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ORAERP Inc Fixed Assets Process

ORAERP Inc records all fixed assets in a corporate book within its fixed assets module. This corporate book is attached to the company's general ledger set of books so that all fixed asset transactions flow to the general ledger. The corporate book uses three key flexfields to track asset key, category, and location. Depreciation and prorate calendars are set up on a monthly basis. Assets can be added directly or imported from other modules and then adjusted, reclassified, depreciated, retired, or reinstated as needed. When final depreciation is run, the accounting period closes and the next period opens.

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51 views5 pages

ORAERP Inc Fixed Assets Process

ORAERP Inc records all fixed assets in a corporate book within its fixed assets module. This corporate book is attached to the company's general ledger set of books so that all fixed asset transactions flow to the general ledger. The corporate book uses three key flexfields to track asset key, category, and location. Depreciation and prorate calendars are set up on a monthly basis. Assets can be added directly or imported from other modules and then adjusted, reclassified, depreciated, retired, or reinstated as needed. When final depreciation is run, the accounting period closes and the next period opens.

Uploaded by

shanmuga
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ORAERP Inc.

Fixed Assets Process

Fixed Assets
Business Process Flow
of

ORAERP Inc.
Document
id. :
Prepared by:

Fixed Assets _ BPF

Authorized
by:

Version. no:
Date.
Signature:

1.0
16 _ NOV-2010

Signature:

Document Amendment Record

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ORAERP Inc. Fixed Assets Process


* A- Added, M- Modified, D-Deleted
Version no.
Date
Section
no.
1.0
16th Nov 2010

A/M/D*
Created

Description of Change
New Document

ORAERP Inc Fixed Assets Architecture:


All the Assets are recorded in ORAERP Inc Corporate Book created in Fixed Assets Module. This corporate
book is again attached to OINC GL Set of Book. All the transactions entered in ORAERP Inc Corporate
book will flow to OINC SOB. ORAERP Inc Corporate book has 3 Key Flexfield for determining Asset Key,
Category and Location. Depreciation Calender followed is monthly and Prorate Calender is also monthly.

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ORAERP Inc. Fixed Assets Process


Prorate Convention determines the Depreciation Expenses for the first year life of the Assets added.
Retirement Convention determines the Depreciation Expenses for the year of expiry of the Asset.
ORAERP Inc Assets Transaction Flow:
In ORAERP Inc Corporate Book the transactions are recorded regarding New Assets Additions pr Extension
to Existing Assets, Depreciation on the Assets, Retirement, Cost Adjustments and Reclassification etc.
Assets can be added directly in Assets module through Quick or Detail Addition Process or it can also be
imported from other modules like Payables through Mass Addition Process. Cost Adjustments are required
when there is a change to the cost of Existing Assets. Reclassification is done when an Asset is wrongly
captured in some other category. TO transfer all the Assets of a Category to Some other category Mass
Reclassification can be done. Depreciation is a periodic activity which has to be run at the end of each
month to calculate the depreciation on each asset. It also calculates gain or loss on the retirement of any
asset during that period. The Assets period is automatically closed and next period is opened whenever Final
Depreciation is run. The Assets retire at the end of their life or by sale or by damage. Retirement of the Asset
can be partial or full. Gain or Loss is calculated on the retirement of the Asset. A retired Asset can be
reinstated in the Book.

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ORAERP Inc Fixed Assets Process

ORAERP Inc Fixed Assets Process


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