Tax book in oracle fa

Mar 12, 2015 setup new tax book in assets module associate to the corporate book which posts to the primary ledger allow gl posting assign the secondary cash basis ledger for posting migrate all assets from the old tax book to the new tax book this amounts to a reimplementation of the tax book run initial mass copy and periodic mass copy to process. An introduction to asset books in oracle fixed asset. Oracle allows you to exclude, if needed, asset categories from be maintained on the tax books. For example, you can make the asset cost in your tax book different from the cost. Apr 15, 2016 in this course, students learn about the new features of oracle ebusiness tax. Basically there are two depreciation depreciation for you accounting and financial reporting this is based on the corporate book you set up and depreciation as per you tax laws which is based on your tax book.

This business will have 3 sets of books 1 tax book, from april to march. Oracle fixed assets fa module is one of the oracle financials modules and is very flexible package for managing all the fixed asset management for any organization. Jan 25, 2018 oracle fixed assets transfer from one bsv to another duration. Asset book, corporate, tax and budget asset book, depreciation, bonus rule, price. How periodic mass copy works oracle assets help oracle docs. Tax book in fa is set up to track assets and depreciation as per you tax laws. The data elements that are copied when you use the copy function are as follows. Tax accounting oracle fusion apps oracle fusion oracle. Open period in fa is different from open period in gl 3. The general ledger period in which you want to create journal entries must be open. You can have multiple tax books to manage your property tax requirements. Maintain the companys irc 752 debt model in order to ensure proper bplp debt allocations. Access to oracle fusion cloud release instance 3 months. Oracle fixed asset training oracle online training cloud.

Oracle fixed asset training online oracle financials r12 fixed asset training. Tax asset book mass copy into tax assets book this assumes projects is the source of cip cost accumulation. Ebss oracle assets allows for the use of multiple asset registers, or asset books, and different types of book. If you add an asset in one period and adjust it several times in the following period in your corporate book, and these two periods fall into the same tax book period, oracle assets modifies the transactions in your tax book. Oracle assets defaults the depreciation rules you defined for the category and date placed in service in the. Oracle assets upload tax book interface fataxup doc id 579666. Oracle assets changes the addition transaction and all the adjustments, except the last one, to additionvoid transactions. We want to upload these assets for the tax book because of this. In order to give you small background,take a note there are three type of books in oracle fixed asset. Revaluation in fixed assets oracle ebusiness suite support. For example, you may want to use a monthly prorate calendar in a tax book that uses a quarterly depreciation calendar to allow finer control of. Oracle assets calculates depreciation expense over its new life of 10 years. In typical business scenario and to address the need to be able to hold asset in global and local book books to meet tax regulation, corporate book and tax book will be set up.

Ebtax tax exemption based on ar transaction type duration. Why erp does not work for tax depreciation and what to do about it. When you initially add an asset, oracle assets inserts one row into the table. An asset book sums up together all the other setup steps. Oct 06, 2015 book specific changes are intentionally not mass copied such as depreciation method, life, prorate convention, etc. If your tax authority requires you to change the depreciation taken for an asset in a previous fiscal year, you can. You also can manually add a single asset to a tax book. Since tax books share the category and assignments with their associated corporate book, you do not need to copy reclassifications or transfers from your. Oracle assets revalues the accumulated depreciation using the 5% revaluation rate. If set to no this option will not allow cost adjustments to be copied from the corporate book to the tax book if the cost basis is different between the books. Assets are typically transferred from a corporate book to a tax book using a standard system process as part of your period end activities. As far as mrc is concerned, you can also use it for fa tax books, found this old note on how to setup fa and mrc. I have a existing oracle applicttions and need to bring one of the new business on it. Updating a tax book with assets and transactions oracle docs.

R12 oracle ebusiness tax fundamentals student guide club. What is the difference between book depreciation and tax. Assets information in corparate book is different from tax book. Then use periodic mass copy each period to update the tax book with new assets and transactions. At first we create corporate book, then we associate tax and budget books to the corporate book created. The name you enter appears in list of values windows which allow no more than 12 spaces. Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services. You may choose to make an initial transfer and continue to update the tax book with periodic transfers on a regular basis. Initial mass copy copies all the assets added to your corporate book before the end of the current tax fiscal year into the open accounting period in your tax book. Bookspecific changes are intentionally not mass copied such as depreciation method, life, prorate convention, etc. An independent consultant strong in oracle e business suite 10. You cant roll back deferred journal entries and you cant run the deferred create journal entries process multiple times.

Asset books oracle fusion apps oracle fusion oracle. Instead, the tax function needs a tax reporting solutions that is efficient, leverages existing process where possible, and provides tax with the necessary transparency into both book and tax data. Oracle assets defaults the depreciation rules you defined for the category and date placed in service in the tax book. Adjusting tax book accumulated depreciation oracle assets help. The difference between book and tax depreciation leads some people to say, oh, the company has two sets of books. Students learn details of tax concepts, configuration components, and tax processing. If set to yes this option will allow the cost adjustment to be copied from the corporate book to the tax book. Type of asset books in oracle fixed assets enterprise. In oracle assets, specify system controls define your asset calendars. Fixed assets interview questions in r12 oracle techno.

Oracle fa initial and periodic mass copy process youtube. Tax accounting edu34c5y effective mmddyy page 9 of 39 rev 1 use the prorate calendar with the smallest period size or resolution you need for determining your depreciation rate. The fact is the company must 1 maintain depreciation records for the financial statement depreciation that is based on the matching principle, and also 2 maintain depreciation records for the tax return depreciation that is. The tax book and associated corporate book must use the same number of periods per fiscal year. Tax due to the differences in how fixed assets for book and tax are. Updating a tax book with assets and transactions use initial mass copy once to set up your tax book with assets from your corporate book. I have a existing oracle applicttions and need to bring one. My oracle support provides customers with access to over a million knowledge articles and a vibrant support community of peers and oracle experts.

To process revaluations, revaluation accounts and revaluation rules must be set up. Hi, i am not sure if you can use the standard asset additions web adi upload for adding assets to a tax book. You cannot use the tax book upload interface to update the tax information of cip assets in your tax book. You can create as many tax books as you need, maintain your asset information in your corporate book, and then update your tax books with assets and transactions from your corporate book. However, the accounting entries for the tax book can be prevented from being transferred to gl by keeping the check box allow gl posting unchecked for the tax book in the book controls screen.

Tax for financial reporting purposes, gaap books close on a. These fields are not mass copied because it is expected functionality that the tax books can have depreciation different from the corporate book. This faq document identifies the most frequently reported howto questions related to oracle assets upload tax book interface functionality. You must have a corporate book assigned to each tax book. Additionally, students learn how to set up a tax model and apply that tax to a transaction using the oracle tax simulator and other ebusiness suite applications. You can use fixed asset management, to set up, enter, and maintain asset records.

Tax book maintenance you can copy your assets and transactions from your corporate book to your tax books automatically using mass copy. Updating a tax book with assets and transactions oracle. Please check for never before offers and discount coupon codes. How to add assets in oracle fa oracle ebiz and fusion videos. It transfers the change in net book value to the revaluation reserve account. When necessary, you can add insurance and userdefined information and create additional records for each asset, including investment tax credit information and lease information. Setup asset system book controls 2 create as many tax books for this corp book as you wish fixed assets manager. Tax book maintenance oracle assets help oracle docs. Jul 01, 2015 since oracle assets does not mass copy revaluations, when you perform a revaluation in your corporate book, also perform it in each tax book associated with that corporate book.

Oracle assets also checks if the depreciation request is for the current open period. Quick guide to understand key concepts and approach for. For assets depreciating under the units of production method, oracle assets automatically copies the cost, date placed in service, and capacity from the corporate book. The below chart views up the relation between asset books and all other setup steps. Asset books edu34bby effective mmddyy page 8 of 38 rev 1 asset books regions asset books regions n setup asset system book controls before you can define an asset book, the following items must be completed. How initial mass copy works use initial mass copy to initially populate your tax book by adding existing assets to a tax book. You can copy your assets and transactions from your corporate book to your tax books automatically using mass copy.