Month End for FA

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    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 anyother 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 FAMass Additions interface table.

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

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    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, ProrateDate and Date in Service. The report lists all the assets you added to Oracle Assets or capitalizedduring 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:

    Step 5 : Run Depreciation for Corporate BookYou have to first run the Depreciation for the CORPORATE Book.Take a note your perioddefaults to current open period and should NOT be changed at any cost. additionally if the checkbox "close period" is checked, you will not be able to rollback depreciation. This closes thecurrent 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 tothe depreciation run.

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

    Step 6 : Create GL JournalsCreating journal entries in GL to reflect all FA transactions in the Corporate Book, for the periodwhich is just closed:This process creates all the depreciation, transfer, reclassification,

    capitalization, addition, adjustment and retirement journal batch entries for all of thetransactions.

    Step 7 : Print Journals in GL

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    You need to switch to in General Ledger responsibility and need to submit a standard report RunJournals General(180 Char) for current Period where your source should be Assets.Once reportget 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 isAsset.

    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 Taxbooks:

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

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

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    Hope this helps..signing off.: