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FA Books and Data transfer

Posted on November 24th, 2010 by Sanjit Anand ||Email This Post Email This Post

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Couple of questions from reader in FA, here is consolidated one:

In order to give you small background,take a note there are three type of books in Oracle Fixed asset. Corp book, tax book and budget book.

The most commonly used books are Corp and tax books. The basic rule of thumb is that an asset is created in Corp book and then migrated to tax book(s). Each corp book can have multiple tax books associated with them. For example a corp book can have seperate tax book for state, Federal, and other tax reporting needs. You can select the option in Corporate and tax books to report FA activity to GL.

1) What is the difference between reporting book v/s corporate and tax book?

  • Corp(primary) and tax books have different calendars but have same currency,Chart of accounts and depreciation rules.
  • Corp(primary) and reporting books have same calendar, currency, Chart of accounts but different rules for depreciation.

2) Which book is normally used to transfer assets to GL
Your corporate (Primary) book

3) Which book you use to create assets?
You can use your corporate (Primary) book and then use COPY functionality to move the data.

4) Can it be possible to push the same payables item into 2 different fixed asset books to get depreciated with 2 different methods?

Ex: Item A gets depreciated at 20% in 1st fixed asset book.
Item A gets depreciated at 30% in 2nd fixed asset book.

If yes, How and what is the process.
If No, what is the alternate/workaround to accomplish the above.

As mention earlier there are three types of Depreciation Books: The Corporate Book into which the invoice lines from Oracle Payables or Oracle Projects flow. It is the main depreciation book from which journal entries are created for General Ledger. From the corporate book the transactions can be copied into the Tax Book. It is called tax book because it is generally used to keep the tax depreciation. One can maintain different depreciation methods and lifes from the corporate book for the same assets.

So, you would create a corporate book and attach a tax book with different depreciation rules. Then you can send the invoice from AP to the corporate book and later mass copy it to the tax book.

Which book should be the corporate and which one should be the tax book depends on which one needs to be closed first and what is your reporting requirements.

5) Here is my senarios

for the Corporate rule – anything below USD X is expensed off.
Tax rule – anything above SGD Y must be capitalised and Depreciated.

My User wants the Corp book to record the asset but don’t want to hit the Asset account – meaning, must be expensed during AP.
Then will copy to tax book to run depreciation.

Can this be done?
How to expense off and still enter into FA auto using mass add?

The best way is you can set up the category in the corporate book as capitalized with depreciation method STL 1 month and the cost account = the reserve account in the corporate book. That way the assets get written off right away and the reserve account clears the cost.
You cannot use asset to expensed item here as expensed items do not get copied to the tax books.

Should have more question , keep commented:)

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