How to convert CIP assets from legacy system without projects
One of our client is planning to go for Oracle Cloud Project Costing module for asset capitalization process. Currently they are using "Microsoft Great Plains" application and excel for maintening CIP assets and their balances, and they are not creating any projects for this process.
Now they have around 3000-4000 CIP assets for last 3-4 years, we need to convert, what will be the best approach ?
- Should we summarize the asset cost and directly pass journal entry in GL.
- Should we directly load this CIP assets in FA and capitalize.
- Should we create dummy projects and assign this CIP assets and then capitalize from PPM to FA.