Introduction
Assets used in an organization need to be maintained and accounted for. Assets can be loaded from payables, projects, or from spreadsheets using Web Application Desktop Integrator (ADI). In this chapter, we will look at how to maintain assets by adding, adjusting, transferring, depreciating, and retiring assets. We will also review asset accounting transactions. Let's start by looking at the asset management process.
The following diagram summarizes the asset management process:
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1. The Employee requests the asset.
2. An Approver authorizes that the asset can be used by the employee.
3. The Asset Manager procures the asset or issues the asset out of inventory. The asset is added to Oracle assets.
4. The Employee uses the asset.
5. Any adjustment that needs to be made to the asset including costs, reallocations, and so on is managed by the Asset Manager.
6. The Asset Manager depreciates the asset over its useful economic life, if the asset is capitalized.
7. After the asset is used...
