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 .
| Is This Answer Correct ? | 3 Yes | 2 No |
Post New Answer View All Answers
could you please post some work around that any body have done in the financial modules.
What is difference between primary and secondary ledger
how we can stop the transaction for not transfer to the reporting ledger at the time of entering the transaction in pl
How do write a discoverer report to identify zero dollar suppliers/invoices where the supplier is on hold?
Charge Back Setups ?
How do you adjust receivables?
Write Test Scripts for a telecummunication project on the basis of priority with some examples with regard to AP,GL,FA.
Hi I'm new in ERP - Oracle Application i appriciate if any one help me in this issue i need SQL to get badeget balance Acutal Balance Encumbrance Balance fund Avalable thanx ahmed
What is gap analysis, what are the pre-requisities?
What is the use of hr: user type, while configure multiorg?
1)What cannot be consolidated in GCS? 2) When you setup calendar in GL is it possible to change it?
Re: what are the Issue that we face in Gl,PO and AP while Supporting
What are register in India localisation?
what is the meaning of purchase default and what are the types
can we define 2 different currency revaluation at a time??
