Below are few of the buzz words in GL and what they signify –
1.Ledger – A financial reporting entity that uses a particular chart of accounts, functional currency, and accounting calendar. Oracle General Ledger secures transaction information (journal entries, balances) by Ledgers. When you use Oracle General Ledger, you choose a responsibility that specifies a Ledger. You then see information for that Ledger only.
–Formerly called Set of Book in R11i. Ledger is an accounting book.
–There is a concept of 4C’s in Ledger.
•Chart of Account (Particulars of Goods)
•Currency (Amount)
•Calendar (Date)
•Sub ledger Accounting Convention (Cash / Accrual)
1.Calendar - According to your business needs you need to decide the calendar type required i.e. monthly, weekly or biweekly, the number of periods, adjusting periods and the maximum number of periods within a fiscal year.
2.Currency – You can have only one “Functional” currency per set of books. However, you can have multiple currencies enabled.
3.Chart of Accounts - A collection of accounts that will be used by the organization.
4.Dynamic Inserts - Dynamic insertion is an Accounting Flex field feature whereby you can allow users to create new combinations upon entering a flex field combination. For every new flex field combination entered, a unique code combination id is also created which is used to enter and retrieve data. You may enable or disable this Accounting Flex field feature at any time, on the Key Segments form.
5.Cross Validation Rules - If you plan to restrict certain accounts to be used only with certain company or cost centers then you have to plan on this and define cross validation rules before the code combination id is created. Once the code combination id is created, new cross validation rules will not restrict the account's usage.
6.Suspense Posting - It is used to balance journal entries for which the entered amounts are out of balance.
1.Ledger – A financial reporting entity that uses a particular chart of accounts, functional currency, and accounting calendar. Oracle General Ledger secures transaction information (journal entries, balances) by Ledgers. When you use Oracle General Ledger, you choose a responsibility that specifies a Ledger. You then see information for that Ledger only.
–Formerly called Set of Book in R11i. Ledger is an accounting book.
–There is a concept of 4C’s in Ledger.
•Chart of Account (Particulars of Goods)
•Currency (Amount)
•Calendar (Date)
•Sub ledger Accounting Convention (Cash / Accrual)
1.Calendar - According to your business needs you need to decide the calendar type required i.e. monthly, weekly or biweekly, the number of periods, adjusting periods and the maximum number of periods within a fiscal year.
2.Currency – You can have only one “Functional” currency per set of books. However, you can have multiple currencies enabled.
3.Chart of Accounts - A collection of accounts that will be used by the organization.
4.Dynamic Inserts - Dynamic insertion is an Accounting Flex field feature whereby you can allow users to create new combinations upon entering a flex field combination. For every new flex field combination entered, a unique code combination id is also created which is used to enter and retrieve data. You may enable or disable this Accounting Flex field feature at any time, on the Key Segments form.
5.Cross Validation Rules - If you plan to restrict certain accounts to be used only with certain company or cost centers then you have to plan on this and define cross validation rules before the code combination id is created. Once the code combination id is created, new cross validation rules will not restrict the account's usage.
6.Suspense Posting - It is used to balance journal entries for which the entered amounts are out of balance.
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