Month End /Year End Process in Fixed Asset & Relevant

Standard Reports

The month end process of FA is bit similar to other modules, but the important is that data is
flowing from some other modules . Lets take a close microscopic view of month end close process
of Fixed asset.Typically this consist of 13 steps process, as per figure below.

Typically the month end close process start with "Fixed Assets Manager Responsibility" or any
other custom defined responsibility.

Step 1 : Complete Mass Additions from AP

This consist of these steps.

a. Review or Run Mass Addition Create Report to view Payables transactions inserted into FA
Mass Additions interface table.

b. Run Mass Additions Status Reports by Hold, Post, New and Delete to verify all assets have
been processed.

c. Prepare Mass Additions resulting from AP Close:Mass Additions: Prepare Mass Additions

d. Post Mass Additions:Mass Additions: Post Mass Additions

e. Delete Mass Additions:Mass Additions: Delete Mass Additions

f. Rerun Mass Additions Status Reports by Hold, Post, New and Delete to confirm all assets have
been processed.
g. Run the Posted Mass Additions Report to verify posted asset details.

Step 2 : Review Additions to Corporate Book

Here you have to Run Asset Additions Report for CORPORATE Book and then you have to Verify
that all new Additions for the period have the correct Depreciation Method, Life, Prorate Date and
Date in Service. The report lists all the assets you added to Oracle Assets or capitalized during the
specified accounting period.

Step3 : Complete Retirements,Re-classes and Transfers

Retire or transfer assets as required for the current period.

Assets: Asset Workbench [Asset Workbench]

or

Mass Transactions: Changes [Mass Changes] to mass transfer assets.

Calculate Gain/Loss if any retirements are done.

Depreciation: Calculate Gains and Losses

Step 4 : Run Depreciation Projection for Corporate Book

Then you need to run Depreciation Projection for the CORPORATE Book:

Depreciation: Projections

Step 5 : Run Depreciation for Corporate Book

You have to first run the Depreciation for the CORPORATE Book.Take a note your period defaults
to current open period and should NOT be changed at any cost. additionally if the check box "close
period" is checked, you will not be able to rollback depreciation. This closes the current period and
opens the next, and it cannot be reversed. Run for CORPORATE Book only. If the close period box
is not checked, you may rollback depreciation to restore balances prior to the depreciation run.

Once this get completed advice to Reprint the Journal Entry Reserve Ledger Report

Step 6 : Create GL Journals

Creating journal entries in GL to reflect all FA transactions in the Corporate Book, for the period
which is just closed:This process creates all the depreciation, transfer, reclassification,
capitalization, addition, adjustment and retirement journal batch entries for all of the transactions.

Step 7 : Print Journals in GL

You need to switch to in General Ledger responsibility and need to submit a standard report Run
Journals General(180 Char) for current Period where your source should be Assets.Once report get
completed you need to review the journal detail.

Step 8 : Post Journals

This is very similar to any GL post process. You are suppose to post Journal where source is Asset.
 Step 9 : Print Summary Trail Balance in GL

Run Trial Balance Summary1 Report (Balance Type=PTD)

Review Trial Balance report to confirm that final balances are correct. Use this report for
further reconciliation

Step 10 : Mass Copy to Tax Books

Copy all asset transactions (additions, transfers, retirements, etc.) for the closed period to the Tax
books:

Step 11 : Check Asset Additions to Tax Books

Run the Asset Additions Report for each Tax Book

Verify that all Additions for the period have the correct Depreciation Method, Life and Date
in Service.
Run Depreciation for Tax Books and review results. Once audit is complete, rollback
deprecation and re-run with "close period" check box checked.

Step 12 : Review Additions to Corporate Book

In Fixed Assets:
Run Period Close Reports for FA Request Set to produce:

Cost Summary Reports for All Books

Reserve Summary Report for CORPORATE Book
Cost Clearing Reconciliation Report for CORPORATE Book Detail versions of the
Summary reports can also be run, if required.

Step 13 : Reconcile FA to GL

Using the Period Close reports reconcile the FA Clearing, Cost, CIP and Depreciation amounts to
the appropriate GL accounts.b. Run GL Account Analysis Reports for details on GL transaction
activities for reconciling any account balance discrepancies.

This makes a end of month end close for Fixed asset.