Asset Fiscal Years

Tags:

fa2 create new tag

Transaction Description

The Asset Fiscal Years window is used to specify the key dates for each fiscal year name that you define. You must create fiscal years to accomodate your oldest date placed in service on any asset. At my last client, we had a 100 year definition for Fiscal Years starting with 01-JAN-1910. Define the first detail row by entering the dates and then add more years using the same pattern by using the next record (down arrow) key. Since depreciation will fail if the current year is the last year, add at least one year beyond the current year.

Coordinate your Asset Fiscal Years with the setup of the Asset Calendars and also the GL Calendars. You should use the same format and naming conventions. It is possible (and probably necessary) to define years in Assets that are not defined in the General Ledger configuration. The undefined periods will be identified as a "warning" type exception on the configuration diagnostics report, but it is perfectly acceptable to define calendars back to 1910 even though the general ledger calendars have definitions for years back to 1999.

Header Fields

• Fiscal Year Name - The Fiscal Year Name appears in list of values windows that only have 30 characters. Consider keeping names to less than 30 characters.
• Description

Fiscal Years

List of Fields

• From Date
• To Date
• Mid Year Start Date
• Fiscal Year
• Descriptive Flexfield

Comments

Links

• Related: OracleAssets, AssetSetUp, FA12SetupAssetSystemSystemControls, FA12SetupAssetSystemCalendars

This Topic Is Referenced By These Topics:
Related Links: FA12SetupAssetSystemAssetFiscalYears, FA12SetupAssetSystemProrateConventions

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Collaborating Authors and Reviewers: -- JimCrum - 05 Oct 2007