The Global Accounting Engine provides an accounting system for Oracle subledger applications, including Oracle Payables, Oracle Receivables, and Oracle Inventory, that satisfies legal and fiscal requirements in some countries. The Global Accounting Engine replaces the Transfer to General Ledger program that is used in each subledger application for one subledger and one set of books. The Transfer to General Ledger program transfers invoice and payment accounting information, for example, from the subledger to Oracle General Ledger, where journal entries are accounted and stored. With the Global Accounting Engine, journal entries are created and stored as well as accounted for in the AX subledger before the journal entries are transferred to General Ledger. Account balances are calculated for each control account by accounting period and third party in the AX subledgers, which provides you with more flexibility to meet your accounting requirements.
Basic Business Needs
The Global Accounting Engine provides you with features to satisfy the following basic business needs. You can:
■ Define accounting rules per set of books.
■ Post different accounting rules to different sets of books.
■ Generate different accounting entries from the same business transaction into different sets of books.
■ Perform. synchronous multiple set-of-book accounting
The multiple set-of-book accounting is synchronous because it ensures that a business transaction is either posted in all related set of books or is not posted in any set of books.
■ Comply with legal and fiscal audit trail requirements.
■ Store all accounting entries in the same structure and format for all applications.
An accounting entry always consists of a header and two or more accounting entry lines. The Global Accounting Engine uses this information to provide accurate reconciliation reports in applications such as Payables and Receivables.
■ Reconcile your subledger accounting system with General Ledger.
The Global Accounting Engine provides additional reports such as daily journal reports. Reports are used when a company needs to match the amounts in the subledgers such as Payables, Receivables, and General Ledger.
■ Define journals (as you can do in General Ledger) rather than using hard-coded categories. These journals are numbered sequentially to comply with legal requirements. Assign sequential numbers to the defined journals across applications. Each accounting entry has a unique identifier as well as other header information. This accounting number is the primary key for your accounting lines. You can use the same numbering in applications such as Payables and Receivables.
■ Audit and control period and fiscal year closing procedures.
The Global Accounting Engine provides a new mechanism for closing periods that ensures a complete and gapless numbering is generated as required in some countries.
■ Create journal entries and detailed balances for control accounts.
Control accounts are General Ledger accounts that you can access only from subledger applications such as Payables and Receivables. The balances are calculated for each account with the control account status and third party period and identification. A third party can be a supplier in Payables or a
customer in Receivables. The Global Accounting Engine uses these structures to provide legal balance reports that are the same across all applications.
■ Secure subledger accounting entries. You can either secure accounts individually or secure the procedure to create accounting entries. To secure subledger accounting entries, use control accounts to define accounts. A control account is only accessible from the subledgers. Securing your entries ensures a valid audit trail is on paper. The secured posting makes sure that you are only given access to a range of steps involved in the posting cycle.
■ Print reports that correspond to country-specific accounting practices.
■ Print legal subledger accounting reports (legal trial balances by third parties).
■ Define your own accounting entries and the accounts involved.
■ Create all accounting entries within subledgers, including miscellaneous entries and intraorganizations entries. No adjusting entries are necessary in General Ledger.
■ Differentiate between a document, such as an invoice, and the transactions that belong to the document, such as adjustments, , and cancellations. These transactions are called events.
Comply with the granularity level of accounting entries. For example, if 15 invoices in Payables have an average of six distribution lines paid by a single check, you will have up to 180 accounting lines transferred to General Ledger.
The calculation is:
(6 distribution lines per invoice)*(15 invoices) = 90 distribution lines
matching cash entry line per invoice distribution line = 90 lines
90+90 = 180 accounting lines
The Bank Liability account has 90 accounting lines. Some countries require asingle accounting line for liabilities. This modified entry is fully reconcilable with General Ledger.
■ Use an online drilldown from the Global Accounting Engine to the original
documents in the subledgers.
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