We are excited to announce that the implementation of the Oracle Fixed Assets (FA) module is scheduled for July 2023. As an existing module within Oracle Financials Cloud, the FA module will streamline and support business processes related to the capitalization and depreciation of fixed assets. It will also seamlessly integrate with the Campus Asset Management System (CAMS), facilitating efficient physical inventory management for equipment.
With the implementation of the FA module, there will be updates to accounting procedures. These updates will allow purchased assets to be capitalized on an asset account and reclassified as expenses on the corresponding Fund, Financial Unit, and Project. As a result, existing Asset Account balances on purchasing Financial Unit/Fund/Project combinations will be converted to expenses during the Accounting Period 13 in June 2023 by the end of the fiscal year.
Over the next several weeks, a series of dedicated office hours will continue to be held on Mondays at 10:05 a.m. to cover a variety of topics related to the FA module, conversion, and asset accounting. For more information on the project, timelines, and office hours, please refer to the Fixed Assets Implementation Blink page.
We extend our sincere appreciation and gratitude to the staff and subject matter experts across the University for their invaluable contributions to the successful implementation of this project.
