Accounting &reporting sequence in oracle cloud
What is Accounting
and reporting sequence in oracle cloud
In this post we will see accounting and reporting sequence in detail in
oracle cloud. We will also see the importance of accounting and reporting
sequence.
What is a sequence?
A sequence is a unique number generated by the system and assigned to an
application transaction, which is used to uniquely identify the transaction in
the system.
For example
each transaction in the system in general ledger is assigned a unique sequence
in ascending order, a missing number in the sequence would probably denotes
that the journal is deleted and raises a flag for auditors.
What is accounting and reporting sequence in oracle
cloud?
What is Accounting sequence ?
Accounting
sequence is assigned to a GL journal once the journals are posted and is
assigned to a subledger transaction / journals once they complete accounting.
What is Reporting sequence?
Reporting
sequence is assigned to a GL journal or a subledger journal transaction once we
perform the period closure. Once we close the period in general ledger , the
system it self triggers a child program "Create reporting sequence"
and assigns reporting sequence to the journals.
What is journal entry type and sequencing event in accounting and
reporting sequence?
1) Journal
entry type : General ledger
Sequencing event : Posting
This combination will create the accounting sequence for the general ledger
journals.
2) Journal
entry type : General ledger
Sequencing event : Period Close
This combination will create the reporting sequence for the general ledger
journals.
3) Journal
entry type : Subledger
Sequencing event : Subledger Accounting
This combination will create the accounting sequence for the subledger
journals.
2) Journal
entry type : Subledger
Sequencing event : Period Close
This combination will create the reporting sequence for the subledger journals.
