Asset Categories

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Transaction Description

When assets share common attributes a category may be set up to hold default values for the group. Category defaults may be overridden for an individual asset by using the asset details or books windows. Categories may be associated with one or more asset books and book specific information is entered in the General Ledger Accounts and Default Rules sections of the form.

Note: the category key flexfield does not allow dynamic insertion.

You may want to limit the category name to less than 20 characters.

Before setting up asset categories, configure the following:

• Configure the asset category flexfield structure.
• Define account segments and values.
• Define asset books.
• Setup QuickCode values.
• Setup prorate conventions.
• Configure depreciation methods.

Header Fields

• Category
• Description
• Category Type
• Ownership
• Property Type
• Property Class
• Enabled
• Capitalize
• In Physical Inventory
• Descriptive Flexfields

General Ledger Accounts

The trick to navigating this form is to realize that the General Ledger Accounts section of the form allows you to associate default values for many books with one category. You can query a category in the header zone and then move to a field in the accounts zone and query again on a book name. Once assets have been assigned to a category-book definition, the GL accounts are protected from update. Set up a new category to use different accounts. Even if the account generator work flow has been changed, many asset reports use these GL accounts because the seeded Oracle reports can't know about customized account generator changes.

List of Fields

• Book
• Asset Cost
• Asset Clearing
• Depreciation Expense
• Accumulated Depreciation
• Bonus Expense
• Bonus Reserve
• Revaluation Reserve
• Revaluation Amortization
• CIP Cost
• CIP Clearing
• Alternate Asset Cost
• Write-off Expense
• Unplanned Depreciation Expense
• Descriptive Flexfields (2)

Default Rules

List of Fields

• Placed in Service
• Depreciate
  • Method
  • Life Years
  • Life Months
• Subcomponent Life Rule
• Subcomponent Life Minimum Years
• Subcomponent Life Months
• Use Depreciation Limit Percent
• Use Depreciation Limit Limit
• Prorate Convention
• Retirement Convention
• Default Salvage Value Percent
• Ceiling
• Price Index
• Straight Line for Retirement
• Method
• Life Years
• Life Months
• Capital Gain Threshold Years/Months
• ITC Eligible
• Use ITC Ceilings
• Mass Property Eligible
• Group Asset

Group Asset Options

• Recognize Gain Loss
• Terminal Gain Loss
• Recapture Excess Reserve
• Limit Net Proceeds to Cost
• Tracking Method
• Allocate to Fully Retired and Reserved Assets
• Distribute Excess
• Reduce Excess

Comments

Links

• Related: OracleAssets, CopyAssetCategories, ProofReadFACategories, AssetSetUp, FA12AssetsSetExtendedLife

This Topic Is Referenced By These Topics:
Related Links: CopyAssetCategories, FA12AssetsSetExtendedLife, FA12SetupAssetSystemPriceIndexes, ProofReadFACategories

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Collaborating Authors and Reviewers: -- JimCrum, DianeMcHugh