Oracle financials talk of Set of Books. However at the
beginning of an implementation, when you talk of set of
books to the CFO, he will most likely tell you that 'He has
just an accounting book for the organization'. So he feels
that he does not need 'Set of Books'. How can you reconcile
the above two statements?
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Answer Posted / loren
Accounting set of books is just simply the same as the set
of books with an expanded use for system and orderly
reporting purposes. Set of books or Ledger have the
following configuration:
1. chart of accounts
2. calendar
3. currency
if all of your companies is the same set use as above, you
can share one set of books, meaning you can commonly use the
1 set up of set of books, but any one of above is diff. you
have to create another set of books. Whereas accounting
book is commonly terminology in accounting while we are the
class room during college days. But if you will ask for the
definition of it, the meaning and content is the same as set
of books.
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