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Fund Based Accounting In Fusion Assets (Doc ID 2207496.1)

Last updated on APRIL 04, 2019

Applies to:

Oracle Fusion Assets - Version and later
Oracle Fusion Assets Cloud Service - Version and later
Information in this document applies to any platform.


On : version, Acquire Assets-Record Asset Acquisition

If one refers to page 98 of user guide it specifies following:
Use fund-based accounting to revalue assets as per the UK local authority or Statement of Recommended Accounting
Practice (SORP) requirements.

Account for the following in the capital fund or capital adjustment account:
• Funds allocated to capital asset purchases
• Utilization of capital assets in operation

Reading above statement, both capital purchases and capital utilization is accounted for capital fund. However, this further the guide specifies following:
Oracle Fusion Assets:
• Automatically moves the asset cost amortization, impairment loss, and other cost write-offs charged to the income
and expenditure account, from the general fund to the capital fund or capital adjustment account.
• Charges the amortization of revaluation reserve directly to the capital adjustment account.
• Creates the following additional accounting entry for any charge to the income and expenditure account:
• Dr Capital Fund or Capital Adjustment Account
• Cr General Fund

Above paragraph specifies more about utilization and not purchases

How is the fund accounting recorded to meet UK local requirements?


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