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
- Original Cost
- 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.