Define Values for Accounting Flexfield Segments-General Ledger
By Jag - April 23, 2014
Defining Values forFlexfield Segments:
GL: Setup > Financials > Flexfields > Key > Values
Enter Application, Title, Structure, Segment as below
Click on Find Button
Following Screen appears.
Enter Value, Translated Value, Description as below
Qualifier is the above screen is called Global Segment Qualifier. Segment qualifiers identify a value in a segment.
By default, this qualifier is added to all the Segments of COA.
Enter the other values as below.
02 - 02 - TCS
03 - 03 - Tata Auto Finance
04 - 04 - Tata General Finance
After entering above values, finally it looks like below
In the Same manner Enter Values for rest of the segments as below.
Independent Segment: Division
00 - 00 - No Division
01 - 01 - Cars
02 - 02 - Trucks
11 - 11 - Consultancy
12 - 12 - Development
13 - 13 - Training
Independent Segment: Location
00 - 00 - No Location
01 - 01 - Hyderabad
02 - 02 - Pune
03 - 03 - Bangalore
Independent Segment: Department
00 - 00 - No Department
01 - 01 - Sales
02 - 02 - Finance
03 - 03 - Stores
Independent Segment: Account
0001 - 0001 - Retained Earnings
Make a note of Segment Qualifier above
It shows 5 fields unlike 2 as in the other Segment qualifiers.
This is because we had set this Account as Natural Account Segment Flexfield Qualifier. [Refer my previous post for details]
Note:
We need to give 'Account Type' as Ownership/Stockholders equity for Retained Earnings Account
Question: What is Retained Earning Account?
Answer: It refers to the portion of net profit which is retained by the organization rather than distributed to its owners as dividends. Similarly, if the corporation takes a loss, then that loss is retained and called variously retained losses. Retained earnings and losses are cumulative from year to year with losses offsetting earnings. Hence we have to define this account to assign this to Ledger.
Other Values for this Segment:
1000 - 1000 - Cash - Asset (Refer Screenshot below)
Similarly add below Values for Account Segment
1010 - Receivables - Asset
1020 - Shortterm Invest - Asset
1500 - Machinery - Asset
1510 - Vehicles - Asset
1520 - Furniture - Asset
2000 - Wages - Expense
2010 - Factory Expenses - Expense
2020 - Freight - Expense
2500 - Rents Paid - Expense
2510 - Salaries - Expense
2520 - Commission - Expense
3000 - Payables - Liability
3010 - Loans - Liability
4000 - Sales - Revenue
4010 - Interest from Bank - Revenue
GL: Setup > Financials > Flexfields > Key > Values
Enter Application, Title, Structure, Segment as below
Click on Find Button
Following Screen appears.Enter Value, Translated Value, Description as below
By default, this qualifier is added to all the Segments of COA.
Enter the other values as below.
02 - 02 - TCS
03 - 03 - Tata Auto Finance
04 - 04 - Tata General Finance
After entering above values, finally it looks like below
Independent Segment: Division
00 - 00 - No Division
01 - 01 - Cars
02 - 02 - Trucks
11 - 11 - Consultancy
12 - 12 - Development
13 - 13 - Training
Independent Segment: Location
00 - 00 - No Location
01 - 01 - Hyderabad
02 - 02 - Pune
03 - 03 - Bangalore
Independent Segment: Department
00 - 00 - No Department
01 - 01 - Sales
02 - 02 - Finance
03 - 03 - Stores
Independent Segment: Account
0001 - 0001 - Retained Earnings
It shows 5 fields unlike 2 as in the other Segment qualifiers.
This is because we had set this Account as Natural Account Segment Flexfield Qualifier. [Refer my previous post for details]
Note:
We need to give 'Account Type' as Ownership/Stockholders equity for Retained Earnings Account
Question: What is Retained Earning Account?
Answer: It refers to the portion of net profit which is retained by the organization rather than distributed to its owners as dividends. Similarly, if the corporation takes a loss, then that loss is retained and called variously retained losses. Retained earnings and losses are cumulative from year to year with losses offsetting earnings. Hence we have to define this account to assign this to Ledger.
Other Values for this Segment:
1000 - 1000 - Cash - Asset (Refer Screenshot below)
1010 - Receivables - Asset
1020 - Shortterm Invest - Asset
1500 - Machinery - Asset
1510 - Vehicles - Asset
1520 - Furniture - Asset
2000 - Wages - Expense
2010 - Factory Expenses - Expense
2020 - Freight - Expense
2500 - Rents Paid - Expense
2510 - Salaries - Expense
2520 - Commission - Expense
3000 - Payables - Liability
3010 - Loans - Liability
4000 - Sales - Revenue
4010 - Interest from Bank - Revenue
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