How to create chart of accounts in Oracle fusion

Hi friends , we are going to discuss about how to create chart of accounts in Oracle fusion. We will share the detail steps to create the chart of accounts structure in oracle fusion. Creating chart of account structure is one of the major and important step because once the chart of account got created we cannot modify , delete or change the chart of accounts in oracle fusion. So we need to very sure what should be our chart of accounts structure. Chart of accounts we do called the accounting key flex fields. As we know that key flex fields helps to store the very important and critical informations in oracle fusion. In the same way , accounting flexfields helps to store the accounting informations in oracle fusion. In chart of accounts structure we do decide how many accounting segments we need to create to capture the detail accounting level information of organizations. Please find below the detail steps to create chart of accounts in Oracle fusion.

Step by Step to create chart of accounts in Oracle fusion

Step 1:- Suppose we have ABC Corp and was per our business requirement we will create 6 segment Chart of Account Accounting Structure in Oracle Fusion.

These 6 segment Chart of Account Accounting Structure is as follow:

1.      Business Unit

2.      Department

3.      Natural Account

4.      Location

5.      Intercompany Segment

6.      Future Segment

But before creating the Chart of Account Structure, we first need to create the chart of account value sets for each segment so that while creating the chart of account Structure, we can assign these value sets to chart of account segments.

 

Chart of Account Segment Name	Seq No	Short Prompt	Display Width	Segment Label	Column Name
Business Unit	1	BU	4	Primary Balancing Segment	Segment1
Department	2	DEPT	4	Cost Center Segment	Segment2
Natural Account	3	ACC	7	Natural Account	Segment3
Location	4	LOC	3		Segment4
Intercompany Segment	5	IC	4	Intercompany Segment	Segment5
Future Segment	6	FS	3		Segment6

 

Step 2:- 

We first need to create the chart of account value sets for each chart of Account segment so that while creating the chart of account Structure , we can assign these value sets to chart of account segments.

As per our Chart of Account structure, We need to create the 6 Values sets for these below segments

 

1.      Business Unit

2.      Department

3.      Natural Account

4.      Location

5.      Intercompany Segment

6.      Future Segment

7.       We are creating these 6 value sets for Chart of account Structure for ‘ABC Corp’ .

 

Create Value Set					Definition
* Value Set Code	Description	* Module	* Validation Type	Value Data Type	*Value Subtype	*Maximum   Length	Minimum   Value	Maximum   Value	Upper   Case Only	Zero   Fill
XX_BUSINESS_UNIT_ABC	XX_BUSINESS_UNIT_ABC	General Ledger	Independent	Character	Text	4	0000	ZZZZ	Yes	No
XX_DEPARTMENT_ABC	XX_DEPARTMENT_ABC	General Ledger	Independent	Character	Text	4	0000	ZZZZ	Yes	No
XX_NATURAL_ACCOUNT_ABC	XX_NATURAL_ACCOUNT_ABC	General Ledger	Independent	Character	Text	7	0000000	ZZZZZZZ	Yes	No
XX_LOCATION_ABC	XX_LOCATION_ABC	General Ledger	Independent	Character	Text	3	000	ZZZ	Yes	No
XX_INTERCOMPANY_ABC	XX_INTERCOMPANY_ABC	General Ledger	Independent	Character	Text	4	0000	ZZZZ	Yes	No
XX_FUTURESEGMENT_ABC	XX_FUTURESEGMENT_ABC	General Ledger	Independent	Character	Text	4	0000	ZZZZ	Yes	No

 For More Information's or you want to get the complete detail for each and every step , you can refer our below book.

Step 3:- Go to Setup and Maintenance and click on the search icon to search the task 'Manage Chart of Accounts Structures'.

Navigation: Setup and Maintenance ==> Manage Chart of Accounts Structures

Step 4:- 

Search the Key Flexfield with code ‘GL’

As below, it will result ‘Accounting Structure’ .

Click on the Manage Structure button as below:

How to create chart of accounts in Oracle fusion

Step 5:- Click on the + Icon to create the New Chart of Account Structure for Organization ‘ABC Corp’

How to create chart of accounts in Oracle fusion

 Step 6:- 

Structure Code: ABC Corp Accounting Flexfield

Name: ABC Corp Accounting Flexfield

Description: ABC Corp Accounting Flexfield

Delimiter: ‘-‘

Then Click on the ‘+’ icon to create the chart of Account Segments.

How to create chart of accounts in Oracle fusion

Step 7:- Creating First chart of Account Structure Segment ‘Business Unit’

Segment Code: Business Unit

Segment Label: Primary Balancing Segment’

Column Name: Segment1

Value Set Code: XX_BUISNESS_UNIT_ABC

How to create chart of accounts in Oracle fusion

Step 8:- Creating Second chart of Account Structure Segment ‘Department’

Segment Code: Department

Segment Label: Cost Center Segment’

Column Name: Segment2

Value Set Code: XX_ DEPARTMENT_ABC

How to create chart of accounts in Oracle fusion

Step 9:- In the same way we need to create the chart of account/Key flexfield segments for rest of the four segments as below. 

Chart of Account Segment Name	Seq No	Short Prompt	Display Width	Segment Label	Column Name
Natural Account	3	ACC	7	Natural Account	Segment3
Location	4	LOC	3		Segment4
Intercompany Segment	5	IC	4	Intercompany Segment	Segment5
Future Segment	6	FS	3		Segment6

 

For More Information's or you want to get the complete detail for each and every step with screen shots , you can refer our book.