Let's Add Assets Manually

You're Set Up to Add One at a Time or Many at Once

It's lonely out there for a single asset. Let's add it to the system so it'll feel happier being around all your company's other assets. It's the
nice thing to do. You can add a single asset using the Add Assets page or use a spreadsheet to enter multiple assets at the same time.
Here, we'll be discussing both of these features, and we'll give an example to make the process crystal clear.

It's Singles Night

You'll manually add a single asset by entering all required information and any optional information using the Add Assets feature.
Here's an image of what you'll see when you're there:

You can choose Submit to enter the asset or click Next to add additional details, like tag number, serial number, and manufacturer.
More Assets are Ready to Join
When you're ready to manually add many assets at once, use the Add Assets in Spreadsheet task to download an integrated
workbook. Enter all required information and any optional information that your company requires for maintenance and reporting. When
you are finished, submit your changes. You can also choose to automatically submit the Post Mass Additions process to create assets.

Are You Ready for That Example?

We're going to tell a little story about a company named Acme. In fact, there probably is a company called Acme, but this one is made
up just to illustrate how they can record a journal entry that can be used for asset additions.

Here's the Scenario

Acme is growing quickly and needs a more powerful server to handle its applications. It's estimated that this new server will satisfy the
company demands for the following four years. However, the server has very strict requirements in terms of temperature and humidity
to work properly.
As a result, Acme decided to build a new room to meet those conditions. Acme purchases the new server computer and assigns it to
the Information Technology department. The server will eventually be physically located in the new room the company is building. It's
currently in the old server room, where those conditions are barely met.

What Are the Details on the Transaction?

The new server computer was purchased and placed in service in year 1, quarter 1. The asset is added into Oracle Fusion Assets in
the period it was acquired. The recoverable cost is $4,000 and the depreciation method is straight-line. The asset life is four years.

Let's Analyze This

The asset cost increases by $4,000. Debit $4,000 to the Asset Cost account, and credit $4,000 to the Asset Clearing account. The
contra account is the clearing account that balances with the payables clearing account. The calculated depreciation for the period is
$250. Debit the depreciation expense account and credit the Accumulated Depreciation (reserve) account for that amount.

What Do the Journal Entries Look Like?

Based on the above, the following journal entry is created from your payables application:
 Account Debit Credit

Asset Clearing $4,000 USD None

Accounts Payable Liability None $4,000 USD

And the following journal entry is created from Assets:

Account Debit Credit

Asset Cost $4,000 USD None

Depreciation Expense $250 USD None

Asset Clearing None $4,000 USD

Accumulated Depreciation None $250 USD

How About an Alternative?

In another scenario, let's imagine the server computer was purchased and placed in service in year 1, quarter 1, but the asset is
entered into Assets in year 2, quarter 2. The following two tables show what the journal entries would look like.
Created from Your Payables Application
 Account Debit Credit

Asset Clearing $4,000 USD None

Accounts Payable Liability None $4,000 USD

Created from Assets

Account Debit Credit

Asset Cost $4,000 USD None

Depreciation Expense $250 USD None

Depreciation Expense (Adjustment) $1,250 USD None

Asset Clearing None $4,000 USD

Accumulated Depreciation None $1,500 USD