Question { 10151 }

necessary steps for ledger creation?

Answer

GL Setup Steps:
- Define Chart of Accounts
- Define Calendar
- Enable Currency
- Convention

Accounting Setup
- Define Legal Entities
- Assign Legal Entity (Optional)
- Define Primary Ledger
- Define Secondary Ledger (Optional)
- Complete Accounting Options
- Complete Accounting Setup 

Question { 5634 }

What is the difference between 11I AND R12?

Answer

R12:  
1. Multi-Org Access Control 
2, Supplier Work Bench
3. Create Accounting Program 
4. New Customer Interface
5. AP Invoices New Features 
6. Buyer Workbench
7. Reporting Currency Option replacing MRC 

Question { Arihant, 5054 }

7. what is reconciliation

Answer

Reconciliation is comparison of two records. For Example: Comparing your bank statement with your receipts from grocery stores.
  

Question { Ernst Young, 6124 }

what is factor to be consider for finalisation of chart of account

Answer

Depending on your organization structure and reporting requirements it would change. You can create up to 30 segments. Most organization use between 5-10 segments. But one factor you need to consider before finalizing chart of accounts is future changes to the structure is difficult and not recommended.

Question { Ernst Young, 7747 }

what is unearned revenue and accounting entries of it.

Answer

Unearned Revenue is like an advance payment.