Labs - Oracle Accounting to Financial Reporting
Transcript of Labs - Oracle Accounting to Financial Reporting
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Oracle Accounting to Financial ReportingPractices
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Practice - Open the First Accounting Period
Overview
In this practice, you will open the first accounting period for your primary ledger and its
reporting currency.
Assumptions
Replace XX with your terminal number or unique number.
You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.
Tasks
Open the First Accounting Period
You will convert summary balances into December of the prior accounting year and detail
balances for each period until cutover. The cutover period will be the current calendar month.Open the appropriate periods for both the primary ledger and its reporting currency.
Note: Translation cannot be performed in the first open period.
1. Responsibility = XXGeneral Ledger Super User, XXLEDGER
2. Navigate to the Open and Close Periods window
Ledger = XX Ledger
First Period = The earliest available period for your ledger will default. Ledger = XX Ledger (GBP)
Note: This is the journal level reporting currency. In order to prevent problems during
posting, you should keep the periods for both the source ledger and its reporting currency insync.
First Period = The First Ever Opened Period defined for your primary ledger willdefault.
3. Close the Open/Close periods window and monitor the concurrent requests until they
complete. (Hint: Use (M) View > Requests).
4. Navigate back to the Open and Close Periods window
5. Click (B) Find to find all periods.
Accept the default values for the Ledger and Status fields.
Click (B) Open Period to open a range of period(s).
In the Target Period field, select the current period to open.
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Note: After specifying the Target Period and selecting (B) Open Period, all periods up toand including the Target Period will be open. This is a change from prior versions of Oracle
Applications where each period had to be opened individually and consecutively.
6. Verify the process completed without error and the periods are open and future enterable.
7. Repeat steps 2 through 6 for the reporting currency.
Note: You should limit the number of periods you have open in order to improve postingperformance. This is particularly useful during implementations when you are uploading
balances from a legacy system. Instead of having a year's worth of periods open as you areuploading and posting to each period, open a couple of periods and have a high number of
future-enterable periods defined for your ledger.
Note: The number of future-enterable periods can be changed at any time in the Ledger
Options window in Accounting Setup Manager. After you have uploaded the balances for all
the periods, post the journals, then close older periods.
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Solution - Open the First Accounting Period
Overview
In this practice, you will open the first accounting period for your primary ledger and its
reporting currency.
Assumptions
Replace XX with your terminal number or unique number.
You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.
Tasks
Open the First Accounting Period
You will convert summary balances into December of the prior accounting year and detail
balances for each period until cutover. The cutover period will be the current calendar month.Open the appropriate periods for both the primary ledger and its reporting currency.
Note: Translation cannot be performed in the first open period.
1. Responsibility = XXGeneral Ledger Super User, XXLEDGER
2. Navigate to the Open and Close Periods window
(N) Setup > Open/Close Ledger = XX Ledger
(B) Find
First Period = The earliest available period for your ledger will default.
(B) Open
(B) Yes in the Decision window
(B) OK to acknowledge concurrent request ID.
(I) Find
Ledger = XX Ledger (GBP)Note: This is the journal level reporting currency. In order to prevent problems
during posting, you should keep the periods for both the source ledger and itsreporting currency in synch.
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(B) Find
First Period = The First Ever Opened Period defined for your primary ledger will
default.
(B) Open
(B) Yes
(B) OK to acknowledge your concurrent request ID.
3. Close the Open/Close Periods window and monitor the concurrent requests until theycomplete. (Hint: Use (M) View > Requests).
4. Navigate back to the Open and Close Periods window
5. Click (B) Find to find all periods.
Accept the default values for the Ledger and Status fields.
Click (B) Open Period to open a range of period(s).
In the Target Period field, select the current period to open.
Note: After specifying the Target Period and selecting (B) Open Period, all periods up toand including the Target Period will be open. This is a change from prior versions of Oracle
Applications where each period had to be opened individually and consecutively.
6. (B) Open
7. (B) Yes in the Decision window
8. (B) OK
9. Verify the process completed without error and the periods are open and future enterable.
10. Repeat steps 5 through 9 for the reporting currency.
Note: You should limit the number of periods you have open in order to improve postingperformance. This is particularly useful during implementations when you are uploading
balances from a legacy system. Instead of having a year's worth of periods open as you are
uploading and posting to each period, open a couple of periods and have a high number offuture-enterable periods defined for your ledger. After you have uploaded the balances for
all the periods, post the journals, then close older periods.
Note: The number of future-enterable periods can be changed at any time in the LedgerOptions window in Accounting Setup Manager.
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Practice - Create a Journal Batch
Overview
You've purchased computers in the current open period. The computers are valued at 85,000, of
which the office is paying 5,000 cash and the remainder will be paid over the following year. Anadditional memo informs you of 135,000 of one-time sales revenues earned by selling thesecomputers. Record the journals for the memos in one batch using a batch control total. In this
practice, you will create a batch journal.
Assumptions
Replace XX with your terminal number or unique number.
You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.
Tasks
Record Computer Purchases
1. Responsibility = General Ledger, Vision Operations (USA)
2. Navigate to the Journals window
(N) Journals > Enter
Note: You may need to use the System Administrator responsibility to set the Sequential
Numbering profile option to Not Used for the XX General Ledger Super User, XXLEDGERresponsibility to prevent messages regarding sequential numbering when entering new
journals.
3. (B) New Batch
Batch = XXComputer Purchases and Sales
Period = Current period
Control Total = 220000
4. (B) Journals
Journal = XXComputer Purchases
Ledger = Vision Operations (USA) Category = Addition
Currency = USD
5. Enter the following:
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Line Account Debit Credit Description
10 01-000-1560-21XX-000 85000 Computers and Software
20 01-000-1110-21XX-000 5000 Cash
30 01-000-2210-21XX-000 80000 Accounts Payable
Record Sales on Account
6. Place the cursor in the Journal field
7. (I) New
Name = XXComputer Sales
Ledger = Vision Operations (USA)
Period = Current period
Category = Revenue
Currency = USD
8. Enter the following:
Line Account Debit Credit Description
10 01-000-1210-21XX-000 135000 Accounts Receivable
20 01-420-4110-21XX-000 135000 Hardware Revenue
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Solution - Create a Journal Batch
Tasks
Record Computer Purchases
1. Responsibility = General Ledger, Vision Operations (USA)
2. Navigate to the Journals window
(N) Journals > Enter
3. (B) New Batch
Batch = XXComputer Purchases and Sales
Period = Current period
Control Total = 220000
4. (B) Journals
Journal = XXComputer Purchases
Ledger = Vision Operations (USA)
Category = Addition
Currency = USD
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5. Enter the following:
Line Account Debit Credit Description
10 01-000-1560-21XX-000 85000 Computers and Software
20 01-000-1110-21XX-000 5000 Cash
30 01-000-2210-21XX-000 80000 Accounts Payable
6. (I) Save
7. (B) Yes in the Decision window
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Record Sales on Account
8. Place the cursor in the Journal field
9. (I) New
Name = XXComputer Sales
Ledger = Vision Operations (USA)
Period = Current period
Category = Revenue
Currency = USD
10. Enter the following:
Line Account Debit Credit Description
10 01-000-1210-21XX-000 135000 Accounts Receivable
20 01-420-4110-21XX-000 135000 Hardware Revenue
11. (I) Save
12. Close windows until you are back at the Navigator.
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Practice - Create a Single Journal
Overview
In this practice, you will create a single journal that will reclass telephone charges from the
Finance department to the Facilities department.
Assumptions
Replace XX with your terminal number or unique number.
You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.
Tasks
Create a Single Journal
1. Responsibility = General Ledger, Vision Operations (USA)
2. Navigate to the Enter Journals window
(N) Journals > Enter
3. (B) New Journal
Journal Name = XXReclass
Ledger = Vision Operations (USA)
Category = Reclass
Period = Current period
Currency = Use default currency
Note: We did not enter a batch name for this batch. The batch name will be created for us.
4. Enter the following journal:
Line Account Debit Credit Description
10 01-840-7450-21XX-000 500 Telephone Charges
20 01-730-7450-21XX-000 500 Transfer to Dept. 840
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Solution Create a Single Journal
Tasks
Create a Single Journal
1. Responsibility = Generla Ledger, Vision Operations (USA)
2. Navigate to the Enter Journals window
(N) Journals > Enter
3. (B) New Journal
Journal Name = XXReclass
Ledger = Vision Operations (USA)
Category = Reclass
Period = Current period Currency = Use default currency
Note: We did not enter a batch name for this batch. The batch name will be created for us.
4. Enter the following journal:
Line Account Debit Credit Description
10 01-840-7450-21XX-000 500 Telephone Charges
20 01-730-7450-21XX-000 500 Transfer to Dept. 840
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5. (I) Save
6. Close windows until you are back at the Navigator.