Creating Fiscal Years
Specify the start and end dates of each fiscal year for a fiscal year name. Create fiscal years from the oldest date placed in service through at least one fiscal year beyond the current fiscal year. Depreciation will fail if the current fiscal year is the last fiscal year.
You can set up multiple fiscal years in this window. You can assign different fiscal years to your different corporate books. The calendar for a tax book must use the same fiscal year name as the calendar for the associated tax book.
To create a fiscal year:
1. Open the Asset Fiscal Years window.
2. Enter a Fiscal Year Name and Description. You can set up multiple fiscal years with different names.
Suggestion: The name you enter appears in List of Values windows which allow no more than 15 spaces. You may want to limit your name to 15 characters.
3. Enter the start and end date of each fiscal year.
4. Enter the Fiscal Year you are defining.
5. Save your work.
Specifying Dates for Calendar Periods
You can set up as many calendars as you need. Each book you set up requires a depreciation calendar and a prorate calendar. The depreciation calendar determines the number of accounting periods in a fiscal year, and the prorate calendar determines the number of prorate periods in your fiscal year. You can use one calendar for multiple depreciation books, and as both the depreciation and prorate calendar for a book.
Your corporate books can share the same calendar. A tax book can have a different calendar than its associated corporate book. The calendar for a tax book must use the same fiscal year name as the calendar for the associated tax book.
The depreciation program uses the prorate calendar to determine the prorate period which is used to choose the depreciation rate. The depreciation program uses the depreciation calendar and divide depreciation flag to determine what fraction of the annual depreciation expense to take each period. For example, if you have a quarterly depreciation calendar, Oracle Assets calculates one–fourth of the annual depreciation each time you run depreciation.
You must initially set up all calendar periods from the period corresponding to the oldest date placed in service to the current period. You must set up at least one period before the current period. At the end of each fiscal year, Oracle Assets automatically sets up the periods for the next fiscal year.
Attention: If you use this depreciation calendar in a depreciation book from which you create journal entries for your general ledger, you must make the period names identical to the periods you have set up in your general ledger.
You can define your calendar however you want. For example, to define a 4–4–5 calendar, set up your fiscal years, depreciation calendar, and prorate calendar with different start and end dates, and fill in the uneven periods. To divide annual depreciation proportionately according to the number of days in each period, enter By Days in the Divide Depreciation field in the Book Controls window.
The period names in GL and FA should be same, else system ‘ll throw below error while running ‘create journal entry’ program.
The specified period is not postable in General Ledger. The period must exist in the associated
set of books,and the status must be Open or Future Enterable.
select set_of_books_id, period_name, closing_status
where set_of_books_id in
where book_type_code = '&your_deprn_book');
select period_name, period_counter, deprn_run
where book_type_code = '&your_deprn_book'
order by period_counter, period_name ;