Oracle Cloud offers a broad portfolio of software as a service applications, platform as a service, and social capabilities, all on a subscription basis. Oracle Cloud delivers instant value and productivity for end users, administrators, and developers alike through functionally rich, integrated, secure, enterprise cloud services.
 Get a Free Magzine ...Profit:The Executive's Guide to Oracle Applications

Subscribe to the OracleAppsHub to receive notifications when there are new posts:

 get RSS feed
 Oracle Fusion Applications (OFA) is a portfolio of next generation suite of software applications from Oracle Corporation. It is distributed across various product families; including financial management, human capital management, customer relationship management, supply chain management, procurement, governance, and project portfolio management
 Get a Free Magzine ...Profit:The Executive's Guide to Oracle Applications

ABC: An Introduction to Asset Books in Oracle Fixed Asset

Posted on October 12th, 2007 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

Have you tried OracleappsHub in ipad/iphone/smart Phone? Don't wait. try it today

EBS's Oracle Assets allows for the use of multiple asset registers, or asset books, and different types of book. In typical business scenario and to address the need to be able to hold asset in global and local book books to meet tax regulation, corporate book and tax book will be set up.

Corporate Books are used to hold the all asset information and to post depreciation to the relevant Corporate General Ledger Set of Books in accordance with corporate policy and business practice.

Tax Books are used to retain information regarding the statutory rules for depreciating assets/fiscal rules and asset data is copied from the Corporate book on a regular basis excluding depreciation information. Mass Copy is the process of transferring assets and transactions from the corporate book to the tax book(s).

Mass Copy can be either be Initial Mass Copy or Periodic Mass Copy.

Initial Mass Copy is used to initially populate the tax book by adding existing assets to a tax book. Initial Mass Copy copies all the assets added to your corporate book before the end of the current tax fiscal year into the open accounting period in your tax book

When the Initial Mass Copy program copies an asset into a tax book, the following basic financial information comes from the corporate book

  • Cost
  • Original Cost
  • Units
  • Date Placed in Service
  • Salvage Value, if you choose to Copy Salvage Value for the tax book in the Book Controls window
  • Asset Category - set up at initial configuration.

The remaining depreciation information comes from the default category information for your tax book according to the asset category and the date placed in service. You must set up your asset categories with default information for your tax book before you run Initial Mass Copy.

You should also take a note, the initial Mass Copy Process is also used when a new tax book is created due to new statutory filing requirements.

Periodic Mass Copy is used each period to keep your tax book up to date with your corporate book. Oracle Assets copies new assets and transactions you made in your corporate book during one accounting period in the current fiscal year into the open period of your tax book

Typically most of organization will be using both the corporate and tax types of asset books.

Related Posts

Posted in Oracle Asset | 5 Comments »Email This Post Email This Post | Print This Post Print This Post

Have you tried OracleappsHub in ipad/iphone/smart Phone? Don't wait. try it today
5 Responses
  1. Business » ABC: An Introduction to Asset Books in Oracle Fixed Asset Says:

    [...] Zubli Zainordin wrote an interesting post today onHere’s a quick excerptEBS’s Oracle Assets allows for the use of multiple asset registers, or asset books, and different types of book. In typical business scenario and to address the need to be able to hold asset in global and local book books to meet tax … [...]

  2. Shreekar Says:

    Hi,

    I’m a regular visitor of your blog… Really doing a great job of sharing your knowledge and passion about oracle apps.. I have a FA question.. My client is in the process of aquiring a new company.. They want to use a different cost basis for the CORP and TAX books.. Is that possible? We are on 11.5.10.. Can you please answer my questions..

    Thanks in Advance,
    Shree

  3. great job Says:

    Hi

    you people are doing a great job.I appreciate if you would provide more on tax books etc.

    Thanks
    Siva V

  4. Kevin Says:

    Great job. I have a question related to converting Retired assets in Oracle EBS R12i or 11.5.10.

    DETAIL: We have a client who is implementing Oracle R12 Fixed Assets. The client would like to convert Assets that have been retired in the current Fiscal year from a legacy Oracle 11.5.5 system to Oracle R12.

    ISSUE: Oracle Applications does not allow the retired asset to be loaded into the system. We get an error stating the “Depreciation Reserve” can not be less than YTD Depreciation”

    How have you or anyone you know resolved the above issues in the past?

  5. Oracle Financials Consultant Says:

    Great article on asset books! Thank you.

    Hasan Mir

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.