Overview of Oracle EBS R12 Assets and Its Flexfield

Oracle Assets is part of EBS Financials Suite. Fixed asset module is used to record the asset information manually and to import the asset information from the accounts payable module/project module by using mass additions and It allows you to value assets using different classifications

Oracle Assets integrates with Payables, projects, General Ledger, ADI

• Oracle Accounts Payables – Automate asset additions as part of the procure-to-pay process to interface depreciable capitalized assets.
• Oracle Projects – Track construction-in-process project costs and capitalize them via integration with Oracle Projects.
• Oracle General Ledger – Central repository ledger to gather accounting and report.
• ADI – Create assets through a Microsoft spreadsheet. With fixed asset modules we can
• Utilize Oracle Payables invoices to create Mass additions
• Monitor leasing information
• Share depreciation expenses among different accounting companies
• Depreciate as you use production material
• Easily transfer between ledger accounts Below are the features of oracle Fixed assets

• Invoice lines are automatically added to review status in the assets module (Review of prepared mass additions assets)
• Split single lines into multiple asset lines
• Combine multiple lines into single asset lines
• Depreciation Management and Calculate gains and losses separate from the depreciation books
• Create journal entries to the general ledger
• Utilize flexible depreciation calendars
• Make mass changes to assets due to tax law adjustments
• Change asset value due to inflation or deflation through revaluation
• Create a new amortization schedule due to revaluation
• Define limits to revaluation for any asset

There are 3 Key Flexfields in Oracle Assets are as follows:

1. Asset Category Flexfield
2. Asset Key Flexfield
3. Location Flexfield

Asset Category Flexfield:

• This Flexfield is used to group assets based on financial information such as type of Asset, depreciation method, depreciation life, prorate conventions, and retirement conventions.
• The Asset Category Flexfield is made up of a major category and a minor category, although only a major category is required.
• There is a qualifier tied to the Asset Category Flexfield to identify which segments are the major categories. Capital budgeting uses this qualifier to identify the major category segment.

Asset Key Flexfield:

• This Flexfield is used to group assets based on non-financial information, such as Project# where the asset is assigned. The Asset Key Flexfield allows capturing important information that is otherwise not stored in asset attributes or categories.
• Even if the Asset Key Flexfield is not currently needed, it needs to setup at least one segment. If necessary, it can be with a default value of NONE.

Location Flexfield:

• These Flexfield groups assets by physical location.
• To accommodate property tax reporting Location Flexfield must include a state segment that is marked by the state segment qualifier.

Naveen Ravella

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