assets concurrent program creates journal entries for transaction events in Oracle Assets. The journal entries can be transferred to and posted in General Ledger. If you choose not to transfer the journal entries to General Ledger at
this time, you can run the Transfer Journal Entries to GL – Assets concurrent program to do this at a later time.
If you are upgrading from Release 11i and you have asset books set up, then the upgrade program automatically sets the value of the FA: Use Workflow Account Generation profile option to Yes, meaning the account generation rules set up in Oracle Workflow will be used.
Asset Accounting & Journal Entries
Run the Create Accounting process to create accounting entries.
You do not need to run Depreciation before creating accounting transactions. You can run the Create Accounting process as many times as necessary within a period.
The Create Accounting process creates journal entries for the appropriate ledger. You can review these journal entries in the general ledger and post them.
Adjusting Journal Entries
Prior Period Transactions
Oracle Assets creates adjusting journal entries to depreciation expense, bonus expense, accumulated depreciation accounts, and bonus reserve accounts when you enter prior period additions, transfers, or retirements:
• For a prior period addition, Oracle Assets creates journal entries for the missed depreciation
• For a prior period transfer, Oracle Assets reverses a portion of the depreciation expense posted to the "from" depreciation expense account and posts it to the "to" depreciation expense account
• For prior period retirements, Oracle Assets creates journal entries that reverse the depreciation taken for periods after the retirement prorate date
Oracle Assets creates separate journal entries for adjustments to depreciation expense and current period depreciation. You can review the effect of your adjustment transaction and your current period depreciation expense separately in the general ledger.