A set of books determines the functional currency, account structure, and accounting calendar for each company or group of companies. If you need to report on your account balances in multiple currencies, you should set up one additional set of books for each reporting currency. Your primary set of books should use your functional currency. Each reporting set of books should use one of your reporting currencies.
- When defining a set of books, you can also choose to enable average balance processing. If you choose this option, General Ledger will track and maintain average and end–of–day balances.
- When you define a set of books, you can also choose to enable budgetary control for the set of books. If you choose this option,encumbrances will be created automatically for your transactions in General Ledger, Oracle Purchasing and Oracle Payables. Enabling budgetary control is the first step in setting up funds checking.
- If you need to report on your account balances or at the transactions level in multiple currencies, define a primary set of books using your functional currency and additional sets of books using your reporting currencies.
- Before you can use a newly defined set of books, your system administrator must associate the set of books with one or more responsibilities. This is done using the profile option GL Set of Books Name. Your responsibility determines which set of books you use.
1. Enter a Name for your set of books. This name appears whenever you choose a set of books from a list and appears as a heading in reports.
2. Enter a Short Name that will appear in the title bar of each window.
3. Enter the name of any enabled Chart of Accounts, or account structure, for this set of books.
4. Enter the Functional Currency for your set of books. The functional currency is also known as the base currency, local
currency, or primary currency.
5. Assign an Accounting Calendar and Period Type to the set of books. General Ledger uses the calendar periods that have the period type you specify for journal entry, budgeting, and reporting with this set of books.
Note: General Ledger will report an error if there are any gaps between periods in your accounting calendar or if any of your
non–adjusting periods overlap.
6. Enter the number of Future Periods to allow for journal entry within this set of books. General Ledger automatically assigns a status of Future Entry to accounting periods following the latest open period in your calendar, based on the number of future enterable periods you define here. If you change the number of future enterable periods for your set of books, General Ledger does not change additional period(s) to the Future Enterable status until you open a new period using the Open and Close Periods window.
Note: You can enter journal batches for a future enterable period, but you cannot post the batches until you open the
7. Assign the default Retained Earnings account for your set of books under the Closing Tab.
8. Complete the remaining options for your set of books under the Closing, Journalling, Average Balances, Budgetary Control, and Multiple Reporting Currencies tabs.