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The month end process of FA is bit similar to other modules, but the important is that data is
flowing from some other modules . Lets take a close microscopic view of month end close process
of Fixed asset.Typically this consist of 13 steps process, as per figure below.
Typically the month end close process start with "Fixed Assets Manager Responsibility" or any
other custom defined responsibility.
a. Review or Run Mass Addition Create Report to view Payables transactions inserted into FA
Mass Additions interface table.
b. Run Mass Additions Status Reports by Hold, Post, New and Delete to verify all assets have
been processed.
c. Prepare Mass Additions resulting from AP Close:Mass Additions: Prepare Mass Additions
f. Rerun Mass Additions Status Reports by Hold, Post, New and Delete to confirm all assets have
been processed.
g. Run the Posted Mass Additions Report to verify posted asset details.
Here you have to Run Asset Additions Report for CORPORATE Book and then you have to Verify
that all new Additions for the period have the correct Depreciation Method, Life, Prorate Date and
Date in Service. The report lists all the assets you added to Oracle Assets or capitalized during the
specified accounting period.
or
Then you need to run Depreciation Projection for the CORPORATE Book:
Depreciation: Projections
You have to first run the Depreciation for the CORPORATE Book.Take a note your period defaults
to current open period and should NOT be changed at any cost. additionally if the check box "close
period" is checked, you will not be able to rollback depreciation. This closes the current period and
opens the next, and it cannot be reversed. Run for CORPORATE Book only. If the close period box
is not checked, you may rollback depreciation to restore balances prior to the depreciation run.
Once this get completed advice to Reprint the Journal Entry Reserve Ledger Report
Creating journal entries in GL to reflect all FA transactions in the Corporate Book, for the period
which is just closed:This process creates all the depreciation, transfer, reclassification,
capitalization, addition, adjustment and retirement journal batch entries for all of the transactions.
You need to switch to in General Ledger responsibility and need to submit a standard report Run
Journals General(180 Char) for current Period where your source should be Assets.Once report get
completed you need to review the journal detail.
This is very similar to any GL post process. You are suppose to post Journal where source is Asset.
Step 9 : Print Summary Trail Balance in GL
Copy all asset transactions (additions, transfers, retirements, etc.) for the closed period to the Tax
books:
In Fixed Assets:
Run Period Close Reports for FA Request Set to produce:
Step 13 : Reconcile FA to GL
Using the Period Close reports reconcile the FA Clearing, Cost, CIP and Depreciation amounts to
the appropriate GL accounts.b. Run GL Account Analysis Reports for details on GL transaction
activities for reconciling any account balance discrepancies.