How to Setup Ledger at Oracle Fusion Cloud

There are two approaches we could use to setup ledger at Oracle Fusion Cloud: manual setup or rapid implementation. The rapid implementation is way more simple to setup which align with the standard setup used and It will be easily used once we barely know about Fusion Cloud. On the other hand, the manual setup will be easily used once we already have knowledge about Fusion Cloud. In this writing I would like to talk about the first one: rapid implementation.

Basically there's no difference between them. Otherwise, when we use the rapid implementation, we don't need to setup legal entities, business units, and locations manually. The chart of accounts, calendar, currencies will be generated automatically from the spreadsheet that we use to setup the ledger. Once the spreadsheet is completed, we could just upload It to the instance. And voila, the ledger is somewhat ready to complete to 100%.

Prerequisites: 

• Make sure the identifying jurisdiction of the country we use is set to Yes (Task: Manage Legal Jurisdictions).

• Install the ADF Desktop Integrator application (Navigator: Download Desktop Integrator Installer). Please 'Run as Administrator' when you install It. 

Steps:

1. Complete the ledger spreadsheet (follow instruction). Task: Create Chart of Accounts, Ledger, Legal Entities, and Business Units in Spreadsheet.
2.  Upload Chart of Accounts (COA). Task: Upload Chart of Accounts (uploading COA)
3.  Upload Financials Common Entities. Task: Upload Ledger, Legal Entities, and Business Units (uploading ledger, legal entities, business unit)
4.  Completing the ledger setup.

a.       Prerequisites:

1)      Review the COA created.

a)      Task: Manage Chart of Accounts Structures.

b)      Task: Manage Chart of Accounts Structure Instances.

c)      Task: Manage Chart of Accounts Value Sets.

d)      Task: Manage Chart of Accounts Value Set Values.

e)      Task: Manage Chart of Accounts Structure Instances.

We need to redeploy the COA if:

-          Enable/disable BI option for a value set.

-          Associate a tree in the segment instance.

-          Change default value for value set.

-          Enable/disable segment value security.

-          Change prompt name for segment name.

f)       Submit Scheduled Processes: Update Balance Cubes.

2)     Review Calendar. Task: Manage Calendars.

3)     Review Currencies. Task: Manage Currencies.

4)     Review Accounting Method. Task: Manage Accounting Methods.

The accounting convention only has 4 options: Standard Cash, Standard Accruals, Standard Accruals for China, and Standard Accruals with Encumbrances. We can assign one of them to ledger at task: Specify Ledger Options.

5)   Assign balancing values. Task: Assign Balancing Segment Values to Legal Entity or Assign Balancing Segment Values to Ledger (It depends on the concept of ledger implemented)

b.      Assign to ledger. Task: Specify Ledger Options

•       The default for the convention is Standard Accruals. 
•       Set the retained earnings account. 
•       Set the rounding difference account.
•       Set entered balancing currency account. 
•       The default option for autoreverse set is set to Yes.
•       Set Intercompany Journal to Yes if needed.

                  c.       Task: Review and Submit Accounting Configuration (compiling).
 5. Assign Data Access for User. Task: Manage Data Access Sets for User.

• This step is to make sure the user can access the ledger data access. 
• The data access set is automatically created as the same as the ledger’s name for fully access ledger. In need the specific data access set (security set values), we can create other data accesses (Task: Manage Data Access).

Alright, those are all the things I could share with you. Hopefully It will help you in setup ledger at Oracle Fusion. If there is any question, please post a comment below. Thanks.