Oracle Assets supports one open asset accounting period. However, Oracle Assets allows you to enter transactions for future accounting periods. When you enter a future transaction, it is temporarily stored in the FA_MASS_ADDITIONS interface table. This pending transaction does not become effective until the transaction date for the transaction is within the current open period in Oracle Assets. For example, if the current open period is May 2000, and you enter an adjustment transaction with a transaction date of 01-Sep-2000, the transaction does not become effective until Sep-2000 is the current open period.
When you open a new accounting period, the Process Pending Transactions concurrent program runs and automatically processes all pending transactions with a transaction date that falls within the open period. You do not need to enter any further transaction detail to complete the transaction in the effective open period. The Process Pending Transactions program looks up the transaction date of each pending transaction. If the transaction date falls within the current open period of the corporate book, the program processes that transaction. Any exceptions are written to the log file.
It is not necessary to enter future transactions in chronological order. The Process Pending Transactions program automatically processes pending transactions in chronological order.
You can also add assets from invoice lines from Oracle Payables, and provide a future date placed in service. These invoices must first be posted to future General Ledger periods from Oracle Payables and satisfy all other mass addition criteria to be
successfully interfaced from Oracle Payables to Oracle Assets.
Adding a Future Transaction Manually
Oracle Assets allows you to add an asset with a future date placed in service using the Prepare Mass Additions Workbench.
You can enter future transactions only in your corporate depreciation book. You cannot enter future assets directly into tax books or budget books. Once a future asset becomes effective in the corporate book in the designated accounting period, you can use Mass Copy to copy the asset into associated tax books.
You can update distribution information (location, employee, depreciation, and expense account information) in the Assignment window for a future asset with a future date placed in service. However, this will be considered an update, and not a transfer, such that when the future period becomes the effective open period, the asset will be assigned to the updated distribution without any history of previous distributions.
Oracle Assets defaults depreciation parameters when you enter the addition transaction via the Prepare Mass Additions window. When an asset is placed in service using a future date placed in service, it does not re-inherit category defaults.
For example, you enter a future asset in the VEHICLE-OWNED LUXURY category during the current open period, Dec-1999, and enter the date placed in service as Feb-2000. The VEHICLE-OWNED LUXURY category defaults the salvage value to be 15 percent of the cost for assets having a date placed in service from Jun-1999 to Dec-1999. In Jan-2000, you changed the default salvage value to 10 percent, applicable to assets with a date placed in service of Jan-2000 onward. When the system places the vehicle in service in Feb-2000, the asset inherits a salvage value of 15 percent instead of 10 percent.
1. Choose Mass Additions > Prepare Mass Additions from the Navigator window.
2. Choose the New button on the Find Assets window to bring up the Mass Additions Detail window
3. Enter the corporate depreciation book to which the asset will be added.
4. Enter the transaction date for this addition. The date must be a future date. In other words, the date must be later than the last day of the current open period.
5. Ente the remaining fields.
Note: Before running the Process Pending Transaction process, you must set the queue name to POST. Otherwise, the addition will not be processed in the appropriate period.