Purpose
The following guide is intended for Asset Accountant to Maintain Asset Information.
Terminology
- Update Descriptive Details: Have no financial impact on an asset but can be used to streamline asset tracking.
- Example fields: Description, Tag Number, Parent Asset Number, Manufacturer, etc.
- Adjust Assets: Has a financial impact on an asset and will result in an accounting entry being generated.
- Example fields: Cost, Life in Years/Months, In Service Date, etc.
- Transfer Assets: May have a financial impact on an asset.
- Example fields: Employee, Depreciation Expense Accounts, and Location.
Update Descriptive Details
- Login using Company Single Sign-On to access your Oracle account.
- Navigate and select the Fixed Assets module.
- Select Assets.
- Select the Taskbar.
- Under Transaction, select Update Descriptive Details.
- Search for the Asset Number to modify. Use advanced search function, if needed.
- Highlight the Asset line by clicking on the row entry.
- Click Change Descriptive Details.
- Update Descriptive Details as needed. In this example, Tag Number, Parent Asset, Manufacturer, and Attachments have been added.
- Select Save and Close.
- Navigate back to the home page and select Asset Inquiry.
- Search for the Asset that you modified.
- Navigate to the Descriptive tab.
- Verify the updated Descriptive Details. Note: Some details (i.e. Asset Key) will be in the asset header at the top of the screen; others will be in the Descriptive section of the Details area.
You have now completed the process to Update Descriptive Details.
- Login using Company Single Sign-On to access your Oracle account.
- Navigate and select the Fixed Assets module.
- Select Assets.
- Select the Taskbar.
- Under Transactions, select Adjust Asset.
- Search for the Asset Number to modify. Use advanced search function, if needed.
- Highlight the Asset line by clicking on the row entry.
- Click on Change Financial Details. Note: You can also Transfer Source Line and Change Category from this work area. When changing a category, you must also change the useful life of an asset.
- Decrease the Useful Life from 10 to 5 years. A reminder that the default Useful Life is derived from the Asset Category at the time of addition.
- Click Submit at the top of the page.
- Navigate back to the home page and select Asset Inquiry.
- Search for the Asset that you modified.
- Navigate to the Transactions tab.
- Verify the Adjustment transaction has been completed. Note: Life in Months has changed from 120 months to 60 months.
- Navigate to the Depreciation tab and verify the updated Depreciation Amounts. See in this example, the Total Amount from Dec-2023 to Jan-2024 have changed. Note: This information will only be visible once Depreciation has been run for the period.
You have now completed the process to Adjust Assets.
- Login using Company Single Sign-On to access your Oracle account.
- Navigate and select the Fixed Assets module.
- Select Assets.
- Select the Taskbar.
- Under Transaction, select Transfer Assets.
- Search for the Asset Number to modify. Use advanced search function, if needed.
- Highlight the Asset line by clicking on the row entry.
- Click on Transfer Asset.
- Click on the “+” to add a row and change the number New Units in the old entry to 0.
- Enter the number of New Units you wish to transfer, Employee Name, Depreciation Expense Account, and Location. Note: Updates can be made to all or one of these fields. If applicable, Asset Key can be updated via Update Descriptive Details.
- Navigate back to the home page and select Asset Inquiry.
- Search for the Asset that you modified.
- Navigate to the Transaction tab.
- Verify the Current Units, Employee Name, Depreciation Expense Account, and Location has been updated.
- Select the transfer row and click View Accounting. Note: Once Create Accounting runs you can use this navigation to see the financial impact of the transaction.
- View the Accounting Lines and verify the account information has transferred.
You have now completed the process to Transfer Assets.