The following guide is intended for an Asset Accountant to create and place into service assets originating from PPM as either capital projects or constructed equipment projects. 

• The capitalization process for capital assets from either capital projects or constructed equipment projects will begin in PPM. Refer to the Capitalize and Close a Capital Project QRG for the Capital Projects Central Administrator responsibilities in PPM for this process. Once the capital asset(s) are transferred from PPM to Fixed Assets, the Asset Accountant can begin the steps to place the asset into service.

Action

• Create an Asset from Capital Projects.
• Create an Asset from Constructed Equipment.

Terminology

• Capital Projects: Capital Projects are designed to plan, manage, and track capital investments, and are commonly utilized by businesses that make investments in capital assets.
• Constructed Equipment Projects: Constructed Equipment Projects are designed to plan, manage, and track the design and construction of pieces of equipment that institutions build in-house for research purposes. These pieces of equipment are built or assembled for specialized purposes and are treated as assets to be capitalized and placed into service.
• Capital Asset: A Capital Asset is an asset that is constructed based on costs that can be capitalized, specifically for capital projects and constructed equipment projects.
• Capitalization: Capitalization involves transforming the costs or expenses associated with a project into capital assets for that project.
• Source: Track information about where assets came from, including sources as Invoice Lines from Accounts Payables and Capital Assets from Capital Projects. Source Lines in the asset details will show the Source of the asset.
• Assignments: Assign assets to employees, general ledger depreciation account expense accounts, and locations. In addition, assets can be shared among several assignment lines and choosing a predefined Distribution Set will allow you to automatically assign distributions to an asset.

Create an Asset from Capital Projects

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

2. Navigate and select the Fixed Assets module.
3. Select Assets.

4. See one or more assets in the Ready to Post queue with a Project Number populated.
5. Click into the Description hyperlink to see Source Line and Descriptive Details.

6. Review the Source Line information which show the origins of the asset.
7. Populate or update key fields like Description, Asset Type, and Category. Note: Asset Number will be populated automatically when the asset is posted.

8. Under Descriptive Details enter any information as necessary. Note: In this example, Serial Number, Manufacturer, Attachments, Asset-Key, Owner Code, and Recharge Associated have been entered (* = required fields).
9. Under Assignments, enter or edit each unit.

10. Toggle to the Source Information to see clearing account. Note: The Entity and Organization populated in the asset’s Depreciation Expense Account (ex: 636-18100) will drive accounting ownership for the entire asset lifecycle and should also be populated in the Asset Key.

11. Scroll to the top of the page and change the Queue dropdown to Post.
12. Select Save and Close.

13. Highlight the asset line by clicking into the row entry.
14. Select Post All. Note: Do not click hyperlinks under Description when highlighting the asset line.

15. Select the Taskbar on the right side of the page.
16. Under General, select Inquire Assets.

17. Select the Recent Additions tab and view your asset.
18. Select the Asset Number to view asset details.

19. Select Source Lines and view additional details of the asset.
20. Select Done.

21. In the assets work area and select the Taskbar.
22. Under Accounting, select Create Accounting. Note: Create Accounting is scheduled to run on a daily basis, but can also be run ad hoc for immediate accounting impact.

23. Input the following parameters: Book, End Date, Accounting Mode, Process Events, Report Style, and Include User Transaction Identifiers.
24. Select Submit in the upper right-hand corner.

25. The process was submitted, select OK.

26. Select the Taskbar on the right side of the page.
27. Under General, select Inquire Assets.

28. Select the Recent Additions tab to view your asset.
29. Select View Accounting.

30. View the Accounting Lines. Note: The Cost Clearing lines are accounted in this example to 19500-CIP Buildings. This will clear out the outstanding CIP Building balance and record the cost to Plant Assets.

You have now completed the process to Create an Asset from Capital Projects.

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

2. Navigate and select the Fixed Assets module.
3. Select Assets.

4. See one or more assets in the Incomplete queue related to the same Constructed Equipment project number. You may need scroll to the right to see this information.

5. Highlight all the assets in your queue and select Merge.

6. The assets you selected are added to the Lines Selected for Merge screen. Note: You have the option to select either of the lines as the Parent Asset. One is defaulted but you may highlight the other and select Set Parent to set it as the Parent Asset.
7. Enter New Parent Description.

8. Click into the Description hyperlink to see Source Line and Descriptive Details. Note: The Description should be the name of the constructed piece.

9. Review the Source Line information which show the origins of the asset.
10. Populate or update key fields like Description, Asset Type, and Category. Note: Asset Number will be populated automatically when the asset is posted.

11. Under Descriptive Details enter any information as necessary. Note: In this example, Serial Number, Manufacturer, Attachments, Asset-Key, Owner Code, and Recharge Associated have been entered (* = required fields).
12. Under Assignments, enter or edit each unit.

13. Toggle to the Source Information to see clearing account. Note: The Entity and Organization populated in the asset’s Depreciation Expense Account (ex: 636-18100) will drive accounting ownership for the entire asset lifecycle and should also be populated in the Asset Key.

14. Scroll to the top of the page and change the Queue dropdown to Post.
15. Select Save and Close.

16. In the Assets dashboard page, the asset should be moved from Incomplete to Ready to Post. Note: You may have to refresh to see this change.

17. Highlight the asset line by clicking into the row entry.
18. Select Post All. Note: Do not click hyperlinks under Description when highlighting the asset line.

19. Select the Taskbar on the right side of the page.
20. Under General, select Inquire Assets.

21. Select the Recent Additions tab and view your asset.
22. Select the Asset Number to view asset details.

23. Select Source Lines and view additional details of the asset.
24. Select Done.

25. In the assets work area and select the Taskbar.
26. Under Accounting, select Create Accounting. Note: Create Accounting is scheduled to run on a daily basis, but can also be run ad hoc for immediate accounting impact.

27. Input the following parameters: Book, End Date, Accounting Mode, Process Events, Report Style, and Include User Transaction Identifiers.
28. Select Submit in the upper right-hand corner.

29. The process was submitted, select OK.

30. Select the Taskbar on the right side of the page.
31. Under General, select Inquire Assets.

32. Select the Recent Additions tab to view your asset.
33. Select View Accounting.

34. View the Accounting Lines. Note: The Cost Clearing lines are accounted in this example to 19505-CIP Equipment. This will clear out the outstanding CIP Building balance and record the cost to Plant Assets.

You have now completed the process to Create an Asset from Constructed Equipment.

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