Asset Accounting process flow

is comprised of these main processes:
Process Description
Setup tasks Before you set up the :
  • They provide default accounts to common assets and simplify asset addition. You must consider the processing, reporting, and tax requirements specific to your organization. This includes how you group assets to facilitate and simplify processing. These groups are often managed by depreciation methods, asset type, physical location, asset owner, and department and provide these main benefits:
  • They provide reporting including a current view of asset ratios and values within your organization.
  • They simplify processing, such as selecting a group of assets to update their depreciation formula or transfer to another location.
See the Financials Setup and Administration Guide.
Processing tasks
  • Adjustment processing: Adjust assets and asset book data for multiple assets.
  • Transfer processing: Transfer whole or partial individual assets.
  • Disposal processing: Dispose of whole or partial individual assets. You can also dispose of multiple assets using a mass approach.
Reporting tasks
  • Account and tax conformity: The solution features support tax law and generally accepted accounting principles (GAAP).
  • Currency: Some amounts are stored in base currency or in transaction currency, thus incorporating multicurrency amounts.