Great Personal Development Truths

via  – for full articles  60 Inconvenient Personal Development Truths.

  1. The acquisition of knowledge doesn’t mean you’re growing.  Growing happens when what you know changes how you live.
  2. You can’t have good ideas unless you’re willing to generate a lot of bad ones.
  3. A good idea without action is nothing at all.
  4. It’s not so much about finding opportunities as it is about creating them.
  5. 10% of our lives is decided by uncontrollable circumstances.  90% is decided by how we react to those circumstances.
  6. What we don’t start today won’t be finished by tomorrow.
  7. If you’re waiting for the perfect conditions, ideas or plans to get started, you’ll never achieve anything.
  8. If you keep doing what you’re doing, you’ll keep getting what you’re getting.
  9. Change is often resisted when it is needed the most.
  10. Discipline is choosing what you want most over what you want right now.  Read The 7 Habits of Highly Effective People.
  11. The harder you work, the luckier you will become.
  12. Kindness and hard work together will always carry you farther than intelligence.
  13. Life is not easy, especially when you plan on achieving something worthwhile.
  14. Tough times don’t last, but tough people do.
  15. Lots of successful people have failed as many times as they have succeeded.
  16. Nobody succeeds all by themselves.
  17. Right now, there’s a lot you don’t know.
  18. Having a plan, even a flawed one at first, is better than no plan at all.
  19. In the beginning, you need to say “yes” to a lot of things to discover and establish your goals.  Later on, you need to say “no” to a lot of things and concentrate on your goals.
  20. No matter how you make a living or who you think you work for, you only work for one person, yourself.  The big question is:  What are you selling, and to whom?
  21. We all have different strengths.  What worked for someone else might not work for you.
  22. To be great does not mean you have to dominate others.  It means you have to dominate your own potential.
  23. Being successful is a journey, not a destination.
  24. Results are more important than the time it takes to achieve them.
  25. Being busy and being productive are two different things.
  26. Being happy and being successful are two different things.
  27. You don’t have to settle.  It’s simply a choice you make every day.
  28. Life is full of opportunities to feel exactly the way you want to feel.
  29. You have every right to be happy, but it’s up to YOU and only YOU to exercise that right.  Read The Happiness Project.
  30. You have the ability to clear negativity from your mind with a single thought.

via  – for full articles  60 Inconvenient Personal Development Truths.

Some more here …..

  1. We are all multi-dimensional human beings with simultaneous dimensions of success and failure in our lives.
  2. Your success isn’t just about you.  It’s about how you positively impact the lives around you.
  3. Any fool can criticize, condemn and complain, and most fools do.
  4. Holding onto anger is like grasping a hot coal with the intent of throwing it at someone else – you are the one who gets burned.
  5. Life isn’t always logical.
  6. When you spend time worrying, you’re simply using your imagination to create things you don’t want.
  7. It’s usually only as good or bad as you think it is.
  8. There is a lesson in everything you do, and learning the lesson is how you move forward.
  9. No matter how smart you are, you will make mistakes.
  10. There’s no such thing as ‘risk free.’  Everything you do or don’t do has an inherent risk.
  11. Saying “no” to right people gives you the time and resources required to say “yes” to right opportunities.
  12. Just because you can doesn’t mean you should.
  13. When you’re caught up in the moment and your emotions are soaring, you’re bound to make poor decisions.
  14. Simplicity is often a major factor of success.  But the process of simplifying things is rarely easy.
  15. Cutting your losses is often better than the alternative.
  16. It’s uncomfortable to challenge the status quo, but it’s worth it.
  17. You can raise the bar or you can wait for others to raise it.  Either way, it’s getting raised.
  18. Oftentimes, the only reason they want you to fit in is that once you do they can ignore you and go about their business.
  19. Confusion isn’t a bad thing.  It means you’re growing and thinking.
  20. When you see the world as it is, but insist on making it more like it could be, you matter.
  21. When kids grow up wanting to be you, you matter.
  22. Trying to be somebody you’re not is not sexy.  Be you.  That’s when you’re beautiful.
  23. Good looks attracts the eyes.  Personality attracts the heart.
  24. Sometimes you just have to do your own thing your own way, no matter what anyone else thinks or says about you.
  25. When you receive negative feedback, remember, it doesn’t matter how many people don’t get it, it matters how many do.  Read The 4-Hour Workweek.
  26. If you awake every morning with the thought that something wonderful will happen in your life today, and you pay close attention, you’ll often find that you’re right.
  27. Truly ‘rich’ people need ‘less’ to be happy.
  28. A good life is when you assume nothing, do more, need less, smile often and realize how fortunate you are right now.
  29. If you want love, give love.  If you want friends, be friendly.  If you want money, provide value.  It really is this simple.
  30. If there was ever a moment to follow your passion and do something that matters to you, that moment is now.

And remember, the extra mile is the stretch of road that’s never crowded.  As long as you follow your heart and never stop learning, you’ll turn not older, but newer every day.

via  – for full articles  60 Inconvenient Personal Development Truths.

Oracle EBS – Fixed Assets : Overview

Fixed assets, constitute the durable capital base of an enterprise (traditionally the  “Property, Plant and Equipment”), necessary to deliver products and services expanded to include investments in non-tangible
assets like software.

Asset management encompasses three primary activities:
Physical Upkeep: Comprises asset location, asset condition and assignment
Asset Tracking: Covers the whole gamut from controlling, leased, loaned and consigned items from acquisition to asset maintenance.
Financial Administration: Involves asset value, depreciation and taxation.

Two Types of Asset Books:
Corporate Books: Where are all assets are created or captured, accounted, Depreciated and retired as per the GAAP rules.

Tax Books: Tax books use the asset data of the corporate book but account, Depreciate and retire as per the tax rules.

Capital Assets such as building and machinery typically lose their value over time.
The loss of value during any given period is called depreciation and it is charged as anexpense in that period. The value of asset at any point in time –usually cost minusaccumulated depreciation–is called net book value.

When an asset is acquired / built, asset is assigned an initial book value, an economic life and a calculation to determine value of asset at each period during that economic life. An asset may have a residual value beyond which it will not depreciate.

At the end of its economic life, the initial cost of asset (less residual value if any), will have been expensed. The depreciated book value appears on balance sheet as an asset. The asset is taken off books when it is sold. The diff between sale price and book value at the time of the sale is gain/loss on sale.

Fixed Asset Process flow

Fixed Asset Process flow

R12 New Features – Fixed Assets

Payables to Assets Integration

Payables now has a new level of detail between Invoice Header and Invoice Distribution. The new level is Invoice Lines. At this new level, new field are available to enter details that will integrate to Assets, these fields are:

•   Manufacturer
•    Model
•    Serial Number
•    Warranty Number
•    Asset Book
•   Asset Category

Event Accounting

Assets now has event accounting, meaning that every transaction is treated as a new event to the assets. The impact on assets are as follows:

•    Audit trail will no longer show voided transaction types if changes occur in the month an asset was added.

•   No longer forced to delete assets in the period it was added, due to the event accounting – Oracle treats the addition and retirement as two separate events, so now Oracle allows assets to be retired in the period added.

•   Event accounting also allows for transferring accounting to GL multiple times in a period.

Auto Prepare Mass Additions

New APIs and Quick Codes are available to automate the Prepare Mass Additions process. There are default rules available, you can accept the defaults or choose to create custom rules. These APIs and Quick Codes will automatically process data and assign the required data attributes, such as:

Depreciation Expense Account

Asset Category

Default rules:

Asset Category – this is derived from the asset cost clearing account, as long as there is one to one relationship between the account and asset category. This process will only impact items in the ‘New’ and ‘On Hold’ queue names.

Expense Account – this is derived from the clearing account combination and overlaying the natural account segment with the value of the natural account segment of the depreciation expense defined in the asset category. If the program cannot derive an expense combination, the queue name is set to ‘On Hold’.

This should minimize the amount of manual efforts involved in the Prepare Mass Additions process. Manual updating is still required – some required fields may not be populated.

Asset Category – a one to one relationship between cost clearing account and asset category – this will expand the Chart of Accounts of many companies.

Expense Account – the expense combination is going to be derived from a Balance Sheet account. Oracle will simply overlay the natural account segment, replacing the cost clearing account leaving all other segment values alone. If there are certain requirements for P&L accounts versus Balance Sheet accounts, i.e. cost center required for P&L, this may present issues.

Manual efforts are required to perform Merging, Splitting, Add to Assets and Merge then Split functionality.

Auto Depreciation Rollback

In Release 12, you will no longer be required to run the Rollback Depreciation process in order to make corrections to assets. After running depreciation when a correction or change is required, simply choose the asset to modify. Oracle will automatically rollback depreciation for this single asset. Make your modifications and when you re-run depreciation, Oracle will re-calculate depreciation based on the modifications made to the asset.

The features to rollback depreciation and rollback journal entries that are in R11i are no longer available in R12.

Month End Close

Create Accounting process is now used in Assets – journals are created not by a period, but by events and a date. This means that one can create accounting on the 15th of a month for all transactions performed at the end of the month. This allows for clients to view accounting prior to month end for events that will greatly impact the books(i.e. mass retirements, transfers, etc.)