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Creating Asset from Purchasing à Transferring the Invoice to AP à Adding Asset in FA à Transferring Journal Entries to GL
Navigation: Inventory à Item à Item Master
- Create an asset type of item
- Assign Asset Clearing account in the expense account field lying in Purchasing tab.
- Assign the asset item to the organization
- Go to Org attributes to assign asset clearing account in the expense account field lying in purchasing tab.
Navigation: Purchasing Super User à Purchase Order (Note you have to be assigned as Buyer)
- Create Purchase Order (Notice that asset clearing account appearing in the distribution area in Purchase Order created).
Navigation: Oracle Payables à Invoice à Enter à Invoice
- Create AP Invoice on the same supplier to match with the purchase order created.
- Again notice that Asset Clearing account automatically appearing in invoice distribution form.
- Notice that automatically system check “Track as an Asset” button when the account is Asset Clearing.
- From Concurrent Requests àTransfer AP invoice to General Ledger after the validation and accounting is done. In R12, “FINAL POST” option can be availed to generate accounting and transfer to General Ledger at one shot.
- Check the entries are transferred properly without any error.
- Run “Mass Additions Create” to create mass additions in FA module directly from AP.
- Run “Mass Additions Create Report” to check if the entries/source lines are transferred from AP to FA.
Navigation: Oracle Assets à Mass Additions à Prepare
- Open “Prepare Mass Additions” form from FA module to see the invoice lines from AP.
- Assign details to the mass additions such as Category, Employee, Location and expense account.
- After saving the previous screen, query back the same asset to see that asset addition is “On HOLD”.
- Change the queue from “On Hold” to “Post” and save.
- From Concurrent request à Run “Post Mass Additions” program and “Mass Additions Posting Report” program.
- Give Asset book as Parameter.
- Check if the asset is added properly with various options such as Open, Source Lines, Books, Assignments, Financial Inquiry etc.,
- Run Depreciation (This will automatically transfer Journal Entries for Asset Addition and Depreciation for the Period.
Navigation: Oracle General Ledger à Enter à Query the Journal Entry with “Unposted” status.
- Switch to General Ledger Responsibility to:
- Check the transferred accounting entries from AP and FA
- Check Entries that are transferred from FA module
- Reconcile the entries
- Post the UNPOSTED entries
- Reconcile AP TB with GL TB
