oracle financials | They point the finger at me.. again!

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