Set Up Oracle Assets Part II

This is part II of Oracle Assets Set up. Check part I if you missed it. Our depreciation convention is to fully depreciate asset for 1yr for any additions. Depreciation is also not accounted on year of retirement.

Next is creating a corporate Depreciation Book.
Leave the Allow Purge unchecked and check it on/off at time of purging only.
Allow for GL Posting
I chose to divide depreciation evenly to each period.
Choose whether to depreciate assets in this book that are retired in their first year of life.

Accounting Rules

Set Up Oracle Assets Part I

We just got Oracle Apps R12 to play with at the office. The Financial modules were set up and we are now good to go to set up Oracle Assets.
Let's get started:

First we need to setup the 3 Asset Flexfield namely:

• Asset Key Flexfield
• Category Flexfield
• Location Flexfield

Create a Value Set for Asset Key
Create a segment Asset Key for Asset Key Flexfield and assign the value set to it.














Do the same for Location Flexfield.

Now for category flexfield, I decided to break it up to a Major and Minor Category.




























For the minor category value set put the value validation as Dependent














Edit Information











Now go to Segment Values and Insert values for asset key, location, major category and minor category. Check the below screen for an example

















Proceed to Assets-> Setup->Asset System->System Control

















Next is defining Fiscal Year



















Next is defining your calendar





















We are done for part 1. Check for part 2 in my next post.

Welcome Note

The first post. A short note on myself. I'm 27, currently working as an analyst. I've got 3 years of working experience on Apps.
I'm starting out this blog for several reasons. First I like to work on Oracle Applications as compared to just writing programs from specs. Oracle Apps have given me a very broad perpective of business logics. Second, I do know there are tons of information, faqs, guides everywhere on the net and on metalink but sometimes it can be very hard for newcomers to find what they need in them. I want to share the little that I've learned from experience and from others. I look forward to participation and comments from future visitors in here.