Oracle Financials – General Ledger Overview


Recently I got an opportunity to look over the Oracle Financials General Ledger guide  for some functional references and got involved in it completely.

I am just providing a basic outline of  some important topics of interest within Oracle General Ledger

The options to reach in R12 is also given for reference

Accounting Cycle

Common Setup

  • Define a new User with access to all responsibilities –  Security – User – Define

  • Create value sets – Setup – Financials – Flexfileds – Validation – Sets
  • Define Accounting Flexfield structure (COA) – Setup – Financials – Flexfields – Key – Segments
  • Enter Segment Values   – creating list of individual values that will appear in the LOV of each segment – Setup – Financials – Flexfileds – Key – Values

  • Define Accounting Calendar – Setup –Financials – Calendars – Types
  • Verify Functional Currencies are enabled – Setup –Currencies – Define

Accounting Setup Manager

  • Defining a Ledger

Tasks involved

  • Create Legal Entity – Setup – Financials – Accounting Setup Manager – Accounting Setups
  • Create Accounting Setup
  • Define a Primary Ledger
  • Assign Reporting Currency
    • Currency
    • Currency Conversion Level
  • Complete Ledger Options
    • First Ever Opened Period
    • Future Periods
    • Retained Earnings
    • Suspense Account
    • Rounding Difference Tracking Account
    • Cumulative Translation Adjustment Account
  • Complete Reporting Currencies
    • Default Rate Type
    • Retain Transaction Rate Type

General Ledger Setups

  • Create Responsibility to the Controller
    • You will view the system generated data access sets that were created when you created your primary ledger and reporting currency using Accounting Setup Manager. Then you Gl will create a new responsibility that will be associated with the system generated data access set

Tasks involved

  • View system generated data access sets
  • Create Responsibility
  • Assign a menu
  • Fill in request group details
  • Assign data access set to a responsibility
  • Attach responsibility to the user
  • View Account Combinations Created with dynamically Insertion – Setup – Accounts – Combinations
  • Create a Security Rule – Setup – Financials – Flexfileds – Key – Security – Define
    • Define Security Rules
    • Define Rule Elements
    • Assign the Rule to the Responsibility

  • Define/Test Cross Validation Rules  – Setup – Financials – Flexfileds – Key – Rules
    • Commission Rule – Prevent the Administration (100) and Finance (150) departments from receiving commission payments (Account 5150)
    • Balance Sheet Rule – Prevent balance sheet account codes from being used with anything but balance sheet departments (and similarly with P&L account codes and departments)
    • Revenue Rule – Allow only sales departments  to be used with
  • Define/Test shorthand aliases – Other – Profiles
  • Open First Accounting period – Setup – Open/Close
  • Run General Ledger Reports – Reports – Requests – Standards
  • Account Hierarchy Manager –Setup  – Accounts – Manager

Basic Journal Entries

  • Setup Journal Sources – Setup – Jounral –Sources
  • Setup Journal Categories – Setup – Jounral –Categories
  • Create Journal Batch  – Journal – Enter

Task involved

  • Record Purchases
    • Journals  – Enter
    • Record Sales on Account
  • Create Journal Batch (Multiple Journals) – Journal – Enter
  • Create Single Journal
  • Post Journals – Journals – Post
  • Post Journal Window
  • Review Journal Entries and Account Balances – Inquiry  – Account
  • Reverse a journal Entry
    • Manual
    • Generate Reversal Window
    • Profile options – Auto Launch Reversal after period open
    • Run Automatic reversal concurrent process
  • Setup Suspense Account – Setup – Accounts – Suspense
  • Create STAT journal
  • Define Statistical Unit of Measures

Summary Accounts

  • Summary Accounts – Setup – Financials – Flexfileds – Key – Groups

Advanced Journal Entries

  • Create Recurring Journals – Journals – Define – Recurring

Task involved

  • Create Skeleton Recurring Journal Batch
    • Generate the journals for the current period
    • Verify the process completes  –View -Request
  • Create the standard Recurring Journal Batch
    • Generate the journals for the current period
    • Verify the process completesView -Request
  • Create the formula Recurring Journal Batch
    • Generate the journals for the current period
    • Verify the process completesView –Request

  • Define Mass Allocation – Journals – Define – Allocation

Task Involved

  • Create a single Journal
  • Generate Mass Allocation
  • Verify the process completesView –Request
  • Define Sequencing

Task Involved

  • Setup Accounting Sequencing
  • Assign Sequence and Create new Sequence
  • Journal Line Reconciliation – Journal – Reconciliation – Reconcile

Task Involved

  • Enable reconciliation – Setup – Financials – Flexfields – Key – Values – Reconcile – Yes
  • Enter reconciliation reference

Budgeting

  • Create a Budget – Budget – Define – Budget
  • Create a Budget organization – Budget – Define – Organization
  • Enter Budget Amounts  – Budget – Define – Amounts
  • Load Basic Budget – Budget –Launch Budget wizard
  • Transferring budget data – Budget – Enter -Transfer

Advanced Security

  • Create Ledger Set – Setup – Financials – Ledger Set
  • View system generated DAS – Setup – Financials – Data access Set
  • Assign Responsibility – File – Switch Responsibility
  • Submit Reports using Ledger set – Report  – Request – Standard
  • Close Periods for multiple Ledgers in Ledger set
  • Create Data Access Set with Read / Write Access
    • Create Data Access Set  – Setup – Financials – Data access Set
    • Assign Responsibility – File – Switch Responsibility
    • Change Profile options – Profile – System
    • Query Journal
  • Define Definition Access Sets and secure definitions
    • Define Definition Access Set – Setup – Financials – Definiton access Set – Define
    • Assign Access – Setup – Financials – Definiton access Set – Assign
    • Assign super user Definitons Access set
    • Secure definitions

MultiCurrency

  • Define Currencies – Setup – Currencies – Define
  • Define Rate Types  – Setup – Currencies – Currency Rates Manager – Rate Types
  • Define Daily Converison Rates – Create Daily Rates
  • Enter Foreign Journal
  • Enter Journal with Converision Rounding Differences

Consolidation

  • Setup and perform consolidation – Consolidation – workbench

Period Close

  • Close the periods for multiple users – Reports – Request – Standards

Financials Reporting

  • Create Row Set – Reports  – Define – Row set
  • Create Column Set – Reports  – Define – Column set
  • Define Report – Reports  – Define – Report
  • Define Content Set – Reports  – Define – Content Set
  • Define Row Order – Reports  – Define – Order
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7 thoughts on “Oracle Financials – General Ledger Overview

  1. Asad Ali

    Useful Material..

    I want to ask that I have created a Budget and also created the organisation but still I am unable to access this budget while entering budget amount either from direct functionality or from spreadsheet upload.

    Please guide

    Reply
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