Oracle Accounting to Financial Reporting

Practices

Practice - Open the First Accounting Period

Overview
In this practice, you will open the first accounting period for your primary ledger and its
reporting currency.

Assumptions

Replace XX with your terminal number or unique number.

You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.

Tasks
Open the First Accounting Period
You will convert summary balances into December of the prior accounting year and detail
balances for each period until cutover. The cutover period will be the current calendar month.
Open the appropriate periods for both the primary ledger and its reporting currency.
Note: Translation cannot be performed in the first open period.
1.

Responsibility = XXGeneral Ledger Super User, XXLEDGER

2.

Navigate to the Open and Close Periods window

Ledger = XX Ledger
First Period = The earliest available period for your ledger will default.
Ledger = XX Ledger (GBP)
Note: This is the journal level reporting currency. In order to prevent problems during
posting, you should keep the periods for both the source ledger and its reporting currency in
sync.
First Period = The First Ever Opened Period defined for your primary ledger will
default.

3.

Close the Open/Close periods window and monitor the concurrent requests until they
complete. (Hint: Use (M) View > Requests).

4.

Navigate back to the Open and Close Periods window

5.

Click (B) Find to find all periods.

Accept the default values for the Ledger and Status fields.
Click (B) Open Period to open a range of period(s).
In the Target Period field, select the current period to open.

Note: After specifying the Target Period and selecting (B) Open Period, all periods up to
and including the Target Period will be open. This is a change from prior versions of Oracle
Applications where each period had to be opened individually and consecutively.
6.

Verify the process completed without error and the periods are open and future enterable.

7.

Repeat steps 2 through 6 for the reporting currency.

Note: You should limit the number of periods you have open in order to improve posting
performance. This is particularly useful during implementations when you are uploading
balances from a legacy system. Instead of having a year's worth of periods open as you are
uploading and posting to each period, open a couple of periods and have a high number of
future-enterable periods defined for your ledger.
Note: The number of future-enterable periods can be changed at any time in the Ledger
Options window in Accounting Setup Manager. After you have uploaded the balances for all
the periods, post the journals, then close older periods.

Solution - Open the First Accounting Period

Overview
In this practice, you will open the first accounting period for your primary ledger and its
reporting currency.

Assumptions

Replace XX with your terminal number or unique number.

You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.

Tasks
Open the First Accounting Period
You will convert summary balances into December of the prior accounting year and detail
balances for each period until cutover. The cutover period will be the current calendar month.
Open the appropriate periods for both the primary ledger and its reporting currency.
Note: Translation cannot be performed in the first open period.
1.

Responsibility = XXGeneral Ledger Super User, XXLEDGER

2.

Navigate to the Open and Close Periods window

(N) Setup > Open/Close

Ledger = XX Ledger

(B) Find
First Period = The earliest available period for your ledger will default.

(B) Open

(B) Yes in the Decision window

(B) OK to acknowledge concurrent request ID.

(I) Find
Ledger = XX Ledger (GBP)
Note: This is the journal level reporting currency. In order to prevent problems
during posting, you should keep the periods for both the source ledger and its
reporting currency in synch.

(B) Find
First Period = The First Ever Opened Period defined for your primary ledger will
default.

(B) Open

(B) Yes

(B) OK to acknowledge your concurrent request ID.

3.

Close the Open/Close Periods window and monitor the concurrent requests until they
complete. (Hint: Use (M) View > Requests).

4.

Navigate back to the Open and Close Periods window

5.

Click (B) Find to find all periods.

Accept the default values for the Ledger and Status fields.
Click (B) Open Period to open a range of period(s).
In the Target Period field, select the current period to open.
Note: After specifying the Target Period and selecting (B) Open Period, all periods up to
and including the Target Period will be open. This is a change from prior versions of Oracle
Applications where each period had to be opened individually and consecutively.

6.

(B) Open

7.

(B) Yes in the Decision window

8.

(B) OK

9.

Verify the process completed without error and the periods are open and future enterable.

10. Repeat steps 5 through 9 for the reporting currency.

Note: You should limit the number of periods you have open in order to improve posting
performance. This is particularly useful during implementations when you are uploading
balances from a legacy system. Instead of having a year's worth of periods open as you are
uploading and posting to each period, open a couple of periods and have a high number of
future-enterable periods defined for your ledger. After you have uploaded the balances for
all the periods, post the journals, then close older periods.
Note: The number of future-enterable periods can be changed at any time in the Ledger
Options window in Accounting Setup Manager.

Practice - Create a Journal Batch

Overview
You've purchased computers in the current open period. The computers are valued at 85,000, of
which the office is paying 5,000 cash and the remainder will be paid over the following year. An
additional memo informs you of 135,000 of one-time sales revenues earned by selling these
computers. Record the journals for the memos in one batch using a batch control total. In this
practice, you will create a batch journal.

Assumptions

Replace XX with your terminal number or unique number.

You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.

Tasks
Record Computer Purchases
1.

Responsibility = General Ledger, Vision Operations (USA)

2.

Navigate to the Journals window

(N) Journals > Enter

Note: You may need to use the System Administrator responsibility to set the Sequential
Numbering profile option to Not Used for the XX General Ledger Super User, XXLEDGER
responsibility to prevent messages regarding sequential numbering when entering new
journals.
3.

(B) New Batch

Batch = XXComputer Purchases and Sales
Period = Current period
Control Total = 220000

4.

(B) Journals
Journal = XXComputer Purchases
Ledger = Vision Operations (USA)
Category = Addition
Currency = USD

5.

Enter the following:

Line

Account

Debit

Credit

Description

10

01-000-1560-21XX-000

85000

20

01-000-1110-21XX-000

5000

Cash

30

01-000-2210-21XX-000

80000

Accounts Payable

Computers and Software

Record Sales on Account

6.

Place the cursor in the Journal field

7.

(I) New
Name = XXComputer Sales
Ledger = Vision Operations (USA)
Period = Current period
Category = Revenue
Currency = USD

8.

Enter the following:

Line

Account

Debit

10

01-000-1210-21XX-000

135000

20

01-420-4110-21XX-000

Credit

Description
Accounts Receivable

135000

Hardware Revenue

Solution - Create a Journal Batch

Tasks
Record Computer Purchases
1.

Responsibility = General Ledger, Vision Operations (USA)

2.

Navigate to the Journals window

(N) Journals > Enter

3.

(B) New Batch

Batch = XXComputer Purchases and Sales
Period = Current period
Control Total = 220000

4.

(B) Journals
Journal = XXComputer Purchases
Ledger = Vision Operations (USA)
Category = Addition
Currency = USD

5.

Enter the following:

Line

Account

Debit

10

01-000-1560-21XX-000

85000

20

01-000-1110-21XX-000

5000

Cash

30

01-000-2210-21XX-000

80000

Accounts Payable

6.

(I) Save

7.

(B) Yes in the Decision window

Credit

Description
Computers and Software

Record Sales on Account

8.

Place the cursor in the Journal field

9.

(I) New
Name = XXComputer Sales
Ledger = Vision Operations (USA)
Period = Current period
Category = Revenue
Currency = USD

10. Enter the following:

Line

Account

Debit

10

01-000-1210-21XX-000

135000

20

01-420-4110-21XX-000

Credit

Description
Accounts Receivable

135000

11. (I) Save

12. Close windows until you are back at the Navigator.

Hardware Revenue

Practice - Create a Single Journal

Overview
In this practice, you will create a single journal that will reclass telephone charges from the
Finance department to the Facilities department.

Assumptions

Replace XX with your terminal number or unique number.

You must have access to an Oracle Application Vision database or comparable training
or test instance at your site on which to complete this practice.

Tasks
Create a Single Journal
1.

Responsibility = General Ledger, Vision Operations (USA)

2.

Navigate to the Enter Journals window

3.

(N) Journals > Enter

(B) New Journal

Journal Name = XXReclass
Ledger = Vision Operations (USA)
Category = Reclass
Period = Current period
Currency = Use default currency
Note: We did not enter a batch name for this batch. The batch name will be created for us.

4.

Enter the following journal:

Line

Account

10

01-840-7450-21XX-000

20

01-730-7450-21XX-000

Debit

Credit

500

Description
Telephone Charges

500

Transfer to Dept. 840

Solution Create a Single Journal

Tasks
Create a Single Journal
1.

Responsibility = Generla Ledger, Vision Operations (USA)

2.

Navigate to the Enter Journals window

3.

(N) Journals > Enter

(B) New Journal

Journal Name = XXReclass
Ledger = Vision Operations (USA)
Category = Reclass
Period = Current period
Currency = Use default currency
Note: We did not enter a batch name for this batch. The batch name will be created for us.

4.

Enter the following journal:

Line

Account

10

01-840-7450-21XX-000

20

01-730-7450-21XX-000

Debit

Credit

500

Description
Telephone Charges

500

Transfer to Dept. 840

5.

(I) Save

6.

Close windows until you are back at the Navigator.