My Oracle Support Banner

EAM9.2: Leased Property Asset Not Creating Asset Property Record Correctly (Doc ID 2657457.1)

Last updated on APRIL 09, 2020

Applies to:

PeopleSoft Enterprise FIN Asset Management - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.

Symptoms

Leased Property Asset not creating Asset Property record correctly
When a leased property type asset is activated, asset property record is not created for asset.
The Property ID that is generated for leased asset is for an old asset.

Steps to replicate:

Configuration:
1.  In Installation Options – Products, deselect ‘Lease Administration’ option    
2.  In Installation Options – Asset Management, deselect ‘Enter Property Details’ option    
3.  In Installation Options – Lease Administration, select ‘Apply ASC 842, IFRS 16 and GASB 87 Accounting’ option.    
4.  In Lease Administration Unit Definition, select ‘Recognize Capitalized Assets as Finance Under GASB’ option.

Transaction:
1.  Create New Lease, populate required fields, then, Add Property and click Go.    
2.  Populate Property details and information.  *Property Information needs to be entered when AM BU is setup 'Enter Property Details' unchecked.
3.  Under Financial Terms tab, Add Base Rent and click Go.    
4.  Add Base Rent Details and click OK.  Then, Save.  Note the amounts in Combined Total Area, Combined Usable Area and Combined Rentable Area.
5.  In General Information tab, under Classification tab, select ‘Reviewed’ option.    
6.  Select Action = Activate Lease and click Go.    
7.  Re-access the same Lease Asset.  *Note that the Combined Total Area changed.
8.  In General Information tab, under Classification tab, select ‘Actions > Lease To Property’ option.    
     *Note that Property has been mapped to incorrect Asset ID.

See replication here.

Changes

Per Development, there is a small discrepancy as Supported pointed out:
 
If customer wants to add 'Asset property' through 'Create new lease' then 'Enter Property Details' checkbox is mandatory.
It is not an option to have this checkbox deselected, even though it currently appears to be.
 
If customer does not want to add any property specific details and keep `Enter Property Details' checkbox deselected,
then  they can select 'Add equipment' option in 'Create new lease' instead of selecting 'Add property'.
 
So, the proposed fix for this issue is that Development will add a validation, where in, 'Asset property' action on 'Create new lease'
would be valid only if 'Enter Property Details' checkbox is selected.

Cause

To view full details, sign in with your My Oracle Support account.

Don't have a My Oracle Support account? Click to get started!


In this Document
Symptoms
Changes
Cause
Solution
References


My Oracle Support provides customers with access to over a million knowledge articles and a vibrant support community of peers and Oracle experts.