How many key flexfields are there in oracle financials?
Asset Key Flexfield
Service Item Flexfield
Sales Tax Location Flexfield
What is the report used to identify duplicate suppliers?
In order to find out duplicate supplier, SUPPLIER AUDIT REPORT is runned
What are the benefits of flexfields?
– Configure applications to support your own accounting, product and other codes.
– Enable the construction of intelligent keys.
– Configure application to capture additional data.
– Use the application to validate values and value combinations entered by the user.
– Support multiple flexfield structures depending on data context.
What are the types of flexfields?
– Key flexfield
– Descriptive flexfield
What is a key flexfield qualifier?
– 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:
Flexfield qualifiers identify a segment in a flexfield.
Segment qualifiers identify a value set in a segment.
What are the types of Flexfield Qualifier
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 journals balance for each balancing segment.
COST CENTER:This segment is required for Oracle Assets. The Cost center segment is used in many Oracle Assets reports and by Oracle Workflow to generate account numbers. In addition, Oracle Projects and Oracle Purchasing also utilize the cost center 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).
Posting allowed (Yes/No).
Control Account Reconciliation Flag: Available for specific countries.
What is the implication of dynamic insert?
Dynamic Insertion is a feature which controls whether the user can enter new account code combinations from any form/window. If this feature is disabled, then the user cannot input new account code combinations from any window/form.
Oracle applications use a particular form (called a Combination form) for directly entering the new code combinations. Users can enter new account code combinations only through this form if Dynamic Insertion is disabled.
What are Cross Validating Values
– For key flexfields with multiple segments, we can define rules to cross check value combinations entered with in the key flexfield segments. This option is referred as Cross Validation rules.
Value Set List Types
List of values (10 to 200)
Long list of values (> 200)
Poplist (> 10)
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 the hierarchical security do not apply. That is, a security rule that applies to a parent value does not “cascade down” to its child values.
What are the types of Value Sets
None: A value set of the type None has no list of approved values associated with it. A None value set performs only minimal checking of, for example, data type and length.
Independent: Independent type value sets perform basic checking but also check a value entered against the list of approved values you define.
Dependent: A dependent value set is associated with an independent value set. Dependent value sets ensure that all dependent value are associated with a value in the related independent value set.
Table: Table value sets obtain their lists of approved values from existing applications tables. When defining your table value set, you specify a SQL query to retrieve all the approved values from the table.
Special: This specialized value set provides another flexfield as a value set for a single segment.
Pair: This specialized value set provides a range flexfield as a value set for a pair of segments.
Translated Independent: This works similar to Independent type. However, a Translated Independent value set can contain display values that are translated into different languages.
Translated Dependent: This works similar to Dependent type. However, a Translated Dependent value set can contain display values that are translated into different languages.
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How many segments are there in the key flexfield(s) in oracle general ledger?
-Oracle GL Key flexfield can have 15 columns each representing a segment. However, the segments type can be:
Cost Center segment
On which entity is a security rule applicable?
– It’s a feature of Key flexfield, applicable on Value Sets.
On which entity is the cross-validation rule applicable?
– It’s a feature of Key flexfield, applicable on Value Sets.
– 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.
What is a period in oracle gl?
– A Period corresponds to a time span within which transactions are entered prior to finalizing, otherwise called as close of the period.
What are the period types?
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.
Never Opened: Cannot enter or post journals.
Future Enterable: Enter journal, but cannot post. The number of future enterable periods is a fixed number defined in the set of books window. The number of future enterable period can be changed at any time.
Open: Enter and port journals to any open period. An unlimited number of periods can be open, but doing so may slow the posting process and can confuse users entering journals.
Closed: Cannot post journals in a closed period. Must reopen closed periods before posting journals. Should manually close periods after finishing month/quarter/year-end processing.
Permanently Closed: Permanently closed periods cannot be reopened. This status is required to Archive and Purge data.
What is an adjusting period and its implications?
Typically, the last day of the fiscal year is used to perform adjusting and closing journals 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 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.
How many types of conversion rates are there in oracle gl?
– 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 standardize 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.
What type of conversion rate is required to be defined for all transactional purposes?
– Spot (Not sure).
what are the three essential components of a gl set of book?
Chart of Accounts
Your chart of accounts is the account structure you define to fit the specific needs of your organization.
You can choose the number of account segments as well as the length, name, and order of each segment.
An accounting calendar defines an accounting year and the periods it contains.
You can define multiple calendars and assign a different calendar to each set of books.
You select the functional currency for your set of books as well as other currencies that you use to transact business and report in.
GL converts monetary amounts entered in a foreign currency to functional currency equivalents using supplied rates.
what is the implication of the ‘future period” field in the set of book definition form?
– 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.
How many tabbed regions are there in the set of book definition form? What are the names of these tabbed regions?
There are 5 tabbed regions in the set of books definition form.
Multiple Reporting Currencies
What is retained earnings account?
– 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.
What is the purpose of translation adjustment account?
– 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.
Budget – Yes.
Posting – Yes.
Account Type – Ownership/Stock.
What is the purpose of/unique feature of the net income account?
– GL uses this account to capture the net activity of all revenue and expense accounts when calculating the average balance for retained earnings.
What is the purpose of the transaction calendar?
– Transaction calendar is defined for the purpose of enabling average balance processing. Transaction calendar is created optionally with valid business days mentioned.
In order to allow unbalances journal posting what action is required at set of book definition level / what is a suspense account and its purpose?
– 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 check box should be checked and an Account # to be provided for this feature to work during the creation of 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.
What is a value set?
– 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.
Inorder to allow intercompany journals what action is required at set of book definition level?
– 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 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).
What is Account Hierarchy Manager
Account hierarchy manager is a feature provided by Oracle Application which allows to:
Graphically create, maintain, and review account structure hierarchies.
Define new parent and child segment values, as well as change parent/child dependencies.
Create new roll-up groups from the account hierarchy manager and have your changes reflected automatically in both key segment values and rollup groups window.
Also provides option to control entities such as:
Segment Value Security: An oracle applications feature that lets you exclude a segment value or ranges of segment values for a specific user responsibility. Segment Value Security is extended to the Account Hierarchy Manager.
Chart of Accounts Security
what does balance type “a” indicate?
– Not Sure. May be ACTUAL.
How many buttons are there on the manual journal entry form? What are they?
– By default, there are 3 buttons on the manual journal entry form:
How many buttons are there under the “more actions” button? What are they?
– When we click on the “More Actions” button, another window appears with 4 buttons:
What is the status of a newly entered journal?
Selected for posting
What is Journal Reversal Pre-Requisites
Journal balance type is Actual
Journal category has AutoReverse enabled
Journal is posted but not yet reversed
Journal reversal period is open or future enterable
Can you create a journal entry with a parent segment value?
– Not sure. May be possible with a child value combined. Parent values automatically allow posting and budgeting.
When a journal is created, which all gl tables are impacted?
When a journal is posted, which gl table is posted?
When journals are interfaced, which gl table is populated?
What is the name of the concurrent to populate the gl tables from the interface table?
– Journal Import.
What is the mechanism to rectify a posted journal?
– Reverse the Journal.
What is the purpose of stat 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.
For creation of periodically repititive journals what is the gl tool?
– Recurring Journal.
What is massallocations?
– A single journal entry formula that allocates revenues and expenses across a group of cost centers, departments, or divisions.
What is the formula for creation of allocation journals?
A is the Cost Pool that will be allocated. It can be amount or account balance.
B is the numerator of the factor (a number or statistical account) that multiplies the cost pool for the allocation.
C is the denominator of the factor (a number or statistical account) that divides the cost pool for the allocation.
Note: Parent values can be used in one or more segments.
Account segment types for massallocation.
What are the target and offset accounts in allocation formula?
– These are the lines that are the actual journal entry.
Enter an account in the Target line to specify the destination for your allocation.
The parent value used in the target must be the same parent value used in the B and C lines of the formula.
Enter an account in the Offset line to specify the account to use for offsetting debit or credit from your allocation.
The Offset account is usually the same account as formula line A to reduce the cost pool by the allocated amount.
Can you delete an unposted journal?
– Not sure.
Journals from which sub-ledger do not pass through the gl interface table?
– Not sure. May be Assets.
When the journals are interfaced and imported, what posting status do they have?
What is the pre-requisite for conversion?
Define new currencies
Enable seeded currencies
Define rate types
Enter daily rates
For revaluation, what rate types are available?
Revaluation rate is the inverse of period end rate.
How revaluation journals are created in which currency?
– Functional currency