General Ledger Oracle general ledger is a comprehensive financial management solution that facilitates the the following tasks: Financial controls Data collection Information access Financial reporting and analysis
Set of Books A set of books consists of a chart of account structure, an accounting calendar, and a functional currency.
Chart of Accounts Structure Create a customizable accounts structure containing up to 30 segments, with 25 characters per segment. The maximum number of characters allowed in the account code combination is 240 Define account to record asset, liability, owner’s equity, revenue, and expenses transactions.
Accounting Calendar Define the sequence and duration of accounting periods At the end of each accounting period, balances are automatically rolled forward to the next period. At the end of each fiscal year, the net balance of all revenue and expense accounts are moved to retained earnings.
Functional Currency • Choose one functional currency for each set of books • Enter accounting information in any currency. General ledger converts monetary amounts entered in a foreign currency to functional currency equivalents using supplied rates.
Journal Entry • Basic Journal Entries • Reversing Journal Entries • Recurring Journal Entries • Mass Allocations
Basic Journal Entries: It used for most accounting transactions. Examples: Revenues, Expenses, Adjustments, and Reclassifications Reversing Journal Entries: These journal entries are created by reversing an existing journal entry. We can reverse any journal entry and post it to the current or any future open accounting period. Recurring Journal Entries: Recurring journal entries are defined once, then are repeated for each subsequent accounting period.
Mass Allocations Entries: These type of journal entries that utilize a signal entry formula to allocate revenues and expenses across a group of cost centers, departments, divisions.
Journal Wizard Journal wizard enables to: • Create journal entries • Customize journal worksheets • Use Excel spreadsheet features • Save journal worksheets • Upload journals to Oracle General Ledger
Budgeting Oracle General Ledger gives us a variety of tools to create, maintain, and track our budgets, including the ability to upload budget amounts from an Excel spreadsheet Create an unlimited number of budgets Control user access to budgets Create budget organizations to mirror the various levels of our company’s user access to the budget information Structure our budget into an unlimited number of levels Create master-detail budgets.
Creating a Budget In Oracle general Ledger, we can create a budget by designating amounts to a combination of an account and a period. Using the Define Budget Organization window, specify accounts by defining a budget organization, then assigning appropriate accounts to the that organization. Using the Define Budget Organization window, specify the accounting periods that we want to include in our budget.
Reporting and Analysis Tools Oracle General Ledger provides us with variety of powerful reporting, consolidating, and analysis capabilities. • Standard reports and listing • Financial Statement Generator(FSG) • Report Wizard • Request Center • Analysis Wizard • Oracle Financial Analyzer
Standard Reports and Listings: Request report online without trying up our terminal while we wait to generate and print our report Group reports into report sets Schedule reports to run at regularly schedule intervals Financial Statement Generator Report Create complex financial report for business units, profit centers, and cost centers. Report on translated and foreign currency amounts. Different Types of Reports