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Answer Posted / narendaroracleapps
In R12 the Set of Books concept was replaced with Ledgers;
i.e. the 3 “C’s” became the 4 “C’s”:
Set OF Books Ledger
1. Chart Of accounts 1. Chart Of Accounts
2. Functonal Currency 2.Functional Currency
3. Calendar 3. Calendar
4.Accounting Conventions
The Accounting Convention aspect of a Ledger is enabled by
Oracle’s introduction of sub-ledger
accounting, which facilitated multiple accounting
representations of a single transaction. (This very
fundamental point is absolutely key to understanding SLA:
the transaction entered has now been separated from the
accounting entry created from it).
Ledgers reflect accounting conventions. The balance on
your "revenue" account has meaning only insofar as it
reflects your definition of revenue
We make it easy to construct meaningful balances by posting
to the accounts according to easily articulated and
controlled rules that are applied to each subledger
transaction. The rules are set up in Oracle Subledger
Accounting and are assigned to individual ledgers. Groups
of rules can be managed in sets that we call "Accounting
Methods". For those situations where you must comply with
both local regulation and a parent GAAP, the rules engine
allows you to account for a business transaction using
different conventions. This support can be tailored to the
complexity of the situation, from automatic adjusting
entries in the same ledger through completely populated
secondary ledgers.
For example, by using two ledgers with the appropriate
conventions, a French firm with a subsidiary in the United
States (US), can automatically create local bookkeeping in
accordance with US principles (in the US primary ledger),
but also simultaneously
maintain accounting for the same transactions in accordance
with French regulations (in a French secondary ledger).
******
Thanks
Narender Chintam
Oracle Functional Consultant .
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I am currently working in reputed Org as a Oracle apps end user (AR). Learned R12 functional course, but no real time exp as in support or implementation project.Please guide. thank you.
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