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Integrating with Oracle Assets

Oracle Projects integrates with Oracle Assets, allowing you to manage capital projects in Oracle Projects and update your fixed assets records when assets are ready to be placed in service. In a capital project, you can collect construction-in-process (CIP) and expensed costs for each asset you are building. Oracle Projects collects labor, expenses, usages, miscellaneous transactions, and supplier invoice costs, and using a combination of AutoAccounting and Workflow, assigns the costs either to a CIP or an expense account.

When you are ready to place the asset in service, you use Oracle Projects processes to collect all eligible CIP cost distribution lines, summarize them, and create asset lines. You can review and make changes to the asset lines before interfacing them to Oracle Assets. When you are satisfied that the asset lines are correct, you use Oracle Projects processes to interface the costs for the completed asset to the Oracle Assets Mass Additions table.

After you interface the costs to the Oracle Assets Mass Additions table, you can make changes to the asset definition, if necessary, and then run the Post Mass Additions process. This program creates the asset records in Oracle Assets. When you run the Create Journal Entries process in Oracle Assets, journal entries will be created and sent to Oracle General Ledger to relieve the CIP account and transfer the amount to the appropriate asset cost account.

There is currently no interface between Oracle Assets and Oracle Projects which allows you to post depreciation expenses directly to projects.

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