Setup of Asset (Fixed) in Oracle EBS R12

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 Setting up Assets in Oracle E-Business Suite (EBS) R12.3 involves several configuration steps. Here's a step-by-step guide to set up assets:


Step 1: Define Asset Categories


Navigation: Fixed Assets > Assets > Category

Define asset categories based on your organization's asset classification requirements (e.g., Buildings, Machinery, Vehicles).


Step 2: Define Asset Books


Navigation: Fixed Assets > Books

Create asset books to track assets with different accounting rules (e.g., corporate, tax, reporting).


Step 3: Define Asset Key Flexfield Structure


Navigation: Setup > Flexfields > Key > Segments

Define the structure of the Asset Key Flexfield to capture unique asset identifiers.


Step 4: Define Location Flexfield Structure


Navigation: Setup > Flexfields > Key > Segments

Define the structure of the Location Flexfield to capture asset location information.


Step 5: Define Asset Calendar


Navigation: Fixed Assets > Calendar

Define the asset calendar to determine the default depreciation period and prorate convention.


Step 6: Define Depreciation Methods


Navigation: Fixed Assets > Depreciation > Methods

Create depreciation methods based on your organization's depreciation policies (e.g., Straight Line, Declining Balance).


Step 7: Define Depreciation Books


Navigation: Fixed Assets > Depreciation > Books

Define depreciation books corresponding to the asset books created in Step 2.


Step 8: Define Tax Books (if applicable)


Navigation: Fixed Assets > Depreciation > Books

Create tax books to calculate tax-related depreciation for assets.


Step 9: Define Prorate Conventions


Navigation: Fixed Assets > Depreciation > Prorate Conventions

Set up prorate conventions to determine how depreciation is calculated for partial periods.


Step 10: Define Asset Location Defaults


Navigation: Fixed Assets > Location > Defaults

Define default location information for assets.


Step 11: Define Asset Categories Default Accounts


Navigation: Fixed Assets > Assets > Category > Default Accounts

Set up default accounts for asset categories to automatically assign accounts during asset addition.


Step 12: Create Asset Key Flexfield Combinations


Navigation: Fixed Assets > Assets > Mass Additions

Create asset key flexfield combinations for assets.


Step 13: Mass Additions


Navigation: Fixed Assets > Assets > Mass Additions

Import asset data into the Mass Additions interface and validate the data.


Step 14: Review and Validate Mass Additions


Navigation: Fixed Assets > Assets > Mass Additions

Review and validate the imported asset data before adding assets.


Step 15: Add Assets


Navigation: Fixed Assets > Assets > Additions > Additions

Add assets from the validated mass additions.


Step 16: Perform Asset Adjustments (if needed)


Navigation: Fixed Assets > Assets > Mass Adjustments

Perform adjustments to asset costs, depreciation, or other attributes if necessary.


Step 17: Perform Asset Transfers (if needed)


Navigation: Fixed Assets > Assets > Mass Transfers

Transfer assets between locations or departments if required.


Step 18: Perform Asset Retirements (if needed)


Navigation: Fixed Assets > Assets > Mass Retirements

Retire assets from the books if they are no longer in use.


Step 19: Run Depreciation


Navigation: Fixed Assets > Depreciation > Calculate > Depreciation

Run depreciation to calculate asset depreciation for the defined period.


Step 20: Review Asset Balances


Navigation: Fixed Assets > Assets > Asset Inquiry

Review asset balances and depreciation amounts for each asset.


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