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Oracle Financials Notes
Oracle Financials Notes
Oracle Financials Notes
The Multiple Reporting Currencies (MRC) is the set of unique feature embedded in Oracle
applications, which allows you to report on and maintain accounting at the transaction level in
more than one functional currency. MRC is based on the Multi-Org Architecture, and is a
significant aspect of a globalization strategy.
The primary functional currency is the currency you use to record transactions and maintain your
accounting data within the Oracle E-Business Suite. In the primary set of books, the functional
currency is always the primary functional currency. Usually, the primary functional currency is the
currency in which you perform most of your business transactions, and the one you use for legal
reporting.
A reporting set of books is a financial reporting entity associated with a primary set of books.
While the reporting set of books has the same chart of accounts and accounting calendar as the
primary set of books, its use of a different functional currency (reporting functional currency)
allows you to report in a different functional currency than that of your primary set of books.
You must define a separate set of books for each of your reporting functional currencies. By using
MRC concept we can maintain up to Eight Reporting Set Of Books.
Multi - Org Setup
2. Give Shipments
3. Give Distributions
4. Approve PO
6. Go to the ReceivingReceipts
7. Give the sub inv and stock locator where you want store the goods. And Save.
9. Run the Program Pay on receipt auto invoice.(Which Generate Invoice Automatically)
10. View the Status of the program and refresh if not completed.
12. Validate the Invoice .After Validate Enable the creating Accounting check box.
14. Enable the check box Pay in full. And Pres ok.
16. Enable the check box Create Accounting and press ok.
18. Now see the invoice status validated, accounted and amount paid.
26.Got to GL:JournalImportRun
Open: In the Open status you can enter and post Journals.
Closed: In this status Journal entry and posting not allowed until accounting period is reopened.
Reporting and inquiry allowed.
Permanently Closed: In this status Journal entry and posting not allowed. You cannot change
this period status. Reporting and inquiry allowed. You can change the status.
Never Opened: Journal entry and posting are not allowed. General Ledger assigns this status to
any period preceding the first period ever opened in your calendar, or to any period that has been
defined, but is not yet future-enterable. You cannot change this period status.
Future-Entry: Journal entry is allowed, but posting is not. Your period is not yet open, but falls
within the range of future-enterable periods you designated in the Set of Books window. You
cannot change this period status without using the concurrent process to open the period.
Recurring Journals
Define recurring journal formulas for transactions that you repeat every accounting period, such
as accruals, depreciation charges, and allocations.
You can use recurring journals to create three types of journal entries:
Skeleton Journal Entries: Skeleton journals have varying amounts in each period. You define a
recurring journal entry with out amounts, and then enter the appropriate amounts each
accounting period.
There are no formulas to enter, only account combinations. For example, you can record
temporary labor expenses in the same account combination every month with varying amount
due to fluctuations in hours..
Standard Recurring Journal Entries: Standard recurring journal entries use the same accounts
and amounts each period.
For Example: Record monthly lease expenses with constant amounts charged to the same
account.
Recurring Journal Formula Entries: Formula entries use formulas to calculate journal amounts
that vary from period to period. For example, calculate commotion to sales representative based
on the sales of the month.
Purchasing FAQs
1. Define Requisition?
2. What are the types of requisitions?
3. What is the use of requisition template?
4. What is the procedure for requisition import?
5. What is meant by RFQ?
6. What are the types of RFQS?
7. What is meant by quotation and quotation analysis?
8. What is meant my PO?
9. What are the types of PO?
10. What are the types of receipts?
11. What is meant by receipt routing?
12. What is the purpose of receiving transactions?
13. What is meant by receipt routing? Types?
14. What is the use of auto create?
15. What is meant by pay on receipt auto invoice?
16. What do you mean by controlling buyers workload?
17. What is matching? What are the various methods of matching?
18. What is the use of defining security hierarchy?
19. What is the difference between accrue at period end and accrue on receipt?
20. Why are expenses items typically accrued at period end, and why are inventory items always
accrued on receipt?
From the below picture you can find the diffrence between purchase orders.
key flexfield
key flexfield is a field made up of segments, where each segment has both a value and a
meaning. You can think of a key flexfield as an intelligent field that your business can use to
store information represented as codes.
Most organizations use codes made up of meaningful segments to identify general ledger
accounts, part numbers, and other business entities. Each segment of the code can represent a
characteristic of the entity. For example, consider an account number for a bank. A complete bank
number may consists of various segments like the country code, area code, city code, branch
code, account type, account number etc
What is SQL*Loader and what is it used for?
SQL*Loader is a bulk loader utility used for moving data from external files into the Oracle
database. Its syntax is similar to that of the DB2 Load utility, but comes with more
options. SQL*Loader supports various load formats, selective loading, and multitable loads
Introduction to TOAD
TOAD is powerful development tool to build an advanced SQL/PLSQL . Using TOAD,
developers can build and test PL/SQL packages, procedures, triggers and
functions. You can create and edit database tables, views, indexes, constraints and
users. Simply, the GUI object browser provide quick access to database object.
Data Load
Data load is the tool to Load data into any application running in Windows, and contains extra
functionality for loading data and setup into Oracle Applications. Means we can load data through
front end forms. To load data using Data Load you setup Data Load to load into the forms and the
forms load the data into your system. Non technical users can also use this tool.
SOX
The Sarbanes-Oxley Act of 2002, also known as the Public Company Accounting Reform and
Investor Protection Act of 2002 and commonly called SOx or Sarbox; is a United States federal
law enacted on July 30, 2002,To improve quality and transparency in financial reporting and
independent audits and accounting services for public companies, to create a Public Company
Accounting Oversight Board, to enhance the standard setting process for accounting practices, to
strengthen the independence of firms that audit public companies, to increase corporate
responsibility and the usefulness of corporate financial disclosure, to protect the objectivity and
independence of securities analysts, to improve Securities and Exchange Commission resources
and oversight, and for other purposes
Oracle Applications was developed as a Global product.Because of this reason it does not
supported by some acts like customs,central excise,vat,cst...etc which are mandatory according
to Indian Laws.
All other contries are also having some contry specific requirements. To meet the above
requirements Oracle developes software named patches.We can add this patches to the base
product of the oracle applications.
Indian Localization is also one patch which meets the contry specific requirements.
What is India Localization Product?
India Localization is a solution built over Oracle E-Business Suite, Oracle's e-business
applications software product, that provides Clients in India with the most comprehensive solution
to comply with the India specific tax requirements as specified by Central Excise, Customs, Sales
Tax and VAT, and Income Tax, (to the extent of tax deduction at source and generation of
Depreciation Schedule for fixed assets). India Localization product also provides valuable
information that can be used for statutory and management reporting.
What Does India Localization Product Do?
The product uses its own tax engine, for handling taxes applicable across 'Procure to Pay' and
'Order to Cash' transactions.
In India Localization, taxes are defaulted based on the pre-determined setup (Tax Defaultation).
Tax amounts are calculated based on precedence such as transaction base value, tax on tax, or
assessable value as specified by tax authority (Tax Calculation). The Tax Amount is considered
for inventory valuation, recoverability and accounting based on the pre-determined recoverability
and accounting rules (Tax Accounting and Recoverability). Details of recoverable tax amount are
recorded as part of the repository (Tax Recording). This information can further be used to
calculate the final tax liability arising on settlement at the end of the tax period (Tax Settlement)
and for statutory reporting (Tax Reporting).
Components of India Localization Product
Tax Defaultation
Tax Calculation and Recovery
Accounting for India Localization Taxes
Recording and Reporting Tax Information
Form personalization
Introduction to Form personalization
Form personalization is a declarative feature that alters the look and behavior of the oracle forms
with out changing base code. This concept was introduced in the release 11.5.10. All E-Business
suit forms can be personalized
By using form personalization you can:1. Display your own terminology.
2. Stream lines the screen interaction.
3. Implement security policies.
4. Add your own validation and error messages.
There are some limitations:
1. You can only change what oracle forms allows to be changed at run time.
2. You can only respond to limited trigger events only.
AIM Documents
As a functional consultant we should know about AIM. Please find the AIM
Documents list below.
Business Process Architecture (BP)
BP.010 Define Business and Process Strategy
BP.020 Catalog and Analyze Potential Changes
BP.030 Determine Data Gathering Requirements
BP.040 Develop Current Process Model
BP.050 Review Leading Practices
BP.060 Develop High-Level Process Vision
BP.070 Develop High-Level Process Design
BP.080 Develop Future Process Model
BP.090 Document Business Procedure
Business Requirements Definition (RD)
RD.010 Identify Current Financial and Operating Structure
RD.020 Conduct Current Business Baseline
RD.030 Establish Process and Mapping Summary
RD.040 Gather Business Volumes and Metrics
RD.050 Gather Business Requirements
RD.060 Determine Audit and Control Requirements
RD.070 Identify Business Availability Requirements
RD.080 Identify Reporting and Information Access Requirements
Business Requirements Mapping
BR.010 Analyze High-Level Gaps
BR.020 Prepare mapping environment
BR.030 Map Business requirements
BR.040 Map Business Data
BR.050 Conduct Integration Fit Analysis
BR.060 Create Information Model
BR.070 Create Reporting Fit Analysis
BR.080 Test Business Solutions
BR.090 Confirm Integrated Business Solutions
BR.100 Define Applications Setup
BR.110 Define security Profiles
Application and Technical Architecture (TA)
TA.010 Define Architecture Requirements and Strategy
TA.020 Identify Current Technical Architecture
TA.030 Develop Preliminary Conceptual Architecture
TA.040 Define Application Architecture
TA.050 Define System Availability Strategy
TA.060 Define Reporting and Information Access Strategy
TA.070 Revise Conceptual Architecture
TA.080 Define Application Security Architecture
TA.090 Define Application and Database Server Architecture
TA.100 Define and Propose Architecture Subsystems
TA.110 Define System Capacity Plan
Is the process of converting or transferring the data from legacy system to oracle applications?
This is called as data migration.
Ex: transferring the closing balances of the previous year as an opening balances to next year.
7. Documentation:[DO]
I
n this phase we have to prepare module wise user guides and implementation manuals which
helps in the implementation.
8. Business System Testing:[TE]
A process of validating the setups and the functionality by a tester to certify its status is allied
business system testing. It is done by a functional consultant.
9. Performance Testing:[PT]
Performance testing means evaluation of transaction saving time, transaction retrieval times. It is
done by a technical team.
10; Adoption and Learning.[AP]
This phase explains about the removal of the legacy system of the client. The entire user should
be trained with new oracle applications. In this phase we have to prepare user manuals.
11. Production Migration[PM]
A process of decommissioning of legacy system and the usage of new oracle application system
begins in this phase.