Setting up the ledger
Before we can start to use General Ledger, we need to create a ledger. In this recipe, we will set up the ledger for a legal entity based in the United States. The ledger consists of four main parts:
Chart of Accounts The structure of the account ACME_ACCOUNTING_FLEX.
Accounting Calendar The periods and the year for the financial transactions Monthly Accounting.
Currencies The functional currency of the financial transactions. All the current ISO 4217 currencies are seeded with Oracle E-Business Suite We will use USD (US Dollars).
Subledger Accounting Method The accounting standards applicable for the ledger Standard Accrual.
The Accounting Setup Manager is used to set up the ledger.
How to do it...
Let's list the steps required to set up the ledger.
Let's create a Legal Entity:
1. Select the General Ledger responsibility.
2. Navigate to Setup | Financials | Accounting Setup Manager | Accounting Setups.
3. In the Accounting Setups form, click on the Create Accounting...
