Here are steps & procedures for performing period-end processing in Oracle Assets Release 12.

In FA, at period end, we require to run depreciation for depreciation books set up for the
organization, and to Create accounting for Oracle General Ledger. Oracle Assets has only a single
open depreciation period in each depreciation book.

1.Complete All Transactions for the Period Being Closed

You need to ensure that all transactions have been entered for the period being closed. Once a
depreciation period in Oracle Assets has been closed, it cannot be re-opened. Check that no-one is
entering transactions as Oracle Assets prevents transaction data entry while the Depreciation Run
Process is running. You need to complet all transactions for Oracle Assets:

Prepare and Post Mass Additions

Complete Manual Additions
Complete Adjustments
Complete Retirements
Complete Transfers
Complete Reinstatements

2.Then if you required, you need to assign distribution lines to all assets.
If an asset has not been assigned to a distribution line, the period end Depreciation Process will not
complete, and will not close the period. Take the advantage of running "Assets Not Assigned to Any
Cost Centers Listing " report to determine which assets have not been assigned to a distribution line.
3.Run Calculate Gains and Losses
This is optional , the Calculate Gains and Losses program for retirements can be submitted prior to
running depreciation. The Calculate Gains and Losses process is performed independently for each
depreciation book.
4.Run the depreciation
In Release 11i when you ran depreciation you would automatically close the period whereas in
Release 12 you can now run depreciation without closing the period.

5.Create accounting
Create Journal Entries (FAPOST) is replaced by Create Accounting Assets process
(FAACCPB)
6.RollBack Depreciation for adjustment
When you are trying to do adjustment on a particular asset, FA automatically rolls-back depreciation
for that particular asset.This is one of the area where you will experience change if you are coming
from other versions.
7.Once you are sure that all the balances are correct you need to run depreciation and close the
period.
8.Create accounting
You need to run "create accounting" very similar as mention in step 5.
9.Post Asset Transaction in GL
You need to make sure the step 8 must be completed only if you done transfer and posting for the
accounting entries to GL.
These steps are basically takes care of data movement , then next step for you to tie FA and GL.
For reconciliation of assets you need to take advantage of some of seeded and newly added report
that will help business user to reconcile and closing the period.
10. Reconcile your Fixed Asset and GL

Reconcile Assets to the GL Using Reports

o Journal Entry Reserve Ledger - reconcile with the Account Analysis with Payables
Details Report.
o Tax Reserve Ledger Report
o Account Reconciliation Reserve Ledger Report
Balance Report
o Cost Detail and Cost Summary Reports
o CIP Detail and CIP Summary Reports
o Reserve Detail and Reserve Summary Reports
o Revaluation Reserve Detail and Revaluation Reserve Summary Reports
GL Report
o Journal - posted/Unposted
o Account analysis

Once these report can tally, there is no way that your P & L report is not going to tally.

Mass Additions - Preparing Mass Additions to Become

Assets
Distribution
Director of Fixed Assets Accounting
FA Administrator
FA Specialist

Related Procedures
None

Ownership
The Director of Fixed Assets Accounting is responsible for ensuring that this document is
necessary, reflects actual practice, and supports University policy.
IS Assets
N Mass Additions Prepare Mass Additions
B Open
Mass Additions

Preparing Mass Additions

1. From the Mass Additions window, open the Find Mass Additions window. Click in the
'Book' field to select 'UVA FA BOOK' from the LOV.
2. Find mass additions with the queue name NEW or ON HOLD or a user- defined hold
queue. If you want to find mass additions by invoice number, purchase order number, or
supplier number, the search criteria must match exactly, including capitalization.

3. Select the mass addition line that you want to review and click [Open].

Note: Purchasing (PO) and Accounts Payable (AP) information is imported to

display by default on this screen.
4. Enter or edit the description of the asset. Using mixed case (initial capitals), place the
noun first and separate the descriptive word(s) with commas.
EXAMPLE: Microscope, Electron
5. Choose the Asset Category from the appropriate LOVs. Insure the appropriate
ownership category is selected based on whether or not the item is owned or not owned.
Indicate who is the responsible entity: UVA, UVA at Wise, or SWVHEC.
UVA Assets are classified as either
o
o
o
o

UVA owned
Government furnished (GFE)
Government purchased (GOVP)
Non-owned other

UVA at Wise has similar ownership categories.

6. Key or select required additional information in the Asset Category Descriptive

Flexfield (DFF) shown in the preceding screen shot.
Note: 'Responsible Org' is a REQUIRED field.

Assignments

1. Click the [Assignments] button on the Mass Additions screen. Enter the asset unit for
the first assignment in the unit change box. Note the 'Units to Assign' box keeps track of
the units remaining to be assigned. Fractional units can be assigned
2. Select the name or employee number of the person responsible for the asset from
LOV.
3. Enter the expense account,. The account can be selected from the LOV. It is
important to select the appropriate project and organization when completing the account.
The object code defaults to 'Depreciation expense.'
Note: The 'Clearing Account' code can be copied to the clipboard then pasted into
'Expense Account' field. Once it has been pasted, change the 'Object Code'
segment of the 'Expense Account' to '8585' if the asset is UVA or UVA-Wise
Owned. Use '8586' for non-owned and SWVHEC assets.
4. Select the physical location of the asset from the LOV.
5. Click [Done] to save your work.

6. Change the queue name: POST marks the mass addition line as being ready for
processing by the Post Mass Additions program; DELETE marks the unwanted line for
deletion when you run the Delete Mass Additions program; and ON HOLD places the line
on hold.
7. Press [Ctrl-S] to save your work.

Posting Mass Addition Lines

IS Assets
N Mass Additions Post Mass Additions
Submit Request Set

Submit Request Set

You create assets from the mass additions in the POST queue in IS Assets when you post
mass additions. Also add mass additions in the COST ADJUSTMENT queue to existing
assets.
1. Open the Submit Requests window.

2. In the Parameters window, select the LOV to display the default book, 'UVA FA
BOOK.' If no assets are available for posting an error message appears stating that no
entries are found.
3. Click [Submit Request] to submit a concurrent process to post your mass additions to
IS Assets.
Note: When the program is successfully completed, IS Assets automatically runs
the Mass Additions Posting Report, giving you an audit trail of the processed mass
additions.
4. Review the log file and print reports after the request is completed.
Note: Posting mass additions will be a nightly, automated process. Posting can be
done manually if necessary. Check with the Property Accounting Manager before
posting mass additions manually.

Additions - Creating Journal Entries in GL

Distribution
Director of Accounting Services
GL Administrator
GL Accounting Manager
GL Accountant
GL Specialist
GL Viewer

Related Procedures
Journals - Processing Manual Journal Entries

Ownership
The Director of Accounting Services is responsible for ensuring that this document is
necessary, reflects actual practice, and supports University policy.
General Ledger
N JournalsEnter

B New Journal
Journals

Types of Journals
There are four common types of journal entries that have specific individual requirements
in certain fields. See Supplemental References - GL All Users Student Manual or the webbased reference documents for details on the following common types of journal entries:

Deposit Cash Directly to Bank [REF3005U]

Deposit - Credit Cards [REF3006U]
Transfer - Imputed Interest [REF3008U]

Journal Header
1. Open the Enter Journals window.

Enter a Journal name following the guidelines in Naming Convention - Journal

Entries and Batches .
If you do not enter a journal name, General Ledger automatically assigns a name
using the following format:
Manual<System generated Journal ID number> <Date>.

2. Select an accounting period from the LOV or key an open period in the MMM-YY
format.

3. Accept or change the default Effective Date for the journal entry.
4. Enter a Category. Select from the List of Values (LOV) or key an exact value from the
LOV. All lines in a journal entry share the same category.
USER TIP: Key "UVA" into the Category field then press TAB to see the list of UVA
categories.
Note: Balance Type is a display-only field. It displays 'Actual' when you are entering
actual journals and Budget for budget journals.
5. Enter a Description for the journal entry.
Note: Whatever you key into this Header Description field (1) will be copied into
the Line Description field (3) when you tab or click into the Line Number field (2).

6. Enter a Control Total to verify the total debits and total credits for the journal against the
journal control total (this is the total of all cash and checks to be included in the deposit).
NOTE: Do NOT key a dollar sign ($) in the Control Total field. Doing so will lock the
cursor in the Control Total field until the $ is removed.

Journal Details
7.
Enter a Line number for each journal line. This controls the sequence in which the
journal entry lines appear in reports and online.

o
o

After you enter the first journal entry line number, General Ledger
automatically increments the numbers for the next lines.
You can change the line numbers as desired.

8. In the Account field enter the appropriate Chart of Accounts segment values. Key the
segment values directly into the field (if you know all of them), select them from flexfields
LOV, or, whenever possible, select them from the list of aliases.

Using an Alias

Commonly used segment values can be grouped into an "alias." When you select an
alias the segment values included are inserted into the Account field as a group.
If you deposit cash directly to the Bank of America, the "Cash Deposits at BOA" alias will
insert the entire Account string for your DEBIT line. To select an alias:
o
o
o

Click the List of Values (LOV) icon or press Ctrl-L

The Alias screen appears (shown in previous screen shot). Use the LOV icon
or Ctrl-L to see the list of aliases.
Select the alias you want and click OK, or

Select Segments from LOV

If you need to select Chart of Accounts segment values individually, do not open the Alias
LOV; just click the OK button and proceed to the Accounting Flexfield screen.

The Accounting FlexField screen appears (next screen shot). Segment

values can be keyed directly into the appropriate fields or, each field's List of
Values can be opened with the LOV icon (circled) or by pressing Ctrl-L.

When all fields are completed click the button: OK.

9. Tab to or click in the debit or credit column and key in the appropriate dollar amounts.
10.

Tab to or click in the Line Description and change it if necessary.

NOTE: If you tab out of the Line Description field you will be taken to a Descriptive
FlexField (DFF) as shown below. If you are not an ISIS user click 'Cancel' then
scroll left and click in the 'Account' field to continue your work. IS will automatically
number the line with the next number in sequence.

Approving the Journal

11.

Save your work.

12.

Click the More Actions button.

13.

Click Reserve Funds, then click OK on the Note screen.

Note: Clicking [Reserve Funds] should always result in the prompt indicating the
transaction passed funds reservation. If you are trying to correct a journal entry
and your Reserve Funds step results in a message indicating the reservation failed
check the Period field. If it shows an accounting period (month) that is closed you
must change the period to the current month before funds reservation will pass.
Click More Actions Change Period.
Note: If you had not saved your journal prior to this point you would see the
following prompt.

Note: When you click [Yes] The next prompt appears confirming your journal was
saved into 3 separate tables of the General Ledger.

14.

Click the [More Actions] button again.

15. Click the [Approve Batch] button, then click [OK].

Notifications
16. The journal is now complete and is waiting to be posted. You should check your
Notifications at the top of your Personal Home Page to verify that the journal posted.

Note: Posting can also be verified from the Journal Summary by using View
Find to locate your journals. Open the journal and click [More Details]. The Status
box indicates whether the journal is Posted or Unposted.
%SNC2F%

Note: This example assumes you had self-approval authority for the net dollar
amount of the journal. If you had exceeded your Workflow dollar limit approval
authority you would have received a prompt informing you that the journal had
been forwarded for approval.
17. You may click the Windows Close icon to return to the previous screen or choose
File Close Form [F4] to return to the Navigator.

Mass Additions - Posting

Quick Link

Distribution
Director of Fixed Assets Accounting
FA Administrator
UVA ASC Administrator - Fixed Assets

Related Procedures
None

Ownership

The Director of Fixed Assets Accounting is responsible for ensuring that this document is
necessary, reflects actual practice, and supports University policy.
Fixed Assets
N Mass Additions Post Mass Additions
Submit Request Set

Posting Mass Additions is a nightly process.

This information is presented to show you how this is done if there should be a need for
manual posting.
Consult with the Director of Fixed Assets Accounting before running this process.

Submit Request Set

1. Open the Post Mass Additions window.
2. In the Parameters window, specify the corporate book for which you want to post your
mass additions.

3. Select Submit to submit a concurrent process to post mass additions to Oracle Assets.
When the program is successfully completed, Fixed Assets automatically runs the
Mass Additions Posting Report to provide an audit trail of the processed mass
additions.
4. Review the log file and Mass Additions Posting Report, after the request is completed.
5. Submit the UVA - FA Transfer PTAO to Source Lines report.
6. Compare the totals to the Posting report in Step 4.
5. Resolve differences.

Mass Additions - Delete

Quick Link

Distribution
Director of Fixed Assets Accounting
FA Administrator
FA Plant Funds Manager
FA Specialist

Related Procedures
None.

Ownership
The Director of Fixed Assets Accounting is responsible for ensuring that this document is
necessary, that it reflects actual practice, and that it supports University policy.
Fixed Assets
N Mass Additions Prepare Mass Additions
B Find
Mass Additions Summary
1. Use the Find Mass Additions screen to retrieve the mass addition line(s) you want to
delete.

2. Select the mass addition line that you want to delete and click [Open].

3. Key the word 'DELETE' into the 'Queue' field. Or, you can select 'DELETE' from the
LOV by pressing [Ctrl-L].

Note: Fixed Assets creates no journal entries for deleted mass additions and does
not clear the asset clearing accounts credited to Accounts Payable. You must clear
the accounts by either reversing the invoice in your payables system or creating
manual journal entries in General Ledger.
Note: The Delete Mass Additions program removes mass addition lines in the
DELETE, POSTED, and SPLIT queues. SPLIT parents are removed if the split
children have been posted or deleted.
4. Click [Done].
Fixed Assets
N Mass Additions Delete Mass Additions
Submit Request Set

5. Select Delete Mass Additions from the Mass Additions menu.

6. In the Parameters window, use the LOV to select UVA FA BOOK.
7. Click [Submit]. On successful completion, Fixed Assets automatically runs the Mass
Additions Delete Report to display the processed mass addition lines.

Depreciation - Running
Quick Link

Distribution
Director of Fixed Assets Accounting
FA Administrator

Related Procedures
None

Ownership
The Director of Fixed Assets Accounting is responsible for ensuring that this document is
necessary, that it reflects actual practice, and that it supports corporate policy.
IS Assets
N Depreciation Run Depreciation
Run Depreciation

Run Depreciation
1. In the Run Depreciation window, choose the book for which depreciation will be run
using the LOV [Ctrl-L].
2. Click the check box for 'Close Period' only if the period must be closed.
3. Click [Run] to submit concurrent requests to automatically calculate gains and losses
for any unprocessed retirements, depreciation expense, and reporting programs.
Note: You cannot enter transactions for the book while depreciation is running.

Note: IS Assets automatically runs the Journal Entry Reserve Ledger Report when
you run the depreciation program for a corporate book, so you can review the
depreciation calculated.
4. Review the log files and report after the request is completed.
Note: The depreciation program creates new depreciation rows with updated yearto-date depreciation expense amounts for each asset. It resets these amounts for
the first depreciation run of the new fiscal year.

Responsibility
The Director of Fixed Assets Accounting is responsible for ensuring that the Fixed Assets
module is closed properly and that Fixed Assets' closing is coordinated with the system
wide month end closing activities.

Distribution
FA Administrator*
Director of Fixed Assets Accounting
UVA ASC Administrator - Fixed Assets

Ownership
The Director of Fixed Assets Accounting is responsible for ensuring that this document is
necessary, reflects actual practice, and supports University policy.

Activity Preface
This activity is performed whenever

FA Admi nistrator
Daily Closing Tasks
1. Ensure mass additions create, posting and PTAO transfer programs run nightly.
2. Ensure cost transfer report runs daily and items pushed to mass additions table are
not listed on the report.
Note: Mark items as they are pushed to the mass additions table and when they
are posted to Fixed Assets. This information will be used for the monthly
reconciliation.

3. Review asset lines in the mass additions table that are not in the post queue for
possible posting. This ensures that asset lines are not delayed in posting to Fixed Assets.
Refer to Mass Additions - Preparing Mass Additions to Become Assets.

One Day Before Fixed Assets Closing

4. Review cost transfer reports to ensure all unprocessed cost transfers are on CST
hold. Handle cost transfers mapped to old expense object codes similar to invoices
above. Resolve differences. This is to ensure all cost transfers have either been
processed or are on hold
5. Determine whether or not all department requests have been processed.
6. Process all retirements, transfers, and other changes. Review for ETF, inventory, and
surplus property actions.
7. Process all journal entries related to manual additions.

Determine that for all manual additions, the journal entries have been processed to
debit the clearing accounts and credit the appropriate General Ledger object codes.
Note: Journal entries not processed will be reconciling items.

Refer to Additions - Creating Journal Entries in GL.

Morning of Fixed Assets Closing

8. Ensures that all items available for posting are posted. Verify that the nightly posting
and transfer PTAO program was run correctly on the night before Fixed Assets is closed.
Refer to Mass Additions - Posting.
9. Run delete mass additions program for the month.
Refer to Mass Additions - Delete.
10. Download mass additions table to excel for monthly reconciliation. This will be the
balance by asset clearing account to be reconciled to the General Ledger asset clearing
accounts.
11. Run depreciation with close box checked. This closes the month for Fixed Assets.
Refer to Depreciation - Running.

12. Create and import monthly Fixed Assets journal entries to General Ledger by running
the standard journals program.
Post journals using a GL Responsibility

Two Days After Month-End Close

13. Run final cost transfer report for the month.
Note: This must be run after month end from ODS. Note cost transfers not pushed
to mass additions table and dated in current month will be reconciling items.
14. Run summary and detail reconciliation reports from ODS.
Note: These will be used to reconcile the asset cost and clearing accounts.

Five Days After Month-End Close

15. Reconcile Fixed Assets and General Ledger.
End of activity.