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Oracle Financials: All about Set of Books Page 2 of 31
[Attention: Before you can use a newly defined set of books, your
system administrator must associate the set of books with one or
more responsibilities. This is done using the profile option GL Set
of Books Name. Your responsibility determines which set of books
you use.]
Prerequisites
Define your period types.
Define your accounting calendar.
Define a transaction calendar if you plan to use average balance
processing.
Define or enable your functional currency.
If you use Multiple Reporting Currencies, define your reporting
currencies before defining your reporting sets of books.
Define your account structure.
If you want to create Retained Earnings, Suspense, Translation
Adjustment, Intercompany, and Reserve for Encumbrance
accounts as you enter them for the set of books, allow dynamic
insertion for your account segments.
Points:
1. The functional currency is also known as the base currency,
local currency, or primary currency.
2. General Ledger uses the calendar periods that have the period
type you specify for journal entry, budgeting, and reporting with
this set of books. General Ledger will report an error if there are
any gaps between periods in your accounting calendar or if any of
your non-adjusting periods overlap.
3. General Ledger automatically assigns a status of Future Entry to
accounting periods following the latest open period in your
calendar, based on the number of future enterable periods you
define here. If you change the number of future enterable periods
for your set of books, General Ledger does not change additional
period(s) to the Future Enterable status until you open a new
Multiple Reporting
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period using the Open and Close Periods window. You can enter
journal batches for a future enterable period, but you cannot post
the batches until you open the period. Minimize the number of
future enterable periods to prevent users from accidentally
entering journal entries in an incorrect period.
Budgetary Control
Using budgetary control requires funds reservation for any
transactions you enter in General Ledger, Oracle Purchasing or
Oracle Payables. You can only post journal entries that pass funds
reservation. If you enable this option, you must enter a reserve for
encumbrance account for the set of books.
If you do not enable budgetary control, you cannot perform funds
check or reservation in General Ledger, Oracle Purchasing or
Oracle Payables.
Budgetary controls can be enabled or disabled even after a set of
books has been defined and transactions entered.
Receivables does not use the Enable Budgetary Control or Require
Budget Journals options.
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option.
Enable Average Balances: Allows you to use the set of books for
average balance processing. Once average balance processing is
enabled, General Ledger automatically stores the aggregate
balances that are used to calculate average and end-of-day
balances.
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Major Features
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of your report.
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later time.
10. Enter Accounting Flexfield segment value qualifiers. Segment
value qualifiers hold extra information about individual Accounting
Flexfield segment values.
11. Define cross-validation rules to control the combinations of
values you use to create accounts. Refer to the Designing Your
Cross-Validation Rules essay for suggestions on designing your
Accounting Flexfield cross-validation rules.
12. Define Flexfield security rules to restrict entry and query
access for specific segment values or ranges of segment values by
responsibility for accounts. Security rules restrict query access to
segment values for Account Inquiries, Funds Available inquiries,
and Summary Account Inquiries. When you restrict access, you
cannot query any combination that contains a secure value.
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Prerequisites
Define your account segments
Define your rollup groups
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groups.
If you installed the Account Hierarchy Editor, you can use it to
create and edit your account hierarchies graphically. You can use
the Account Hierarchy Editor to define parent and child segment
values, as well as rollup groups.
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Major Features
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On-line Inquiry You can use the Average Balance Inquiry form to
review on-line information about the average or end-of-day
balance of any balance sheet account. You can view summary or
detail balances, as well as drill down from your summary balances
to see the detail. Also, you can customize your view of the
average and end-of-day balances to show only the information you
want, in the order you want it.
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Multi-Currency Processing
For each set of books, General Ledger maintains average balances
in your selected functional currency. The system also maintains
separate average balances for each foreign currency you've used
to enter transactions. The following section explains how General
Ledger performs foreign currency conversion, revaluation, and
translation when average balance processing is enabled.
On-line Inquiry
With General Ledger, you can perform on-line inquiries for both
standard and average balances. You can enter any of the following
criteria to control the information which General Ledger will
display:
- Date ranges
- Currencies
- Precision (Units, Thousands, etc.)
- Accounts
If you have defined summary accounts in your Oracle General
Ledger, you can also select a summary account to use for your on-
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Consolidation
You can use General Ledger's consolidation features to combine
the financial results of multiple companies, even if their sets of
books use different currencies, accounting calendars, and charts
of accounts. General Ledger supports consolidating average
balances using either the transactions or balances consolidation
methods.
Standard and average balances can be consolidated at the same or
different levels of detail. For example, you might want to
consolidate standard balances at the detail level, but average
balances at a summarized level.
If you consolidate standard and average balances at the same level
of detail, you can apply the same consolidation mapping rules to
both. If you consolidate at different levels of detail, you must
define appropriate consolidation mapping rules for each.
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