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If you choose to allow posting of out-of-balance/unbalanced journal entries, GL automatically posts the difference to SUSPENSE Account. However, the Suspense Account check BOX should be checked and an Account to be provided for this FEATURE to work during the creation of set of books.

If you have multiple COMPANIES or balancing entities within a set of books, GL automatically creates a suspense account for each balancing ENTITY.

If you choose to allow posting of out-of-balance/unbalanced journal entries, GL automatically posts the difference to Suspense Account. However, the Suspense Account check box should be checked and an Account to be provided for this feature to work during the creation of set of books.

If you have multiple companies or balancing entities within a set of books, GL automatically creates a suspense account for each balancing entity.

Transaction calendar is defined for the purpose of ENABLING average BALANCE PROCESSING. Transaction calendar is created optionally with valid business DAYS mentioned.

Transaction calendar is defined for the purpose of enabling average balance processing. Transaction calendar is created optionally with valid business days mentioned.

Net income (NI) is a company's TOTAL earnings (or PROFIT); net income is calculated by taking REVENUES and subtracting the costs of doing business such as depreciation, interest, taxes and other expenses. Net income also REFERS to an individual's income after taking taxes and deductions into account.

Net income (NI) is a company's total earnings (or profit); net income is calculated by taking revenues and subtracting the costs of doing business such as depreciation, interest, taxes and other expenses. Net income also refers to an individual's income after taking taxes and deductions into account.

If you translate your FUNCTIONAL currency BALANCES into another currency for reporting, or if you REVALUE foreign currency-dominated balances, you must specify a translation adjustment account.

• PARENT – Do no enable.
• Budget – Yes.
• Posting – Yes.
• Account TYPE – Ownership/Stock.

If you translate your functional currency balances into another currency for reporting, or if you revalue foreign currency-dominated balances, you must specify a translation adjustment account.

• PARENT – Do no ENABLE.
• Budget – YES.
• POSTING – Yes.
• Account Type – Ownership/Stock.

RETAINED EARNINGS refer to the percentage of net earnings not paid out as dividends, but retained by the COMPANY to be reinvested in its CORE business, or to pay debt. It is recorded under shareholders' equity on the balance sheet.

Retained earnings refer to the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business, or to pay debt. It is recorded under shareholders' equity on the balance sheet.

There are 5 TABBED REGIONS in the SET of books definition form.

• Closing
• Journaling
• Average BALANCES
• Budgetary Control
• Multiple Reporting Currencies

There are 5 tabbed regions in the set of books definition form.

The value mentioned in the Future Period field represents the number of future enterable PERIODS that users can use to input journal entries (provided those future periods are opened). However, CONSIDERATION MUST be given to minimize the number of future enterable periods to PREVENT users from accidentally ENTERING journal entries in an incorrect period.

The value mentioned in the Future Period field represents the number of future enterable periods that users can use to input journal entries (provided those future periods are opened). However, consideration must be given to minimize the number of future enterable periods to prevent users from accidentally entering journal entries in an incorrect period.

CHART OF ACCOUNTS

• Your chart of accounts is the account structure you define to fit the specific needs of your organization.
• You can choose the number of account segments as well as the length, name, and order of each segment.

ACCOUNTING CALENDAR

• An accounting calendar defines an accounting year and the PERIODS it contains.
• You can define multiple calendars and assign a different calendar to each set of books.

CURRENCIES

• You select the functional currency for your set of books as well as other currencies that you use to transact BUSINESS and report in.
• GL converts monetary amounts entered in a foreign currency to functional currency equivalents using SUPPLIED rates.

CHART OF ACCOUNTS

ACCOUNTING CALENDAR

CURRENCIES

There are 5 basic types of conversion rate types predefined in Oracle GL:

• SPOT: An exchange rate based on the rate for a specific date. It applies to the immediate delivery of a currency.
• CORPORATE: An exchange rate that standardize rates for your company. This rate is GENERALLY a standard market rate determined by senior financial management for use THROUGHOUT the organization.
• USER: An exchange rate that you enter during foreign currency journal ENTRY.
• EMU FIXED: An exchange rate that is used by countries joining the EU during the TRANSITION period to the Euro currency.
• USER DEFINED: A rate type defined by your company to meet specific needs.

There are 5 basic types of conversion rate types predefined in Oracle GL:

Typically, the last DAY of the fiscal year is used to perform adjusting and closing journals entries. This period is referred to as Adjusting Period.

Choosing WHETHER to include an adjusting period or not in a calendar is a very important decision. There can be unlimited NUMBER of adjusting periods. Once the accounting calendar is used, changes to its STRUCTURE to remove or ADD an adjusting period cannot be done.

Typically, the last day of the fiscal year is used to perform adjusting and closing journals entries. This period is referred to as Adjusting Period.

Choosing whether to include an adjusting period or not in a calendar is a very important decision. There can be unlimited number of adjusting periods. Once the accounting calendar is used, changes to its structure to remove or add an adjusting period cannot be done.

• NEVER OPENED: Cannot enter or post journals.
• FUTURE ENTERABLE: Enter journal, but cannot post. The number of future enterable periods is a fixed number defined in the SET of books window. The number of future enterable period can be CHANGED at any time.
• OPEN: Enter and port journals to any open period. An unlimited number of periods can be open, but doing so MAY slow the posting process and can CONFUSE users entering journals.
• CLOSED: Cannot post journals in a closed period. Must reopen closed periods before posting journals. Should manually close periods after finishing month/quarter/year-end processing.
• PERMANENTLY CLOSED: Permanently closed periods cannot be reopened. This status is required to Archive and Purge data.

Predefined period types in Oracle GL are:

• Month
• QUARTER
• Year

Predefined period types in Oracle GL are:

A Period CORRESPONDS to a time SPAN within which transactions are entered prior to finalizing, OTHERWISE called as close of the period.

A Period corresponds to a time span within which transactions are entered prior to finalizing, otherwise called as close of the period.

It’s a FEATURE of KEY flexfield, applicable on Value SETS.

It’s a feature of Key flexfield, applicable on Value Sets.

ORACLE GL Key FLEXFIELD can have 15 COLUMNS each representing a SEGMENT. However, the segments TYPE can be:

• Cost Center segment
• Balancing segment
• Account segment
• Intercompany segment

Oracle GL Key flexfield can have 15 columns each representing a segment. However, the segments type can be:

• NONE: A value set of the type None has no list of approved values associated with it. A None value set PERFORMS only MINIMAL checking of, for EXAMPLE, data type and length.
• INDEPENDENT: Independent type value sets perform basic checking but also check a value entered against the list of approved values you define.
• DEPENDENT: A dependent value set is associated with an independent value set. Dependent value sets ensure that all dependent value are associated with a value in the related independent value set.
• TABLE: Table value sets OBTAIN their lists of approved values from EXISTING applications tables. When defining your table value set, you specify a SQL query to retrieve all the approved values from the table.
• SPECIAL: This specialized value set provides another flexfield as a value set for a single segment.
• PAIR: This specialized value set provides a range flexfield as a value set for a pair of segments.
• TRANSLATED INDEPENDENT: This works similar to Independent type. However, a Translated Independent value set can contain display values that are translated into different languages.
• TRANSLATED DEPENDENT: This works similar to Dependent type. However, a Translated Dependent value set can contain display values that are translated into different languages.

• No Security: All security is DISABLED for this value set.
• Hierarchical Security: With Hierarchical security, the features of the value security and value hierarchies are combined. With this feature any security that APPLIES to a parent value also applies to its child values.
• Non-Hierarchical Security: Security is enabled, but the RULES of the hierarchical security do not apply. That is, a security rule that applies to a parent value does not “CASCADE down” to its child values.

• LIST of VALUES (10 to 200)
• LONG list of values (> 200)
• Poplist (> 10)

A value set is a definition of the values approved for entry or display by a particular flexfield segment. A value set may also CONTAIN a LIST of actual approved values although this is not required.

• Some value sets permit a limited range of values; others permit only certain values; others have minimal restrictions.
• Different flexfields can share the same value set. For example, a value set containing the names of regional offices could be used by many different flexfields.
• Different segments of the same flexfield can use the same value set, for example a date value set. Segments defined to different structures of the same flexfield can share value set. Many of the report parameters used with Standard Request SUBMISSION (SRS) forms are TIED to SHARED value sets.
• Value sets do not have to have the same actual values defined for them.

A value set is a definition of the values approved for entry or display by a particular flexfield segment. A value set may also contain a list of actual approved values although this is not required.

For key FLEXFIELDS with MULTIPLE segments, we can define rules to cross CHECK value COMBINATIONS entered with in the key flexfield segments. This OPTION is referred as Cross Validation rules.

For key flexfields with multiple segments, we can define rules to cross check value combinations entered with in the key flexfield segments. This option is referred as Cross Validation rules.

Dynamic Insertion is a feature which controls WHETHER the user can enter new account code combinations from any form/window. If this feature is disabled, then the user cannot INPUT new account code combinations from any window/form.

Oracle applications use a PARTICULAR form (called a Combination form) for DIRECTLY entering the new code combinations. USERS can enter new account code combinations only through this form if Dynamic Insertion is disabled.

Dynamic Insertion is a feature which controls whether the user can enter new account code combinations from any form/window. If this feature is disabled, then the user cannot input new account code combinations from any window/form.

Oracle applications use a particular form (called a Combination form) for directly entering the new code combinations. Users can enter new account code combinations only through this form if Dynamic Insertion is disabled.

• ACCOUNT TYPE: Asset, LIABILITY, Owner’s Equity, Revenue, Expense, Budgetary DR, and Budgetary Cr.
• Budget ENTRY allowed (Yes/No).
• POSTING allowed (Yes/No).
• Control Account Reconciliation Flag: Available for specific countries.

NATURAL ACCOUNT: Each Accounting Flexfield structure must contain only one natural account segment. When SETTING up the values, you will INDICATE the TYPE of account as Asset, Liability, Owner’s Equity, Revenue, or Expense.

• BALANCING ACCOUNT: Each Structure must contain only one balancing segment. ORACLE GL ensures that all journals balance for each balancing segment.
• COST CENTER: This segment is required for Oracle Assets. The Cost center segment is used in many Oracle Assets reports and by Oracle Workflow to generate account numbers. In addition, Oracle Projects and Oracle Purchasing also utilize the cost center segment.
• INTERCOMPANY: GL automatically uses the intercompany segment in the account code combination to TRACK intercompany transactions within a single set of books. This segment has the same value set and the same values as the balancing segment.

NATURAL ACCOUNT: Each Accounting Flexfield structure must contain only one natural account segment. When setting up the values, you will indicate the type of account as Asset, Liability, Owner’s Equity, Revenue, or Expense.

A qualifier is a label ATTACHED to a PARTICULAR KEY FLEXFIELD segment so it can be located by the application requiring its information. A key flexfield qualifier can be of 2 TYPES:

• Flexfield qualifiers identify a segment in a flexfield.
• Segment qualifiers identify a value set in a segment.

A qualifier is a label attached to a particular key flexfield segment so it can be located by the application requiring its information. A key flexfield qualifier can be of 2 types:

KEY FLEXFIELD

• OWNED by one application; USED by many
• Required to set up; not always required to USE
• Intelligent keys
• IDENTIFIES entities

DESCRIPTIVE FLEXFIELD

• Associated with tables in a specific application
• Setup is optional
• No intelligence; only STORES additional information
• Captures additional information only

KEY FLEXFIELD

DESCRIPTIVE FLEXFIELD

• KEY FLEXFIELD
• DESCRIPTIVE flexfield

• Configure applications to support your own accounting, product and other codes.
• Enable the construction of intelligent keys.
• Configure APPLICATION to capture ADDITIONAL data.
• USE the application to validate values and value combinations entered by the user.
• Support MULTIPLE flexfield STRUCTURES depending on data context.

General Ledger

• Accounting Flexfield

ASSETS

• ASSET Key Flexfield
• LOCATION Flexfield
• Category Flexfield

Service

• Service ITEM Flexfield

Receivables

• Territory Flexfield
• Sales Tax Location Flexfield

Inventory

• Item CATEGORIES
• System Items
• Sales Orders
• Item Catalogs

General Ledger

Assets

Service

Receivables

Inventory