07 April, 2021
Oracle financials ERP cloud is a cloud-based end-to-end business management solution developed for midsized to enterprise-level consumers. It gives a set of applications including financial accounting, material planning, self-service reporting, and analytics
1. Accounting Flexfield
1. Asset Key Flexfield
2. Location Flexfield
3. Category Flexfield
1. Service Item Flexfield
1. Territory Flexfield
2. Sales Tax Location Flexfield
1. Item Categories
2. System Items
3. Sales Orders
4. Item Catalogs
Ans: To find out duplicate suppliers, the SUPPLIER AUDIT REPORT is run.
Ans: A qualifier is a label attached to a particular key flexfield segment so it can be located by the application requiring its information. A key flexfield qualifier can be of 2 types:
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NATURAL ACCOUNT: Each Accounting Flexfield structure must contain only one natural account segment. When setting up the values, you will indicate the type of account as Asset, Liability, Owner’s Equity, Revenue, or Expense.
BALANCING ACCOUNT: Each Structure must contain only one balancing segment. Oracle GL ensures that all journal balances for each balancing segment.
COST CENTER: This segment is required for Oracle Assets. The Cost centre segment is used in many Oracle Assets reports and by Oracle Workflow to generate account numbers. Also, Oracle apps training Bangalore Projects and Oracle Purchasing utilize the cost centre segment.
INTERCOMPANY: GL automatically uses the intercompany segment in the account code combination to track intercompany transactions within a single set of books. This segment has the same value set and the same values as the balancing segment.
ACCOUNT TYPE: Asset, Liability, Owner’s Equity, Revenue, Expense, Budgetary Dr, and Budgetary Cr.
|Budget entry allowed||(Yes/No)|
|Control Account Reconciliation Flag||Available for specific countries|
Ans: For key flexfields with multiple segments, we can define rules to cross-check value combinations entered within the key flexfield segments. This option is referred to as Cross Validation rules.
Value Set List Types
|List of values||(10 to 200)|
|A long list of values||(> 200)|
Value Set Security Type
No Security: All security is disabled for this value set.
Hierarchical Security: With Hierarchical security, the features of the value security and value hierarchies are combined. With this feature, any security that applies to a parent value also applies to its child values.
Non-Hierarchical Security: Security is enabled, but the rules of hierarchical security do not apply. That is, a security rule that applies to a parent value does not “cascade down” to its child values.
Ans: Oracle GL Key flexfield can have 15 columns each representing a segment. However, the segments type can be:
Ans: It’s a feature of Key flexfield, applicable on Value Sets.
Ans: It’s a feature of Key flexfield, applicable on Value Sets.
Ans: An Alias is a label for a particular combination of key flexfield segment value. This allows users to enter data faster and more easily because the user has to just enter the shorthand alias, and the flexfield automatically populates the values for the segment.
Ans: A Period corresponds to a time span within which transactions are entered before finalizing, otherwise called as close of the period.
Ans: Predefined period types in Oracle GL are:
If needed, period types of our own can be defined in addition to the standard periods.
Different statuses of an accounting period.
Typically, the last day of the fiscal year is used to perform adjusting and closing journal entries. This period is referred to as Adjusting Period.
Choosing whether to include an adjusting period or not in a calendar is a very important decision. There can be an unlimited number of adjusting periods. Once the accounting calendar is used, changes to its structure to remove or add an adjusting period cannot be done.
Ans: There are 5 basic types of conversion rate types predefined in Oracle GL:
Spot: An exchange rate based on the rate for a specific date. It applies to the immediate delivery of a currency.
Corporate: An exchange rate that standardizes rates for your company. This rate is generally a standard market rate determined by senior financial management for use throughout the organization.
User: An exchange rate that you enter during foreign currency journal entry.
Emu Fixed: An exchange rate that is used by countries joining the EU during the transition period to the Euro currency.
User-Defined: A rate type defined by your company to meet specific needs.
Ans: Spot (Not sure).
Chart of Accounts:
1. Your chart of accounts is the account structure you define to fit the specific needs of your organization.
2. You can choose the number of account segments as well as the length, name, and order of each segment.
1. An accounting calendar defines an accounting year and the periods it contains.
2. You can define multiple calendars and assign a different calendar to each set of books.
1. You select the functional currency for your set of books as well as other currencies that you use to transact business and report in.
2. GL converts monetary amounts entered in a foreign currency to functional currency equivalents using supplied rates.
Ans: The value mentioned in the Future Period field represents the number of future enterable periods that users can use to input journal entries (provided those future periods are opened). However, consideration must be given to minimize the number of future enterable periods to prevent users from accidentally entering journal entries in an incorrect period.
Ans: There are 5 tabbed regions in the set of a book's definition form.
Ans: GL posts the net balance of all income and expenses accounts from the prior year to this account when you open the first period of a fiscal year.
Ans: If you translate your functional currency balances into another currency for reporting, or if you revalue foreign currency-dominated balances, you must specify a translation adjustment account.
|Parent||Do no enable|
Ans: GL uses this account to capture the net activity of all revenue and expense accounts when calculating the average balance for retained earnings.
Ans: The transaction calendar is defined to enable average balance processing. The transaction calendar is created optionally with valid business days mentioned.
If you choose to allow posting of out-of-balance/unbalanced journal entries, GL automatically posts the difference to Suspense Account. However, the Suspense Account checkbox should be checked and an Account # to be provided for this feature to work during the creation of a set of books.
If you have multiple companies or balancing entities within a set of books, GL automatically creates a suspense account for each balancing entity.
Ans: A value set defines the boundaries for the attributes that you assign to a key or descriptive flexfield segment. Value sets control what types of values can be used as Accounting Flexfield segment values. Value sets determine the attributes of your segments such as length, zero-fill, and right justify, alphanumeric, and value security. Value sets also control how validation is performed.
One of the accounting key flexfield segments should be of the type Intercompany. This segment would have the same value set and the same values as the balancing segment.
Also, enable the Balance Intercompany Journals feature. This allows users to post out-of-balance intercompany journal entries and automatically balance those journal entries against a specified intercompany account. Select the Balance Intercompany Journal checkbox and enter the intercompany account(s) in the Intercompany Accounts window. If you do not enable this feature, you can only post intercompany journal entries that balance by balancing segment, (usually the company segment).
Ans: Account hierarchy manager is a feature provided by Oracle Application which allows to:
Also provides an option to control entities such as:
Ans: Not Sure. Maybe ACTUAL.
Ans: By default, there are 3 buttons on the manual journal entry form:
Ans: When we click on the “More Actions” button, another window appears with 4 buttons:
Ans: Not sure. Maybe possible with a child value combined. Parent values automatically allow posting and budgeting.
Ans: Journal Import.
Ans: Reverse the Journal.
You can associate statistical amounts with monetary amounts by using statistical units of measure.
This enables you to enter both monetary and statistical amounts in a single journal entry line.
Ans: Recurring Journal.
Ans: A single journal entry formula that allocates revenues and expenses across a group of cost centers, departments, or divisions.
Note: Parent values can be used in one or more segments.
Account segment types for mass allocation.
Ans: These are the lines that are the actual journal entry.
Ans: Not sure.
Ans: Not sure. Maybe Assets.
Ans: Functional currency
Ans: Need to assign qualifiers to individual accounting key flexfield segments to identify or represent the purpose of COA. Natural Account Each Accounting Flexfield structure must contain only one natural account segment. When setting up the values, you will indicate the type of account as Asset, Liability, Owner’s Equity, Revenue, or Expense. Balancing Account Each structure must contain only one balancing segment. Oracle General Ledger ensures that all journal balances for each balancing segment. Cost Center This segment is required for Oracle Assets. The cost centre segment is used in many Oracle Assets reports and by Oracle Workflow to generate account numbers. Also, Oracle Projects and Oracle Purchasing utilize the cost centre segment. Intercompany General Ledger automatically uses the intercompany segment in the account code combination to track intercompany transactions within a single ledger. This segment has the same value set and the same values as the balancing segment.
Ans: Primary Ledger Vs Secondary Ledger:
Use secondary ledgers for supplementary purposes, such as consolidation, statutory reporting, or adjustments for one or more legal entities within the same accounting setup. For example, use a primary ledger for corporate accounting purposes that use the corporate chart of accounts and subledger accounting method, and use a secondary ledger for statutory reporting purposes that use the statutory chart of accounts and subledger accounting method. This allows you to maintain both a corporate and statutory representation of the same legal entity’s transactions in parallel.
Ans: There are two different kinds of flexfields they are:
Key flexfield: A key flexfield is a field you can customize to insert multi-segment values such as account numbers, part numbers, etc. A descriptive flexfield means a field you customize to insert further information for which your Oracle Applications product has not already given a field.
Descriptive flexfield: Descriptive flexfields give a method for implementers at customer sites to add custom attributes to entities, and to determine validation and show properties for them. A descriptive flexfield is a logical grouping of segments that are mapped to a set of database columns that serve as placeholders for custom attributes.
Flexfields enables the development of wise keys.
Utilizes the application to approve esteem.
Configure the applications to assist your bookkeeping.
Support various flexfield structures depending upon information setting.
Ans: Square bracket is the symbol of DFF in the forms.
Ans: The maximum number of segments in AFF is 30, and the minimum number of segments in AFF is 2.
Ans: There are four different types of flexfield qualifiers they are:
Cost centre segment qualifier
Balancing segment qualifier
Intercompany segment qualifier
Natural account segment qualifier
Ans: There are two different types of calendars they are
Fiscal calendar: A fiscal year is a 12-month period utilized by organizations and governments for financial reporting plus budgeting that sometimes follows the January - December calendar year and sometimes does not.
Accounting: The accounting calendar determines the start and end of your fiscal year and the time periods within that calendar, including the specific dates for each time period. Your sales application utilizes these defined periods, frequently called enterprise periods, for multiple purposes.
Ans: A profile is a changeable option that influences the way your application runs. There are two types of profiles.
Ans: A Period correlates to a period range within which exchanges are entered preceding finishing, usually called as close of the period, predefined period types are.
Ans: There are five different types of change rates in oracle gl they are:
Ans: GL posts the net equalization of all pay and costs accounts from the earlier year to this record when you open the main time of a financial year.
Ans: An esteem set characterizes the limits for the attributes which you dole out to a key or descriptive flexfield fragment. Esteem sets control of what kinds of qualities can be used as Accounting Flexfield section esteems. Esteem sets determine the properties of your sections, for example, zero-fill, length, and right legitimize, alphanumeric, and esteem security.
Ans: Journal import is the name of the concurrent to populate the gl table from the interface tables.
You can join factual sums with financial sums by using factual units of measure.
This enables you to enter both fiscal plus measurable sums within a solitary diary section line.
Ans: The recurring journal is the gl tool that is used to create periodically repetitive journals.
Ans: Suppliers information can be found in the following tables:
KFF is a unique identifier.
KFF is stored in the segment column.
DFF is used to capture additional information.
DFF is stored in an attribute column.
Ans: Six important oracle financials modules are:
Oracle General Ledger
Oracle Cash Management
Use Oracle Financials applications to better accomplish the business to the targets that are published to investors. Management can adequately report to investors and colleagues. Oracle Financials applications also assist you to meet your responsibilities in key areas encompassing the numbers, such as Compliance. If you want to know more please enrol in the course.
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