Key Flexfields in Oracle Assets

Key Flexfields in Oracle Assets

The three Key Flexfields in Oracle Assets are as follows:

1.     Asset Category Flexfield

2.     Asset Key Flexfield

3.     Location Flexfield

Asset Category Flexfield:  This flexfield is used to group assets based on financial information such as depreciation method, depreciation life, prorate conventions, and retirement conventions. It consists up to seven (10) segments, and it must have a total length (including segment separator) of 30 or fewer characters. The Asset Category flexfield is made up of a major category and a minor category, although only major category is required.

There is a qualifier tied to the Asset Category flexfiled to identify which segments are the major categories. Capital budgeting uses this qualifier to identify the major category segment.

Asset Key Flexfield: This flexfield is used to group assets based on non-financial information, such as the project number to which the asset is assigned. The Asset Key Flexfield allows capturing important information that is otherwise not stored in asset attributes or categories. It consists up to ten (10) segments, with total combined length (including segment separator) of up to 30 characters. Even if the Asset Key Flexfield is not currently needed, it needs to setup at least one segment. If necessary, it can be a dummy segment with a default value of NONE or N/A.

When setting up Asset Key Flexfield, enable the Allow Dynamic Inserts checkbox if not required to create asset key combinations explicitly before using them.

Location Flexfiled: This flexfield groups assets by physical location. It consists up to seven (7) segments in the Location Flexfield, and the usual 30-character length limit applies. To accommodate property tax reporting, the Location flexfield must include a state segment that is marked by the state segment qualifier.

When setting up Location Flexfield, enable the Allow Dynamic Inserts checkbox if not required to create asset key combinations explicitly before using them.