General Ledger
The Oracle General Ledger is the central repository of accounting information. The main purpose of a general ledger system is to record financial activity of a company and to produce financial and management reports to help people inside and outside the organization make decisions.
General Ledger Overview : Oracle General Ledger is a comprehensive financial management solution that enables you to:
- Record and Review Accounting Information
- Import data from subsidiary ledgers, or enter journals to record actual or budget transactions directly into Oracle General Ledger.
- Enter encumbrance journals to track encumbrances through the purchase process and to control spending against budgeted amounts.
- Review account balances online or through reports.
- Manipulate Accounting Information
- Correct actual, budget, and encumbrance information.
- Revalue and translate balances denominated in foreign currencies.
- Consolidate balances from multiple sets of books.
- Analyze Accounting Information
- Integrate Oracle General Ledger with Oracle Financial Analyzer, Oracle Discoverer, or Applications Desktop Integrator to simplify the budgeting and forecasting process.
- Quickly prepare what if analyses and pro forma reports
General Ledger Accounting Cycle
1. Setup/ Open period 2. Create/reverse journal entries, Post & Review 3. Conversion, Revaluation, Translation, Re generate & Consolidate 4. Review/correct balances & Run accounting reports 5. Close accounting period |
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Initial balance sheet loading
Hello I have a client's initial balance sheet and income statement and we are going to LIVE,i am confusing what account head which i have to load through JOURNAL?because TRIAL BALANCE consist of income statement item(sale purchase expense) .these account balances will also be loaded or not on go live date?If these heads(income statement items) are not loaded on initial so how profit/loss will be added in balance sheet(in which account)? I have already loaded opening balances of customer invoices and payables invoices and inventory balances through Misc transaction in subsidiary ledger In opening inventory balances(DEBIT material CREDIT inventory AP accrual) but my initial balance sheet is showing ending inventory so we will adjust credit balances account INVENTORY AP ACCRUAL?