Before we can start to use General Ledger, we need to create a ledger. In this recipe, we will set up the ledger for a legal entity based in the United States. The ledger consists of four main parts:
- Chart of Accounts The structure of the account ACME_ACCOUNTING_FLEX.
- Accounting Calendar The periods and the year for the financial transactions Monthly Accounting.
- Currencies The functional currency of the financial transactions. All the current ISO 4217 currencies are seeded with Oracle E-Business Suite We will use USD (US Dollars).
- Subledger Accounting Method The accounting standards applicable for the ledger Standard Accrual.
The Accounting Setup Manager is used to set up the ledger.
Let's list the steps required ...