Oracle General Ledger (GL) Interview Preparation Guide

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Discount refers to the payment terms or on quantity(bulk oreder discount)oredered.In the invoice received from supplier,discounts term is sepcificaly stated.E.G. If paid with in 15 days discount @ 2%,what you need to do is pay 2% less then the original invoice amount,however caution should be taken that the freight amount should not be considered while calculating the discount.Adjusment could be for various reasons.Over priced invoice,short delivery of quantity as per goods received note,poor quality etc.Agreed upon amount will be deducted from the invice, while making the payments.

GL Accounting cycle can be further elaborated like this...

1.Open Period.

2.Create Functional and foreign journal entries.(including the journal import from legacy systems and subledgers).

3.Reverse journal entries.

4.Post the journals.

5.Review and correct the balances.

6.Revalue foreign currency balances.

7.Translate foreign currency balances.

8.Consolidate set of books.

9.Run accounting reports.

10.Close the accounting periods.
AP cycle
--------
Purchase Order --> Receipt --> AP voucher --> Payment made

AR Cycle
--------
Sales Order --> Shipment --> Invoice --> Payment receipt

GL cycle
--------
Direct GL JE / Transfer subledger data to GL --> Post

Summary Account is an account whose balance represents the sum of other account balances. You can use summary accounts for faster reporting and inquiry as well as in formulas and allocations.

Rollup group is a collection of parent segment values for a given segment. You use rollup groups to define summary accounts based on parents in the group. You can use letters as well as numbers to name your rollup groups.

All the setups(Form, form function, form function attaching to menu, menu to responsibility) are fine. But even I am getting the error Function is not available to this responsibiltiy, please contact the system administrator.

This error we are getting for all custom developed forms. Same things are working fine in other instances.

VB.NET is a windows application

Where as C# is a console


vb.net is supported multiple inheritance c# does not supported multiple inheritances

set of book is a combination of currency,calendar,chart of accounts. Four conditions when u change ur sob is:

1.check your currency

2.check your calendar

3.check your chart of accounts

4.You have to assign your sob to your responsibility

If it is accounting period types, then there are three pre-defined types, namely month, quarter and year. User can also add period types.

If it is period status, then there are 5 period status, namely Never opened, Open, Future Enterable, closed and Permanently closed.

Types of invoices:
Invoice
Credit Memo
Debit Memo
Gaurantee
Charge Back
Deposite

Cross Validation Rule:Rules that define valid combinations of segment values a user can enter in an account. Cross-validation rules restrict users from entering invalid combinations of account segment values.

Security Rule:It determines the accounting transaction user can view at differenty levels of hierarchy, such as at Site Level -->Application Level --> Responsibility Level --> User level.

1. Manual entry
2. Subledger Entry
3. Spreadsheet Entry
4. Recurring Entry
5. Mass Allocation

Types of Invoice :Standard,CM,DM,Expense,Pre-Payment
Recurring Invoice is a type of invoice which occurs at definite intervals of time. The best example for a recurring invoice is Rent paid to the Owner.

Some times suppliers would not be sending any invoices.But still the payment have to made to him.ex: rent,lease rentels. In this situvation we have to create invoice every period wise.For that purpose we have to create one recurring invoice template. Template means with one master copy creating the multiple invoices is called template.here we are creating the one invoice master copy is formally known as arecurring invoice or recurring inavoice tempalate. SET UP:
1) we have to create one special calender
2) we have to create one full distribution set
3) we have to enter payment terms in the recurring invoice window
4) enter the template no,first invoice amount,special invoice amounts

Drilldown from Oracle General Ledger 11i is supported for Oracle Payables, Oracle Receivables, Oracle Assets (except depreciation), Projects, Purchasing, Inventory, and Work in Process (WIP).

There are 4 types of journal entries.

1. Basic Journal Entry - Used for most of the accounting transactions
2. Reversing JE - Created by reversing the existing journal entry
3. Recurring JE - Defined once and then generated for subsequent
accounting period
4. Mass Allocation - Created to allocate the revenues and assets to a
group of resources(cost centers, depts, divisions,etc) from a single
Journal.

AR invoice is a document sent to the customer with details like, Bill-to customer code, product code, qty sent, price, currency, credit terms, tax details,etc. Based on this invoice, customer will make payment to the company and the same is applied against the invoice.

AP invoice is the document received from the supplier and contains informations such supplier details, product code, qty, price and tax details. This invoice is entered in the AP module and payment is made to the supplier against this invoice.

Overview of the Financial Statement Generator

Financial Statement Generator (FSG) is a powerful report building tool for Oracle General Ledger. With FSG, you can:

► Generate financial reports, such as income statements and balance

sheets, based upon data in your general ledger.

Note: If you have average balance processing enabled in your

set of books, you can report on functional, foreign?entered, or

translated average balances.

► Define segment value security rules to restrict financial

information contained in FSG report output generated by specific users and responsibilities.

Note: To apply segment value security rules, the profile option

FSG: Enforce Segment Value Security must be enabled. See: FSG:

Enforce Segment Value Security: page B ? 9

► Define your reports with reusable report objects, making it easy to create new reports from the components of reports you?ve already defined.

► Design custom financial reports to meet specific business needs.

► Print as many reports as you need, simultaneously.

► Print the same report for multiple companies, cost centers,
departments, or any other segment of your account structure, in the same report request.

► Schedule reports to run automatically.

► Produce ad hoc reports whenever you need them.

► Print reports to tab?delimited files for easy import into
client?based spreadsheet programs.In addition, you can use the Report Wizard feature of Applications Desktop Integrator to design and submit your financial repor

HR data is at business group level.

GL Data is differentiated based on set of books id.

AP and AR data is mostly at operating unit level.

Inventory, BOM, WIP data is at inventory organizaiton level.

GL date is the date used to determine the correct accounting period for your transactions where as the GL posting date is the date when the journal entry is posted th GL.

GL is like AR->GL<-AP

AR and AP both transfer the data in GL .

AR Contains all Invoices/Receipts /CM/DM and same way AP also have AP Vouchers.

For GL:
1. Set of Books(Chart of Accounts)
2.Calander
3.Currency

For AP:
1.Suppliers(Creditors)
2.Invoice
3.Look up codes
4.Selection of Set of Books
5.Payment Terms
6.Financial & Payable Option
7.Define Banks

For AR:
1.Flexifiled
2System option
3.Payment Terms
4.Open period
5.Auto Accounting
6.Transcation Type
7.Transcation Source

Option 1 is the correct one.If we enable it then we can post unbalanced intercompany journals i.e debit <> credit for a balancing entity. For this we have to define intercompany accounts in setup-->Accounts-->Intercompany accounts, which will post the unbalance part to this intercompany account.

And if you disable it you cannot post the journals which are out of balance.

Let me brief you about both MRC and Multi Org. MRC stands for Multi reporting currency . which means you should have different SOBs, One must be primary and others are reporting. (max. 8).

Where as Multi Org concept is we will set up a organisation where we will have a Business group then SOBS then Legal entities then Operating units then Inventory organisations and lastly sub Inventory catagerory.. This set up will help to avoid multiple installations and have only one installation. We will attach all sub ledgers like AP, AR etc at Operating level and GL and FA at SOB level..

HR at Business group level.. There is a lot to discuss on this topic. please refer any avilable oracle material for more details.

No can not delete a budget

Yes you can update an existing account range in Budget Organization.

A budget against which accounting transactions are checked for available funds when budgetary control is enable for your set of books.