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.