Implementing Oracle Fusion General Ledger and Oracle Fusion Accounting Hub

CHAPTER8

Journals and Budgets

In this chapter we will understand how to record balances in ledgers using various methods. We will provide details of how users can configure journal approval for a ledger so that business can validate the correctness of the journal entries before posting. We will also understand how budget data can be captured in ledgers, which can be used for variance reporting.

Journals

Journals are accounting entries recorded in the accounting system, usually in a double-entry bookkeeping method by debiting one or more accounts and crediting another one or more accounts with the same total amount. In Fusion General Ledger, the journals are posted against a specific ledger, commonly referred to as Journal Entry. Journal Entry ...