Oracle Financial Accounting

Oracle General Ledger

• The Oracle General Ledger is the central repository of accounting information. The main purpose of a general ledger system is to record financial activity of a company and to produce financial and management reports to help people inside and outside the organization make decisions

Oracle General Ledger is a comprehensive financial management solution that enables user to

1.Record and Review Accounting Information

2.Import data from subsidiary ledgers, or enter journals to record actual or budget transaction directly into oracle general ledger

3.Enter encumbrance journals to track encumbrances through the purchase process and to control spending against budgeted amounts.

4.Review account balances online or through reports.

5.Analyze, correct, and adjust accounting information.

6.Correct actual, budget, and encumbrance information.

7.Revalue and translate balances denominated in foreign currencies

8.Consolidate balances from multiple ledgers.

9.Analyze Accounting Information

10.Integrate Oracle GL with Oracle Discoverer, or Web Applications Desktop Integrator to simply the budgeting and forecasting process.

11.Use FSG to build customized reports with reusable report objects.

12.Use Oracle Report Manager to submit and publish FSGsx

General Ledger Accounting Cycle

1-Open period

2-Create/reverse journal entries

3-Post

4-Review

5-Revalue

6-Translate

7-Consolidate

8-Review/correct balances

9-Run accounting reports

10-Close accounting period

1.Open an accounting period. See: Opening and Closing an Accounting Period

2.Enter manual journal entries, including:

• Standard journal entries

• Foreign and dual currency journal entries and Dual Currency Journals

• Statistical journal entries. See: Entering Statistical Journals

• Intercompany journal entries.

3.Import journals from subledgers. If you encounter an error when trying to import a subledger journal, you can correct the import data and rerun journal import. See: Importing Journals: page

4.Define recurring journal formulas for transactions that have a common format or that you enter frequently. You can also create recurring journal formulas to create allocation entries. You can use recurring journals to create three types of journal entries:

• Skeleton entries affect the same accounts each period, but have different posting amounts.

• Standard recurring journal entries use the same accounts and amounts each period

• Formula entries use formulas to calculate journal amounts that vary from period to period. Entering Recurring Journal and Budget Formulas

5.Define Mass Allocation formulas to allocate a cost pool across a group of departments, companies, etc.

6.Generate recurring journal and Mass Allocation journal batches based on formulas you defined.

7.Review the details of your unposted journal batches.

• To view and optionally change unposted journal batches online, use the Enter Journals window.

• To view unposted journal batch detail online, use the Journal Inquiry window.

• To print a report showing unposted batch detail, produce a Journals – General report (set the Posting Status parameter to unposted).

8.Edit unposted journals to change information about an unposted batch or its journal detail, including the batch period and the journal currency.

9.Post your journal batches manually or automatically.

10.Check for posting errors. General Ledger automatically produces a Posting Execution Report so you can check the results of your posting. This report notifies you of any errors.

11.Reverse journals. You can reverse a posted or unposted journal entry. Once you assign a reversing period to the journal, generate and post the reversing batch.

12.Revalue your foreign–denominated assets and liabilities to reflect exchange rate fluctuations at the end of each accounting period.

13.Translate your actual account balances to any foreign currency for reporting purposes.

14.Consolidate sets of books by defining and running a consolidation. You can consolidate sets of books that have different charts of accounts and calendars

15.Produce financial reports and perform online inquiries to review current account balances.

• Review account balances online using the Account Inquiry window.

• Review posted journal details in the Posted Journals Report, as well as in the General Ledger and Account Analysis reports.

• You can also define an unlimited variety of custom reports using the Financial Statement Generator to review account balances in the format of your choice.

16.Enter journals to clear suspense account balances. Examine General Ledger and Account Analysis reports to identify the source of suspense account entries.

17.Close the current accounting period.

18.Open the next accounting period.

General Ledger provides the following categories of standard reports and listings:

• Account Analysis: These reports list the accumulated balances of a range of accounts and all journal entry lines that affect that range. The same segment security rules defined for your chart of accounts extend to account analysis reports.

• Budget: These reports and listings contain information about your budgets and budget organizations, including account assignments and budget hierarchies.

• Chart of Accounts: These reports and listings provide information about the accounts in your chart of accounts, including segment values, rollup ranges and suspense accounts.

• Multi–Company Accounting and Consolidation: These reports and listings provide information about your multi–company accounting and consolidation activities. You can request reports about intercompany transactions made using General Ledger’s CENTRA feature.

• Currency: These listings show the daily, period and historical rates you defined for foreign currencies.

• Financial Statement Generator: These listings provide summary or detail information about the definitions of your Financial Statement Generator report components, reports and report sets.

• General Ledger: These reports list beginning and ending account balances, and all journal entry lines affecting each account balance in your functional and foreign currencies. The same segment security rules defined for your chart of accounts extend to general ledger reports.

• Journals: These reports provide journal information in functional and foreign currencies, including posted, unposted and error journals. You can also review journal activity for particular periods and balancing segments. The same segment security rules defined for your chart of accounts extend to journals reports.

• Trial Balance: These reports list account balances and activity for functional and foreign currencies, budgets, encumbrances and actuals. You can request this information by currency, accounts, and so on. The same segment security rules defined for your chart of accounts extend to trial balance reports.

• Other: These reports and listings provide information about MassAllocation/MassBudget definitions, actual or budget recurring journal formulas, statistical units of measure and value–added taxes received and paid