Oracle applications assets category

assets category: Asset categories let you define information that is common to all assets in a category, such as depreciation method and prorate convention. Oracle Assets uses this information to provide default values to help speed asset entry. All assets are required to have an asset category. Asset categories group assets that share financial accounts and usually depreciate using the same rules. Oracle Assets uses this information to provide default values at the time an asset is entered into the system. You specify general ledger accounts and default depreciation rules for assets in a category and an asset book. You set up different default depreciation rules depending on the date placed in service. If an asset book is not attached to an asset category, you will not be able to add assets assigned to that category to that asset book.