Create accounting - assets

Concurrent program name: Create Accounting - Asset

Application: Oracle fixed assets

Parameters:

Book type code - This indicates for which corporate asset book you have to create accounting

Process category - This instructs accounting program to select what type of transaction has to be taken into account for generating journal entries. It can be Asset additions, retirement, depreciation, adjustments, capitalization, impairments, CIP additions/retirements/transfers and so on.,

End date - this date indicates the transaction which falls under end -date criteria to be picked for accounting entries

Accounting mode - Draft / Final

Report - Detail/summary/no report

Transfer to GL - Yes / No

Post to GL - Yes / No




Accounting events

Asset additions

Asset account - Debit   
Asset Clearing  - Credit

Partial retirement

Asset account - Credit
Net book value - Debit

Full retirement

Asset cost - credit
proceed for sales clearing - debit     (proceeds for sale - 500 OMR)
proceed for sales clearing - credit    (cost of removal - 50 OMR)
proceed for sale - credit  (proceed for sale - 500 OMR)
cost of an asset - debit    (cost of removal - 50 OMR)

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