FAQ - Setup Asset Categories

1)  Is it possible to change an account to an Asset Category?

ANSWER:
Asset Category Accounts can be changed only before this category is used.
Once an asset is assigned to an Asset Category, the accounts can not be changed.

The Workaround is:
- Create a new category with required accounts.
- Reclassify the existing assets from the problem category to the new category.  If there
are a large number of assets, use Mass Reclassification or the Reclassification API.


2)  it possible to create a Category Type in Oracle Fixed Assets?

ANSWER:
No, this cannot be done.
Seeded Category Types in OFA are Lease, Leasehold Improvement, Non Lease.


3)  How to change the default rules for a category with an end date in the Define Categories (FAXSUCAT) form?

ANSWER:
Navigation: Setup > Asset System > Categories

1. Query the category, go to the correct book.
2. Press the Rules button.
3. In the Rules window, enter an end date.
4. Press the green Plus button to create a new record. One will get a new record with the new
start date equal to the day after the end date.
5. Make the adjustments to the rules.
6. Save.


4)  How to ensure the subcomponent/child asset always has a life that ends on the same day as the parent?

ANSWER:
Per the FA Users Guide the following is the validation logic for the default subcomponent life functionality:

Same End Date (without specifying a minimum life):
The subcomponent asset becomes fully depreciated on the same day as the parent asset or at the end
of the category default life, whichever is sooner.

Same End Date (specifying a minimum life):
The subcomponent asset becomes fully depreciated on the same day as the parent asset, unless the
parent asset life is shorter than the minimum life you specify. The subcomponent's life is determined based on the parent's asset life, the category default life, and the minimum life. If the parent's asset's remaining life and the category default life are both less than the minimum life you enter, Oracle assets uses the minimum life for the subcomponent asset. Otherwise it uses the lesser of the parent asset's remaining life and the category default life.

To ensure that the subcomponent/child asset always has the parent remaining life defaulting for the life set the Asset Category default life that will always be greater than the parent asset life (eg: 100 years etc.).
a. Setup > Asset System > Asset Category
b. Setup the Asset Category details and click the Default Rules button.
c. Set the default Life Years/Months under the Depreciation Method to be a large duration to ensure the parent asset life is always less than the default life value.  This will ensure the subcomponent/child asset always has the remaining life of the parent asset as the life during entry.


5)  How do I setup the same category for multiple books?

ANSWER:
Navigation:  Setup > Categories > Query category > Tab to Book >
             Press the plus(+) button and enter new book.


6)  How to mass copy Asset Categories from an existing book to a newly created book?

ANSWER:
There is no current functionality to perform this kind of setup. The only
supported method would be to enter them via the Asset Category form.


7)  What is required to designate a parent asset with subcomponents? 

ANSWER:
Navigation:  Setup > Asset System > Asset Categories

1. Go to parent asset's category specify the default subcomponent life.
Navigate to Assets/Setup/Asset System/Asset Categories/Query parent's category
/Default Rules.
In the Default Subcomponent Life block, choose one of the rules:

  A. None
     There is no link between the parent asset and the subcomponent's life.
  B. Same End Date (No Minimum Life required)
     The subcomponent's useful life will end on the same date as the parent or
     the default category life, whichever comes first.  When the parent asset is
     fully reserved, the subcomponent is given a one-month life. 
  C. Same End Date (Minimum Life not requried)
     The subcomponent's useful life is fully depreciated on the same day as the
     parent asset unless the parent's life is shorter than the minimum life
     selected.
  D. Same Life
     The subcomponent's life is the same as the parent's.  If the subcomponent
     is added after the parent, it depreciates past the parent's useful life.

2. Add the parent asset first.

3. Add the subcomponent assets.
   You define the parent asset in Quick or Detailed Additions, navigate to
   Assets/Asset Workbench/Asset Details and enter the parent asset's number.

4. To monitor the subcomponent of a parent asset navigate to Assets/
   Asset Workbench/Query the parent and select subcomponents. The subcomponents
   for the parent will be listed on this form.


8)  How to change an asset category to Expensed?

ANSWER:
If no assets have been added to the Asset Category, you can go to the Menu > Edit >
Delete Record.  Once deleted, you can create the new category and make sure the
'CAPITALIZED' box is NOT checked.  This is an EXPENSED category.


9)  How can an income statement account be designated as the Asset Clearing Account?

ANSWER:
Accounts with a value set qualifier of "Income" or "Expense" can not be
designated as the Asset Clearing account.   The List of Values used to select
and validate clearing accounts will only include balance sheet type accounts.