A value set is a definition of the values approved for entry or display by a particular flexfield segment. A value set may also contain a list of actual approved values although this is not required.
NATURAL ACCOUNT: Each Accounting Flexfield structure must contain only one natural account segment. When setting up the values, you will indicate the type of account as Asset, Liability, Owner’s Equity, Revenue, or Expense.
Traction calendar is defined for the purpose of enabling average balance processing. Traction calendar is created optionally with valid business days mentioned.
It’s a feature of Key flexfield, applicable on Value Sets.
Dynamic Insertion is a feature which controls whether the user can enter new account code combinations from any form/window. If this feature is disabled, then the user cannot input new account code combinations from any window/form.
Oracle applications use a particular form (called a Combination form) for directly entering the new code combinations. Users can enter new account code combinations only through this form if Dynamic Insertion is disabled.
CHART OF ACCOUNTS
A qualifier is a label attached to a particular key flexfield segment so it can be located by the application requiring its information. A key flexfield qualifier can be of 2 types:
There are 5 tabbed regions in the set of books definition form.
Oracle GL Key flexfield can have 15 columns each representing a segment. However, the segments type can be:
Net income (NI) is a company's total earnings (or profit); net income is calculated by taking revenues and subtracting the costs of doing business such as depreciation, interest, taxes and other expenses. Net income also refers to an individual's income after taking taxes and deductions into account.
For key flexfields with multiple segments, we can define rules to cross check value combinations entered with in the key flexfield segments. This option is referred as Cross Validation rules.
If you choose to allow posting of out-of-balance/unbalanced journal entries, GL automatically posts the difference to Suspense Account. However, the Suspense Account check box should be checked and an Account to be provided for this feature to work during the creation of set of books.
If you have multiple companies or balancing entities within a set of books, GL automatically creates a suspense account for each balancing entity.
If you trlate your functional currency balances into another currency for reporting, or if you revalue foreign currency-dominated balances, you must specify a trlation adjustment account.
A Period corresponds to a time span within which tractions are entered prior to finalizing, otherwise called as close of the period.
Predefined period types in Oracle GL are:
Retained earnings refer to the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business, or to pay debt. It is recorded under shareholders' equity on the balance sheet.
There are 5 basic types of conversion rate types predefined in Oracle GL: