You can change descriptive information for an asset at any time. Changing asset descriptive information other than category and units has no financial impact on the asset.

Reclassifying Assets
Reclassify assets to update information, correct data entry errors, or when consolidating categories. You cannot reclassify fully retired assets.
Note: When you reclassify an asset in a period after the period you entered it, Oracle Assets creates journal entries to transfer the cost and accumulated depreciation to the asset cost and accumulated depreciation accounts of the new asset category. This occurs when you create journal entries for your general ledger. Oracle Assets also changes the depreciation expense account to the default depreciation expense account for the new category, but does not adjust for prior period expenses.

Reclassifying an Asset to Another Category

To reclassify an asset to another category:
1. Choose Asset > Asset Workbench from the Navigator window.
2. Find the asset you want to reclassify.
Tip: For best performance, find by asset number or tag number since they are unique values.
3. Choose Open.
4. Enter the new category.
5. Save your changes.
Note: Reclassification does not redefault the depreciation rules to the default rules from the new category. Manually change the depreciation rules in the Books or Mass Change windows if necessary.

Reclassifying a Group of Assets
You can reclassify a group of assets using the Mass Reclassifications window. In addition to reclassifying assets to a new category, when you run the Mass Reclassification process, you have the option to have assets inherit the depreciation rules of the new category.

• If you want only fully reserved assets to be reclassified, check the Fully Reserved - Yes check box. If you want only assets that are not fully reserved to be reclassified, check the Fully Reserved - No check box. If you do not check either check box, both fully reserved assets and assets that are not fully reserved will be reclassified.
• When you run the Mass Reclassification process, Oracle Assets first reclassifies the assets (changes the assets from one category to another), then changes the depreciation rules, if you have chosen to have the reclassified assets inherit the depreciation rules of the new category. Oracle Assets reclassifies assets to a new category, even if inheriting depreciation rules fails. However, if reclassification fails (assets are not changed to the new category), assets will not inherit the depreciation rules of the new category.
• If you choose to have the reclassified assets inherit depreciation rules, you can also choose to either amortize or expense the resulting depreciation adjustments.
• Reclassification is done at the asset level. If an asset cannot be reclassified in one book, the asset will not be reclassified in any of the books to which it belongs. If you attempt to reclassify assets to the same category (for example, you have a group of assets assigned to category PC, and you run the Mass Reclassification process to reclassify the assets to category PC), the assets will not be reclassified and will not inherit depreciation rules.
• You cannot reclassify an asset in a prior period.

Notes

• If the Depreciate check box on the Books window is checked for an asset before the asset is reclassified, the check box will remain checked after reclassification. If the Depreciate check box is not checked for an asset before the asset is reclassified, that asset will inherit the depreciation rules of the new category, but the Depreciate check box will remain unchecked.
• If you check the Inherit Depreciation Rules of New Category check box, you must also ensure you have checked the Allow Mass Changes check box in the Accounting Rules region of the Book Controls window, for any assets that you want to inherit depreciation rules. If the Allow Mass Changes check box is not checked, reclassified assets will not inherit depreciation rules, even though you checked the Inherit Depreciation Rules of New Category check box on the Mass Reclassifications window.

Previewing Your Mass Reclassifications
You can run the Mass Reclassification Preview Report before submitting the Mass Reclassifications process. The report allows you to preview the changes before actually submitting them. The report lists all the assets that the mass reclassification process will reclassify.

Running the Mass Reclassification Process
After reviewing the Mass Reclassification Preview Report, run the mass reclassification process. If reclassification fails for any of the assets, the mass reclassification process completes with a warning. You need to review the log file to determine the reasons the assets were not reclassified.
To review the changes to category and depreciation rules, run the Mass Reclassification Review Report.

Adjusting Units for an Asset
To adjust the number of units for an asset:
1. Choose Asset > Asset Workbench from the Navigator window.
2. Find the asset whose units you want to adjust.
Tip: For best performance, find by asset number or tag number since they are unique values.
3. Choose Open.
4. Change the number of Units.
5. Update assignment information to reflect the new number of units in the Assignments window. Save your work.

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