Last updated on NOVEMBER 03, 2016
Applies to:Oracle Assets - Version 12.1.3 and later
Information in this document applies to any platform.
How can we add asset to a TAX book but have these not effectuated in the CORP book?
For a number of European countries we have a requirement maintain local GAAP books which are to be setup as Asset Tax Books.
There is a statutory requirement to capitalize all assets with a cost of e.g. €400 and above in the local GAAP books, however purchases under €1000 must be expensed according to corporate policy. Therefore assets between €400 and €1000 must be added to the tax book but not to the corporate book. Our understanding is that assets cannot be added to a tax book (Local GAAP book) without being added to a corporate book first. How does Oracle address this requirement and is there an advised workaround.
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