Oracle Cloud Assets Approval from A to Z
Assets provides an approval workflow that allows configuring proper approval mechanism to tightly control the fixed assets transactions that materially affects the balance sheet and profit and loss account.
This Video explains the details about how to configure and use the asset approvals workflow. The approval workflow helps to eliminate paperwork and serves as a centralized source of information about all the transactions pertaining to assets approval, also adhere to compliance and better accountability and recording of audit trail. It also facilitates in easier coordination within the accounting department.
When a transaction is posted, Assets sends approval request notification to the approver identified from the rules provided by you. There are two workflow stages for which you need to define approval rules separately for each of them.
Enable approval for each transaction (Additions, Adjustments, Transfer, Retirement) on the Create Book or Edit Book page. When enabled “All options” all assets transactions, requires approval transaction wise for single asset and mass transactions.
Note: Ensure before enabling the approvals for the book that:
Data is migrated completely from the legacy system to the new system.
Verify the pending transactions in the infotile and action them.
1. Define Approval Rules: Define your single asset and mass transaction approval rules using Manage Workflow Rules in Spreadsheet task.
2. Create and Submit an Asset Transaction: Create an asset transaction and submit. Approval request is initiated automatically when you submit the transaction before posting.
3. Approve Transaction: Respond to the approval notification for the transaction.
4. Post Asset Transaction: Transactions are automatically posted after it is approved fully.
Recommendations While framing the rules ensure that:
Relevant operators are selected based on the value type.
Multiple rules are not defined for the same asset book.
The rules defined are complete. For example, if a rule is defined based on the asset cost. If the first rule is for the asset cost between USD 500 to USD, 1000 all conditions pertaining to the rule should be covered. There should be a rule to cover if the cost is below USD 500 and above USD 1000.
Define auto approval for mass transaction if they don’t require approval.
Unique batch name is assigned for each Mass transaction
Before creating and managing workflow rules, perform these steps:
1. Sign in to the application as a Financial Application Administrator.
2. Verify if the Approval Routing Administration feature is enabled at Offerings Financials Opt in Features.
Click the Edit icon for Financials. If the feature is not enabled, select its check box.
3. In the Setup and Maintenance work area, go to Financials Application Extensions Manage Workflow Rules in Spreadsheet task.
Before defining rules in the rule template, you must analyze approval policy. Consider these points before defining a business rule:
Which transactions require approval?
Who approves transactions in your organization?
Do the approvers vary based on the transaction attributes? If so, use a data set.
What are approval conditions? How do you want to route the approval notifications?
Which approvals require FYI notifications?
Which transactions are exempted from the approval rule