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Setup Description
Required?
Define Responsibilities
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
Yes
Yes
No
Define curriencies
Yes
Yes
No
Yes
Yes
No
No
Yes
Yes
No
No
No
No
No
Yes
Yes
No
Yes
No
No
No
No
No
Chart of accounts
2.
Functional currency
3.
Accounting calendar,
The addition in this list the ledger is defined by a 4th C: the accounting method,
This 4th C allows you to assign and manage a specific accounting method for each
ledger. Therefore, when a legal entity is subject to multiple reporting requirements,
separate ledgers can be used to record the accounting information.
Accounting Setup Manager is a new feature that allows you to set up your common
financial setup components from a central location.
For example, you can secure FSG reports to allow some users to modify the report
definition, other users to only view the report definition, while other users can modify,
view, and submit the report.
complete Read Write privileges for Ledger A, but he should be able to only View the
data that exists in Ledger B. Data Access Set also makes this kind of a combination
possible.
The General Ledger Accounting Setup Program automatically creates a data access set
for each ledger and reporting currency (journal level or subledger level) assigned to a
completed accounting setup. The system-generated data access sets created for each
ledger and reporting currency provide full read and write access to the ledger and all of
its balancing segment values and management segment values.
4. Accounting Setup Manager:
Accounting Setup Manager is a new feature that streamlines the setup and
implementation of Oracle Financial Applications.With the Accounting Setup Manager; one
can perform and maintain the following common setup components from a central
location:
Legal Entities
Ledgers, primary and secondary
Operating Units, which are assigned to primary ledgers
Reporting Currencies
Subledger Accounting Options. This is where you define the accounting methods
for each submodule and associate them to the ledger where the accounting is
stored.
Intercompany Accounts and Balancing Rules
Accounting and Reporting Sequencing
5. Ledger Sets:
A ledger set is a group of ledgers that share the same chart of accounts
and calendar/period type combination. Ledger sets allow you to run processes and
reports for multiple ledgers simultaneously.
For example, you can open/close periods for multiple ledgers at once, run recurring
journals that update balances for multiple ledgers, or run consolidated financial reports
that summarize balances across multiple ledgers in a ledger set. You can group all types
of ledgers in a ledger set, such as primary ledger, secondary
ledgers, and reporting currencies (journal and subledger levels), as long as they share
the same chart of accounts and calendar/period type combination. The same ledger can
belong to multiple ledger sets, and ledger sets can contain other ledger sets.
6. Sequencing:
In Release 12, in order to cater to the need for Legal compliance for countries like
Europe and Latin America, two more sequencing options have been introduced as a part
of standard application apart from existing Document Sequences. These Sequences can
be assigned not only to journals in General Ledger module but also to those created in
SLA:
Accounting Sequence:
Accounting Sequences are assigned to GL journals when they are posted and to
Subledger Journals once they complete accounting.
Reporting Sequence:
Reporting Sequences are assigned to journals in GL and Subledger journals upon GL
period closure. Once a period is closed, the close period program fires a Create
Reporting Sequences program as a shoot off. This program assigns reporting sequences
to journals.
7. Line Level Reconciliation
General Ledger Reconciliation allows users to reconcile transactions in General Ledger
and ensure that the sum of these set of transactions is zero. An example where this
functionality would be required is the VAT control account.
One can enable reconciliation either for Natural Account Values for specific code
combinations. Using this new functionality, one can selective cross reference
transactions by entering a "Reconciliation Reference" at the Journals Line level. One can
perform account
reconciliation either automatically with the General Ledger
Automatic Reconciliation report, or manually in the Reconciliation Lines window.
Use automatic reconciliation to reconcile journal lines that have matching balancing
segments, account segments, and reconciliation references, or optionally where the
reconciliation reference is blank.
Use manual reconciliation to reconcile journal lines with different code combinations
(including different balancing segments or account segments) or different reconciliation
references.
For both automatic and manual reconciliation, the balance for the journal lines that you
Want to reconcile must be zero. Reconciliations can be performed between transactions
entered in the same or different currencies.
Payables:
Oracle E-Business Tax, a new module in Release 12, manages transaction tax setup
associated with trading partners and tax authorities, as well as transaction tax
processing and reporting across the Oracle E-Business Suite. Part of the architecture of
this solution moves tax attributes from Global Descriptive Flexfields (GDFs), which are
obsolete in Release 12, to regular fields on the appropriate entities.
Receivables: