Oracle Fixed Assets module offers a variety of asset categories to fulfil a different organizational needs. Asset types include capitalized assets, CIP (Construction in Process), Group Asset, and Expensed Type Asset.
Low-value assets and assets that do not depreciate but are nevertheless tracked as assets are classified as expensed assets. They are only used for tracking purposes, and the entire cost for these assets are expensed when the asset is acquired. There will be no accounting for these assets in fixed asset module and the accounting will be handled by Payables via Invoice Accounting. These are non-depreciable assets since the depreciate checkbox at the asset level has no effect on the asset because no depreciation will be charged even if the checkbox is checked. These assets cannot be copied to the tax book using Initial Mass Copy, Periodic Mass Copy, or manual entry and cannot be reclassified to a category which is meant for capitalized assets.
Conditions for Importing Expensed Invoice Line Distributions
• The invoice line distribution is charged to an Expense account
• Track as Asset is selected
• The invoice is approved
• The invoice line distribution is posted to Oracle General Ledger from Payables
• The general ledger date on the invoice line distribution is on or before the date you specify for the create program
• Payables must be linked to the same ledger as the corporate book for which mass adds records are to be created.