Oracle Fixed Assets
Oracle Fixed Assets Month End closing
Complete the entire
pending asset to be added in the asset book through mass addition or manual.
Complete All
Transactions for the Period Being Closed
You need to ensure that
all transactions have been entered for the period being closed. Once a
depreciation period in Oracle Assets has been closed, it cannot be re-opened.
Check that no-one is entering transactions as Oracle Assets prevents
transaction data entry while the Depreciation Run Process is running. You need
to complete all transactions for Oracle Assets:
Prepare
and Post Mass Additions
Complete
Manual Additions
Complete
Adjustments
Complete
Retirements
Complete
Transfers
Then if you required,
you need to assign distribution lines to all assets.
If an asset has not been
assigned to a distribution line, the period end Depreciation Process will not
complete, and will not close the period. Take the advantage of running
"Assets Not Assigned to Any Cost Centers Listing” report to determine
which assets have not been assigned to a distribution line.
3. Run Calculate Gains
and Losses
This is optional, the
Calculate Gains and Losses program for retirements can be submitted prior to
running depreciation. The Calculate Gains and Losses process is performed independently
for each depreciation book.
4. Run the depreciation
Run depreciation, you
have two option you can run depreciation without closing Period and run
depreciation with Period closed.
Note: Once FA period closed it can’t be open.
5. Create accounting
Run Create Accounting
program and transfer journal entries to GL.
A
- Create Accounting and Transfer to GL:
·
Run The Depreciation (Draft)
Run the depreciation
(Draft) after adding the assets into asset book. Calculate Gains and Losses
concurrent request automatically run with the depreciation and Journal Entry
Reserve Ledger Report.
Analyze the Gain and
Loss report and Journal Entry Reserve Ledger Report.
·
Run The Depreciation (Period Close)
Run the depreciation
(Period Close) after Running and analyzing the draft depreciation.
·
Create Accounting – Assets
After the period
close and run the final depreciation run create accounting program to create
accounting for fixed assets.
·
Transfer to GL Report
For transfer entries to GL run this
report.
B –
Reconciliation with GL:
·
Subledger Period Close Exceptions Report
Run Subledger period
close report to see the exceptions in the module during the period. Due to that
accounting is not created or transactions still not transfer to GL.
Reconciliation reports:
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