Fixed Assets Implementation
Here you will find information about the Oracle Fixed Assets implementation project.
Project Overview
The Fixed Assets Implementation project is to enable and implement the Fixed Assets (FA) module within Oracle Financials Cloud (OFC). This is an existing module that was delayed as part of the original OFC implementation in 2020 due to resource and time constraints.
Project Timeline
The FA implementation project began in early 2022, with a go-live date of 12/31/2024. More detailed cutover timelines are as follows:
| Activity | Timeline |
|---|---|
| Conversion Journal to move Department Asset Account Balance to Department Expense | June Period 13, 2023 |
| Conversion and Reconciliation of Life to Date Asset Records | June/July 2023 |
| Converted Asset Records Available to View in FA | July/August 2023 |
| GL Balance/Transaction Cleanup | August/September 2023 |
What’s Changing
With the addition of the FA module, the following business processes are being modified. Click on the Process Name for more information where applicable.
| Name | Description | Primary Audience |
|---|---|---|
| Equipment Capitalization | Inventorial equipment will be initially added to FA, and then imported into CAMS | Central Users |
| Fabrications | Fabrications will be set up as individual Projects in PPM to be capitalized and imported into FA. Once in FA, it will be imported into CAMS with other equipment | Central and Campus Users |
| CIP Capitalization | CIP Projects will be capitalized within the PPM module and pushed through to FA | Central Users |
| Asset Accounting |
Assets will be capitalized on a monthly basis once added to FA. During capitalization, equipment purchased on a 163XXX account will clear and get expensed on the same Fund/Financial Unit/Project it was purchased on for that particular asset. |
Central and Campus Users |
What’s Not Changing
With the addition of the FA module, the following business processes are NOT being modified. Click on the Process Name for more information where applicable.
| Name | Description | Primary Audience |
|---|---|---|
| CAMS | CAMS is not being replaced but will have a two-way integration with FA for inventorial equipment. | Central Users |
| Equipment Acquisition |
The following methods can be used to purchase/acquire inventorial equipment: |
Campus Users |
| Equipment Management | Maintain and update department inventorial equipment through CAMS. | Campus Users |
| Equipment Disposal | The disposal of inventorial equipment and other property in your department. | Campus Users |
| Adding Accessories | Purchasing accessories for an existing piece of equipment | Campus Users |
| Biennial Inventory Validation | Physical inventory of inventorial equipment. | Central and Campus Users |
Fixed Assets Office Hours
Over the next few months, the following topics will be covered during a series of office hours specific to the FA project:
| Topics | Dates & Time | Link to Zoom |
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Zoom Link |
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Zoom Link |
Visit the Oracle Fixed Assets Playlist for recorded sessions or find available office hours for standard Finance Support.