What is General Ledger in Oracle Apps r12?
What is General Ledger in Oracle Apps r12?
Oracle® General Ledger is a comprehensive financial management solution that provides highly automated financial processing, effective management control, and real-time visibility to financial results. It provides everything you need to meet financial compliance and improve your bottom line.
How many key Flexfields are there in General Ledger?
Only one Key Flex filed is in General Ledger i.e Accounting Flexfield.
What is retained earnings account in Oracle Apps r12?
Retained Earnings account: When you open the first period of a fiscal year, General Ledger posts the net balance of all income and expense accounts from the prior year against your retained earnings account.
What are the interview questions for Oracle Fusion Financials?
Basic Oracle Fusion Financials Interview Questions
- What exactly does Oracle mean by ‘Fusion’?
- Why did Oracle decide to build a new product from scratch?
- What are Oracle Fusion Apps Goals?
- What is Oracle Fusion Middleware?
- What Are Choices Recommended As Far As Adopting Fusion Applications?
How are journal entries in Oracle General Ledger organized?
You can organize journal entries with common attributes into batches. For example, you might group your journal entries by type or date. You can have multiple journals in one batch, or you can have a separate batch for each journal entry.
What is general ledger with an example?
What is a general ledger with example? There are many examples of a general ledger as they record every financial transaction of a firm. Furniture account, salary account, debtor account, owner’s equity, etc., are some examples.
What is KFF and DFF in Oracle Apps?
There are two types of flexfields: key flexfields and descriptive flexfields. A key flexfield appears on your form as a normal text field with an appropriate prompt while a descriptive flexfield appears on your form as a two–character–wide text field with square brackets [ ] as its prompt.
What is Keyflex field?
KFF are used to capture mandatory or Key Business information of the Organization. Each Key Flex Field is having its won base Table. A key flexfield is a field made up of segments, each of which has both a value and a meaning.
How do you reconcile retained earnings?
Beginning retained earnings corrected for adjustments, plus net income, minus dividends, equals ending retained earnings. Just like the statement of shareholder’s equity, the statement of retained is a basic reconciliation. It reconciles how the beginning and ending RE balances.
What is the formula for calculating retained earnings?
The retained earnings are calculated by adding net income to (or subtracting net losses from) the previous term’s retained earnings and then subtracting any net dividend(s) paid to the shareholders. The figure is calculated at the end of each accounting period (monthly/quarterly/annually).
Is Oracle Fusion cloud based?
Oracle Fusion Applications (OFA) are a suite of applications built on Oracle Cloud that include cloud-based applications for enterprise resource planning (ERP), enterprise performance management (EPM), supply chain management and manufacturing (SCM), human capital management (HCM), and customer experience (CX).
What is GL journal?
General Journals Simply defined, the general journal refers to a book of original entries, in which accountants and bookkeepers record raw business transactions, in order according to the date events occur.
What is the very first step in setting up Oracle general ledger?
General Ledger Setup Steps
- Define Your Chart of Accounts.
- Define Your Cross-Validation Rules (optional)
- Define Your Chart of Accounts Mapping (optional)
- Define Your Descriptive Flexfields (optional)
- Define Your Accounting Period Types.
- Define Your Accounting Calendar.
What is Flex field?
A flexfield is a flexible data field that your organization can customize to your business needs without programming. Oracle Applications uses two types of flexfields, key flexfields and descriptive flexfields.
How many types of Flexfields are there?
two types
There are two types of flexfields: key flexfields and descriptive flexfields. A key flexfield appears on your form as a normal text field with an appropriate prompt. A descriptive flexfield appears on your form as a two-character-wide text field with square brackets [ ] as its prompt.
How many parts are there in the Oracle interview question?
These questions are divided into two parts are as follows: This first part covers basic Interview Questions and Answers Q1. Explain ERP in Oracle apps? In Oracle applications. ERP stands for Enterprise Resource Planning.
What is cross currency in Oracle apps R12?
Ans: The term “cross currency” refers to a currency that If I receive a Supplier Invoice in USD, but I plan to pay it in my base currency, INR. In Oracle Payables, this is referred to as cross currency. We don’t have a cross currency option in Oracle Apps r12.
How to create distribution lines in Oracle payables R12?
Simply enter the Distributions Set in the Ap invoice Lines, and the Oracle framework will build invoice distribution lines with the GL accounts specified in the Distribution Set in Oracle Payables R12. (12) What are the different types of calendars in Oracle Payables?
What are the components of GL AP and AR?
Ans: In general, GL AP and AR consist of: Structure Phase: Defines the process flows and configuration for the system and Conduct business process and data mapping workshops. Construct Phase: Contains all of the configuration activities Transition Phase: Executes system test Deploy Phase: Migrates database to customer environment
