What is Subledger Accounting?
Subledger Accounting (SLA) is an Engine that transforms Subledger transactions into Journal Entries in General Ledger. It caters to seeded Subledgers such as Receivables and Payables, and also to Custom Subledgers created by Accounting Hub.
How does Subledger Accounting Work?
Below illustrates the whole process flow from the Subledgers to General ledger:
The transactions from the Fusion Subledgers applications (such as the AR, AP, Cash Management, Projects, Assets Modules) and Custom Subledgers will get processed by running the Create Accounting process.
The Create Accounting process creates the journals in the Subledger Journal Tables by looking at the Accounting rules that are embedded into the Accounting Method.
Once reviewed and ready, SLA transfers them to the GL interface and from there the import process kicks in and creates the Journals in the General Ledger. These GL journals are usually summarized and normally, the relationship between the Subledger Journal and the GL Journal is many to one. Inside the General Ledger, you have to run the posting process. The posting process makes those journals official and sends information to the Essbase balances cube.
Essbase is a multidimensional database created by Oracle Hyperion that uses that integrates with Fusion GL. It is a reporting product used for analytics, generating financial reports, etc. Along with Essbase, there are other reporting tools such as Smart View and Financial Reporting Studio to generate financial reports, balance sheet reports, et cetera.
What are Accounting Methods?
Accounting methods (sometimes called Accounting Conventions) group the subledger-generated rule sets together to define a consistent accounting convention across all accounting event classes and accounting event types that are part of one or more source systems. An accounting method is basically attached to the primary or secondary ledger.
In different countries, different conventions are being followed. For example in US, they follow US GAAP. In some countries, they are following IFRS. And in some countries, they have their local GAAP requirements. You can use the convention to design the rules to comply with the respective country-related GAAP requirements.
Components of Accounting Methods
The accounting method primarily includes elements such as journal entry rule sets, journal line rules and account rules. Optional elements are description rules and supporting references, which can also be utilized for reconciliation purposes. Now to set up the journal line rules, account rules, description rules, et cetera, we can also utilize some other additional options, including conditions, mapping sets, custom formulas, and so on.
Check out some quick videos about Subledger Accounting in Oracle Fusion Applications below:
- Create Receivables Account Rule in Oracle Fusion Applications
- Create a Description Rule in Oracle Fusion Applications
- Creating a Journal Line Rule in Oracle Fusion Applications
- Create Subledger Journal Entry Rule Sets for Receivables in Oracle Fusion Applications
- Duplicate and Modify Accounting Methods for Receivables in Oracle Fusion Applications
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