Oracle Fusion General Ledger Setup

Hi Friends, we are going to discuss about Oracle fusion General Ledger setup. We will share the detail steps to implement the fusion general ledger in oracle. There are lot of steps involved in the Fusion general ledgers setup. We need to perform many activities to implement the Fusion general ledger. I will try to explain some of the key activities for oracle fusion general ledger setup. One of the major step included in the oracle fusion general setup is Chart of Account Structure creations. In this post , we will try to create the chart of account structure for general ledger setup in oracle fusion. Please find below the complete detail about Oracle Fusion General Ledger Setup.

List of Activities to Implement Oracle Fusion General Ledger

1. Overview of the Oracle Fusion Application

2. Oracle fusion Application Home Page Feature

3. Overview of the Functional setup Manager in Oracle fusion Financials

4. How to Use functional Setup Manager

5. Feature of Functional setup Manager

6. How to Create Implementation Project in Functional setup Manager

7. Implementation Project Task assignments to the Users

8. Creating User/Roles Access for Financial Implementation

9. Introduction of Organization Structure in Oracle Fusion

10. Implementation Example Scenario for Sample Organization

11. Create Legal Entity Address

12. Creating Legal Entity in Oracle Fusion

13. Creating Chart of Account Value Sets

14. Creating Chart of Accounts Structure

15. Creating Chart of Accounts Structure Instances

16. Creating Chart of Account Value Set Values

17. Creating Accounting Calendar for Ledger

18. Defining Currency Conversion Rate Type

19. Creating Subledger Accounting Methods

20. Creating Ledger in Oracle Fusion Financials

21. Creating Ledger

22. Assigning Legal Entity to Ledger

23. Maintaining Primary Ledger Information

24. Assigning Balancing Segment Values to Legal Entities

25. Creating Secondary Ledger in Oracle Fusion Financials

26. Creating Accounting Calendar for Secondary Ledger

27. Defining Specify Ledger Options for Secondary Ledger

28. Creating Primary to Secondary Ledger Mapping

29. Define Accounting Configurations

30. Creating Access in Oracle Fusion for Using General Ledger

31. Providing Data Access to access the Ledger Data in General Ledger

32. Opening First GL Period in Oracle Fusion

33. Open/Close Manage GL Period in Oracle Fusion

34. Creating Journal Sequence in Oracle fusion

35. Creating Journal Sources for External Source

36. Creating Journals Auto Post Criteria Set

37. Creating Auto Journal Reversal Criteria Sets

38. Configuring Revaluations in Oracle Fusion

39. How to Create the Budget in Oracle Fusion

40. Upload Budget in Oracle Fusion

41. Inquiry and View the GL Account Balances in Oracle Fusion

42. Creating New GL Account Combination in Oracle Fusion

43. Maintain Daily Rates in Oracle Fusion

44. Creating Manual Journals in Oracle Fusion

45. How to View the Created Journals

46. Open/Close GL Periods in Oracle Fusion

47. Manually Reversing Journals in Oracle Fusion

48. Creating GL Journals through Spreadsheet

49. Schedule Run Auto Post program to automatically post GL and Subledger journals in General Ledger.

50. Auto Reverse Journals

51. Translation in Oracle Fusion

52. Implement Journal Approval Process in Oracle Fusion

53. BPM Setup of oracle Fusion journal approval workflow

54. Creating Manual GL Journal for Testing Approval Process

Chart of Account Structure creation in Oracle Fusion General Ledger Setup

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 Oracle Fusion General Ledger Setup with each step screen shots, 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:

Oracle Fusion General Ledger Setup

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

Oracle Fusion General Ledger Setup

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.

Oracle Fusion General Ledger Setup

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

Oracle Fusion General Ledger Setup

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

Oracle Fusion General Ledger Setup

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 Oracle Fusion General Ledger Setup with each step screen shots, you can refer our below book.