General Ledger Accounting Configurations in Oracle Fusion Applications

Every ledger must have the "4Cs":
- Chart of Accounts  (CoA) - helps organize the data
- must be associated with A Calendar - the Calendar identifies the time frame
- the Currency provides a financial measurement
- Convention - Accounting Convention - the statutory requirements of how we conduct our accounting.

Whether or not we're talking about a primary ledger or a secondary ledger, they must have these elements.

Overview of General Ledger in Oracle Fusion Applications

General Ledger 

Every ledger must have the "4Cs":

1. Chart of Accounts  (CoA) - helps organize accounting the data into segments
2. Calendar - the Calendar identifies the time frame of the transaction
3. Currency  - provides a financial measurement
4. Convention (or called Accounting Convention) - the statutory requirements of how we conduct our accounting (i.e. IFRS, US GAAP, etc.)

Chart of Accounts:

- Minimum of 2 Segments, Maximum of 30 Segments

Three types of Ledgers:

1. Primary Ledger
2. Secondary Ledger
3. Reporting Currency Ledger

You may have multiple Primary Ledgers for each each Legal Entity, depending on the country you're implementing for. A Secondary Ledger also shares all the data as the Primary Ledger, but may have a different accounting convention (i.e. US GAAP and IFRS).
A Reporting Currency Ledger shares all the data as the Ledger its attached to, but may have a different Currency (i.e. US to JPY). Note that one can have a separate Reporting Currency Ledger attached to a Primary and Secondary Ledger.

The Accounting Calendar defines

You may know more about Opening and Closing Accounting Periods on the Article "Overview of General Ledger Periods Cycle".

A quick checklist on the whole General Ledger process is shown in the Article: "General Ledger Accounting Cycle".

Transferring data from Subledgers to the General Ledger:

1. Balances Level - Lowest Level of Detail
2. Journal Level - Moderate Level of Detail
3. Subledger Level - Highest Level of Detail

Create GL Journal Entry in Oracle Fusion Applications

To create a General Ledger Journal Entry in Oracle Fusion Applications, navigate to your springboard and go to General Accounting > Journals:

on the Journals dashboard, you can see items that are important to your process such as Journals that require your attention (Error or Incomplete) or journals pending for approval from your superiors, etc. These are being populated by Oracle Fusion's embedded intelligence. To proceed with creating a Journal, click on the Task Panel and select "Create a Journal":

In the "Create Journal" screen, you have three sections: Journal Batch, Journal Headers and Journal Lines. A Journal Batch name and a Journal name is not required but is recommended to make searching and viewing easier later on.

Journal Lines is where you'll put your accounting code combinations (sometimes called as Chart of Accounts or COA) and the Credit/Debit amounts.

Also make sure to select the correct Journal Category to correctly classify the Journal Entry:

Once done, you may save and mark this entry as Complete and Post it.

Depending on your organizational settings, this may require some approval from your direct superiors. This may be configured to skip approval.

You may revisit your entry by navigating to the Journals Dashboard > Task Panel > "Manage Journals" and search for your transaction using your Journal Batch name or period:

Below is a video demonstrating further:

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