A construction-in-process (CIP) asset is an asset you construct over a period of time. Create and maintain your CIP assets as you spend money for raw materials and labor to construct them. Since a CIP asset is not yet in use, it does not depreciate and is only in the corporate book. When you finish building the CIP asset, you can place it in service and begin depreciating it.
You can track CIP assets in Oracle Assets, or you can track detailed information about your CIP assets in Oracle Projects. If you use Oracle Projects to track CIP assets, you do not need to track them in Oracle Assets.
Use the Asset Key to Track CIP Projects
The asset key is a set of key identifying information, such as project name and project number, that you define for each CIP asset. Use the asset key to group and track your CIP assets with common key words so you can find them easily for inquiry or transactions.
CIP Capitalization Report
This report shows the CIP assets that you capitalized during a range of accounting periods. The report is sorted by balancing segment, CIP cost account, cost center, and asset cost account. It prints totals for asset cost account, cost center, CIP cost account, and balancing segment.
The Cost column on this report matches the Capitalizations column on the CIP Detail Report.
You must enter a Book and From/To Period range when you request this report.
Selected Headings
Date Placed in Service: The date you capitalized the CIP asset. Oracle Assets calculates depreciation using this date and the prorate convention.
Reverse Capitalization: An asterisk (*) denotes a reverse capitalized asset.
Showing posts with label Oracle Assets. Show all posts
Showing posts with label Oracle Assets. Show all posts
Friday, June 4, 2010
Thursday, February 11, 2010
Period End Close - General
Periods represent non-overlapping consecutive date ranges. Every Financials customer needs to successfully close the accounting books each period.
General Steps
Here are some guidelines, from a general perspective, how you can perform the close process for every subledger:
a) Complete transactions
b) Create accounting
c) Reconcile transactions
d) Post to General Ledger
e) Reconcile accounting
f) Close period
Step b), Create Accounting, is a new step in Release 12, as it is an SLA feature. The accounting can be created immediately online, or can be run as a process in the background e.g. as a batch job at a time that matches your business needs.
The important thing to note, is that the accounting is not the distribution on the transaction. The final accounting by SLA could result in different accounting entries being generated based on the accounting rules you have configured. Therefore, you need to ensure that all your accounting for your transactions is created before you post to General Ledger, in order to update the balances correctly.
In Release 11i, when you close your periods in each of the subledgers, Oracle General Ledger will automatically create the balancing lines for journals posted to General Ledger. This changes in Release 12 as subledger accounting creates the balancing lines at the time you account for the subledger transactions.
The subledger accounting journal represents your REAL accounting and the balancing lines are created as part of these subledger accounting journals. When you close a period in Release 12, you’re actually closing subledger accounting. The journals can then be posted to the general ledger to update the GL balances.
Period End Close Dependencies
General Steps
Here are some guidelines, from a general perspective, how you can perform the close process for every subledger:
a) Complete transactions
b) Create accounting
c) Reconcile transactions
d) Post to General Ledger
e) Reconcile accounting
f) Close period
Step b), Create Accounting, is a new step in Release 12, as it is an SLA feature. The accounting can be created immediately online, or can be run as a process in the background e.g. as a batch job at a time that matches your business needs.
The important thing to note, is that the accounting is not the distribution on the transaction. The final accounting by SLA could result in different accounting entries being generated based on the accounting rules you have configured. Therefore, you need to ensure that all your accounting for your transactions is created before you post to General Ledger, in order to update the balances correctly.
In Release 11i, when you close your periods in each of the subledgers, Oracle General Ledger will automatically create the balancing lines for journals posted to General Ledger. This changes in Release 12 as subledger accounting creates the balancing lines at the time you account for the subledger transactions.
The subledger accounting journal represents your REAL accounting and the balancing lines are created as part of these subledger accounting journals. When you close a period in Release 12, you’re actually closing subledger accounting. The journals can then be posted to the general ledger to update the GL balances.
Period End Close Dependencies
