Process Asset Accounting Close

Purpose

The following guide is intended for the Close Process for Asset Accounting.

Action

· Process Asset Accounting Close.

Process Asset Accounting Close

1. Login using Company Single Sign-On to access your Oracle account.

2. Navigate and select the Fixed Assets module.

3. Select Assets.

4. Ensure PPM is closed.

5. Complete all in-progress transactions including Additions, Adjustments, Transfers, and Retirements.

6. Post all assets with Ready To Post status.

7. Submit ServiceNow request form for Cost Corrections, if a purchase was mistakenly considered an asset.

8. Create manual asset additions for Capitalized Interest, Library Books, or Gift in Kind (as needed).

9. Run Calculate Depreciation (without selecting period close) and Create Accounting to transfer Asset journals to General Ledger.

10. Run What-if Depreciation Report to estimate depreciation for newly added or updated assets.

a. Select the Taskbar.

b. Under General, select Perform What-if Analysis.

c. Enter Book, Starting Period, Currency, Number of Periods, From Date Placed in Service, and To Date Placed in Service.

d. Select Submit.

e. Select OK on the request confirmation pop-up.

f. Navigate and select Tools.

g. Select Scheduled Processes.

h. Select Schedule New Process.

i. Search What-if Depreciation Analysis Report and click OK.

j. Select Book, Process ID, From Period, To Period, and Delete Analysis Data.

k. Select Submit. Note: The process ID will appear once if you select Yes for Delete Analysis Data. If No, you can rerun this report using the process ID.

l. Wait until the predecessor job runs successfully. Click the Refresh button to load new entries.

m. Highlight the What-if Depreciation Analysis Report line by clicking into the row.

n. Scroll down until you see a tab labeled Process details. In the gray box, select the Republish icon (paper and glasses icon).

o. Select the Cog Wheel icon.

p. Select Export then either PDF or Excel (whichever format preferred).

q. Review the What-If Depreciation Analysis Report.

11. Return to the User Interface and select Tools.

12. Select Scheduled Processes.

13. Run Subledger Period Close Exception Report for Assets.

a. Select Schedule New Process.

b. Select Subledger Period Close Exception Report and select OK.

c. Select Journal Source, Ledger, From Accounting Period, and To Accounting Period.

d. Select Submit.

e. Wait until the predecessor job runs successfully. Click the Refresh button to load new entries.

f. Highlight the Subledger Period Close Exception Report line by clicking into the row.

g. Scroll down until you see a tab labeled Process details. In the gray box, select the Republish icon (paper and glasses icon).

h. Select the Cog Wheel icon.

i. Select Export then either PDF or Excel (whichever format preferred).

j. Review Subledger Period Close Exception Report. Note: If there are exceptions on this report, they must be resolved prior to General Ledger period closure.

14. Navigate and select the Fixed Assets module.

15. Select Assets.

16. Run Calculate Depreciation and Close Period.

a. Select the Depreciation info tile on the Assets Dashboard.

b. Select Calculate Depreciation.

c. Asset depreciation was submitted.

d. Select the task icon on the right side of the page.

e. Select on Create Accounting under Accounting.

f. Enter the Book, End Date, Accounting Mode, Process Events, Report Style, Transfer to General Ledger, Post in General Ledger, and Include User Transaction Identifiers.

g. Select Submit.

h. Return to the Assets work area, click on the arrow next to Calculate Depreciation, and select Close Period.

i. Select Yes on the warning pop-up confirmation.

j. Verify the Depreciation info tile has been updated.

17. Notify GL Period Close Manager about FA close activities completion.

18. Reconcile Fixed Assets Balances to the General Ledger.

You have now completed the process to Process Asset Accounting Close.