Wednesday, August 5, 2015

Oracle Assets R12 New Features


Oracle Assets, a comprehensive asset management solution, ensures maintenance of accurate property and equipment inventory as well as optimal accounting and tax strategies.


Sub ledger Accounting

Oracle Subledger Accounting provides tools that allow users to meet multigaap, corporate, and fiscal accounting requirements. With a flexible tool called Accounting Methods Builder, users can determine the accounts, lines, descriptions, summarization, and dates of their journal entries. Users can also add detailed transaction information to journal headers and lines. Detailed subledger accounting journals are available for analytics, auditing, and reporting. They are summarized, transferred, imported and posted to Oracle General Ledger. For more details, please see the Oracle Subledger Accounting section of this document. Oracle Assets is fully integrated with Oracle Subledger Accounting for creating Journal Entries, Account drill down and Inquiry. Oracle Assets provides several out-of-the-box sources and rules to derive account code combinations and journal entry descriptions. Customers can use the seeded Oracle Assets accounting definition or they may use the flexibility of SLA to create their own definitions.

Enhanced Mass Additions Interface for Legacy Conversions

Additional attributes are available in the Mass Additions interface to ease legacy data conversions. Attributes such as asset life, depreciation method, prorate convention; bonus rule ceiling name, depreciation limit, and others can now be directly imported from your legacy system instead of being derived from asset category setups.

Automatic Preparation of Mass Additions

A set of extensible public API’s is available to automatically prepare a mass addition line for all required attributes such as depreciation expense account, asset category, location etc. with the goal of minimizing manual intervention by the user in the mass additions workbench.

Enhanced functionality for Energy Industry

Asset Impairment: Impairment is used to reduce the carrying value of a producing asset. Expressed another way, impairment expense is simply an unplanned depreciation expense. When entering an unplanned depreciation expense, the user may enter a Type, Amount and Expense Account. ‘Type’ allows the user to indicate the nature of impairment performed. ‘Amount’ is recognized as a current period expense in addition to the normal periodic depreciation expense. The unplanned depreciation (impairment) ‘expense account’ may be derived from the category setup or it may be entered at the time of each impairment transaction

Energy Units of Production Method: In the oil & gas industry, asset properties may include fields, leases and wells. These assets are typically associated with units of production (UOP) and are depreciated using a special UOP depreciation method. ‘Energy’ assets are generally structured into two levels, group and member assets, where the group asset is a collection of several members. Units of production are entered on the group asset for calculating depreciation and then allocated down to the member assets

Energy Straight line Method: In the oil & gas industry, non-producing assets are depreciated using the energy straight-line method based on the asset’s net book value. Assets that depreciate using the energy straight-line method may either depreciate at the member asset level or group asset level. When the depreciation is calculated at the member asset level, it is calculated based on each member’s life and then summed up to the group asset. When depreciation is calculated at the group asset level, the life of the group asset is used

Flexible Reporting using XML Publisher

Oracle Assets leverages the Oracle XML Publisher technology to support major asset transaction reports. With XML Publisher, you can display reports in variable formats by creating your own templates using familiar tools such as Acrobat, Word and Excel.

Automatic Depreciation Rollback

Since release 11i, users have been able to run depreciation for an asset book without closing the period. If additional adjustments are required in the current period, then the user submits a process to roll back depreciation for the entire book performs the necessary adjustment(s) and then resubmits the depreciation program. In Release 12.0 the intermediate manual step of rolling back depreciation for the entire book in order to process further adjustments on selected assets is no longer necessary. As before users may submit depreciation for the entire book prior to closing the period. If it becomes necessary to process financial adjustments on one or more assets, the user may proceed with the transaction normally via the asset workbench or mass transactions. Oracle Assets automatically rolls back the depreciation on just the selected assets (instead of the whole book) and allows the transaction(s) to be processed normally. The asset(s) for which depreciation was rolled back is automatically picked up during the next depreciation run or at the time that the depreciation period is finally closed.

Enhanced Logging for Asset Transactions and Programs

Through the common logging architecture, Oracle Assets ensures a common repository for all log messages within and outside the product. This reduces resource usage on the file system for excessively large log files.

No comments:

Post a Comment

Best Blogger TipsGet Flower Effect