1) How many key flexfields are there in Oracle Assets module?
Answer There are 3 Key Flexfields in Oracle assets and they are Asset Category, Asset Location and Asset Key.
2) What are the methods/ways in which an asset can be added ?
Answer There are 4 ways in which asset can be added
- Through Payables
- From external system through FA_MASS_ADDITIONS
- Quick Addition
- Detailed Addition
3) What are the various 'Asset Types' ?
Answer The various 'Asset Types' are
4) In the multi-org structure, where does Fixed assets module operate?
5) Can we have multiple period open in Assets module?
Answer In Fixed Assets only one period can be open at any given time. Multiple periods cannot be open.
6) Is it possible to set-up Assets module in such a way that accounting entries are not transferred to GL? How? In what scenario's does such requirement arise?
7) While defining 'Depreciation Calendar' what precaution needs to be taken (if accounting entries are to be transferred to GL)?
Answer The Depreciation Calendar's period name should be same as the GL calendar's period name.
8) Can an asset added in the period OCT-09 be retired in the same month?
Answer An asset cannot be retired in the same month in which it is added. It can be retired only in next period.
9) How is a period in FA opened? Is there a form?
Answer When a period is closed, while submitting Depreciation process, the next period is automatically opened. This ensures that only One period is open at any given point of time.
10) What is the difference between 'Expense' and 'Amortize' concepts?
11) What is the difference between Prorate Calendar and Depreciation Calender?
12) Can you explain the concept of Prorate Convention? How is it different from Retirement Convention?
13) What is the accounting entry passed at the time of creation of Asset?
Answer The accounting entry is as follows:
DR Asset Cost
CR Asset Clearing
14) Is the 'Asset Numbering' manual or automatic? Can an asset number be alpha-numeric?
Answer The Asset Numbering will be automically generated if no Asset number is manually enetered; Thus, we can say it is a combination of both methods.
15) Is is possible to set different Asset Numbering series for various Corporate Books? If yes?
Answer Using standard functionality it is not feasible do achieve this. Since, Asset number is given at 'System Controls'. However, using form personalization this can be achieved.
Added on 07-NOV-2009
16) When defining System Parameters in Oracle Assets module, Oldest Date Placed in Service was set as 01-APR-1960. In such case should the 'Depreciation Calendar' start from 01-APR-1960? If the start period in Depreciation Calendar is taken as 01-APR-2009 will there be any implications?
17) In GL Calendar the number of periods are 24 (including 12 Adjusting periods). Should Depreciation Calendar in FA also have 24 periods?
18) What is the difference between Fiscal and Calendar Year in Oracle Assets? Will they have any implication on the naming convention of the period? Can that naming convention be overwritten?