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.

 

 Accrue at Receipt and Accrue at Period End

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Accrue On Receipt means that when a receipt is saved, accrual transactions are immediately recorded and sent to the general ledger interface. This is also known as "online" accruals. 


 Accrue at Period End means that when a receipt is saved, the accrual transactions are not immediately recorded and sent to the general ledger; instead, the accounting entries are generated and sent at the end of the month by running the Receipt Accruals - Period-End Process. 

All items with a destination type of either Inventory are accrued on receipt. 

For items with a destination type of Expense, you have the option of accruing on receipt or at period end.

 Related Value Sets

In this article you will about the new feature provided by Oracle - Related Value Sets

Lets look into the below article for more insights.

With new updates to the Cloud Solution, Oracle has now introduced the concept of Related Value Sets in the Chart of Accounts. This functionality enables the users to define the relations between different segments and their values while defining the Chart of Accounts Values. With this functionality, we can now restrict the values in one of the segments based on the value selected in another segment, thus eliminating the need to define cross-validation rules and reducing the dependence on Segment Value Security Rules.

Benefits :

 This functionality offers the following benefits to the organization as a whole:

 • This feature reduces the possibility of entering incorrect account combinations since the value set relationship automatically applies valid value filters to succeeding segments.

 • This reduces the need for having to define large numbers of cross-validation rules and the associated cost incurred for otherwise maintaining them.

 • This results in improved performance during data entry because the application doesn't have to repeatedly scan through a large number of cross-validation rules before determining that a new account combination is a valid one.  

Configuration:

Upload of Values in Related Value Set is possible, which also defines the relationship with the driving segment values.

 Import Method: Upload the File in the below format in File Import & Export under Account fin/general ledger/import 

To process the file, Navigate to Chart of Accounts Value Sets, Search for the Value Sets, in search results, click on Action & Import Related Values. 

 Provide the file names for both value sets and value set values.

ESS Route: After uploading the file in File Import & Export, submit the process - ESS Process for Applcore csv file upload as below

Oracle Financials Cloud 22A Highlights 

To get the information on the latest value additions in 22A, please click on below link.

Oracle Financials Cloud 22A What's New

 Financial Processes - Oracle Fusion Cloud

 Data Conversion Strategy

Below is the diagrammatic illustration of Data Conversion Strategy to be followed

Please follow the below steps for data conversion activity from legacy system to oracle cloud

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 Key considerations during Fixed Asset Implementation

Below is the graphic illustration of the key components in a Fixed Asset Implementation

Oracle Cloud Update - 21D

Please read about the latest features in oracle's latest update 21D

Click on below link:

 Oracle Financials Cloud 21D What's New

 Types of payables invoices

Lets see the major types of payables invoices

Below are the types of payables invoices

 

Supplier Model in Oracle ERP Cloud

Below figure illustrates Supplier model in Oracle ERP Cloud.