Assets Accounting Events

Event Model

Oracle Assets creates accounting events for every asset transaction that has accounting impact. The Create Accounting process creates subledger accounting entries for these accounting events.

For example, an asset transaction takes place when an asset is acquired. Simultaneously Oracle Assets creates an accounting event for this asset addition. When you run the Create Accounting process, accounting entries are generated and transferred to General Ledger for this event.

Note: You do not need to run depreciation to process accounting for additions.

Event Entities

Similar accounting events called event classes are grouped under event entities. Oracle Assets groups all the accounting events classes into the following four event entities

• Transactions: This event entity groups the following event classes:
• Additions, 
• Adjustment, 
• Capitalization, 
• Category Reclass, 
• CIP Additions, 
• CIP Adjustments, 
• CIP Category Reclass, 
• CIP Retirements, 
• CIP Revaluation, 
• CIP Transfers, 
• CIP Unit Adjustments, 
• Depreciation 
• Adjustments, 
• Retirements, 
• Retirement Adjustments, 
• Revaluation, 
• Terminal Gain and Loss, 
• Transfers, Unit Adjustments, 
• Unplanned Depreciation.

• Depreciation: This event entity groups the following event classes:
• Depreciation 
• Rollback Depreciation.

• Inter Asset Transactions: This event entity groups the following event classes: 
• Source Line Transfers, 
• CIP Source Line Transfers, 
• Reserve Transfers.

• Deferred Depreciation: This event entity groups the following event classes:
• Deferred Depreciation.

Some event classes are further divided into event types. For example, the Retirements event class is divided into the Retirements and Reinstatements event types. This is done to provide more granular accounting flexibility.

Event classes are associated with process categories using the Event Class options. Process categories allow you to run Create Accounting for a specific process. For example, if you want to run accounting for the Revaluation transaction then you can specify the Revaluation process category while running Create Accounting program.