Oracle Applications / Financials – Functional Question on General Ledger – Budgeting. Quite useful as FAQ and Interview Questions for General Ledger.
12. What is an Invoice?
1. Periodic 2. Milestone
Also, Invoice is an information sheet which a company sends to the buyer along with the good. It explains the details of the goods in the shipment and also the prices. Invoices can contain all sorts of data regarding the shipment and goods depending on the company and product.
13. Can you disable budgetary control for a set of books?
You can, however existing encumbrances are not cleared from the feeder systems. Therefore it is not recommended. If you do change the budgetary control options for an existing set of books, you must do two things for the change to be reflected.
–Run the Period Map Maintenance concurrent request, it must complete successfully.
–Exit Oracle Applications and restart. You must completely exit the application…it is not sufficient to select Sign on again from the Oracle Applications Special menu.
14. Is there a limit to the number of periods in a budget year or how many years a budget can span?
There is no limit for the budget. One can define budgetary control for n number of years however, one year can have maximum of 60 fiscal periods.
Funding budget is a budget against which accounting transactions are checked for available funds when budgetary control is enabled for your set of books. Funding Budgets are approved budgets.Two types of budgets are there in Oracle Apps: 1- Fund 2- Plan.
Fund budget create the Budget Journal but plan budget used only for planning. Fund budget requires journal entries, and is assigned to a summary template or account range in the budget org, where the funds check level is set at Absolute or Advisory. It is the assignment that makes it a ‘funding budget’; it is not done at the budget definition level.
Detail budgets do not automatically roll up to the master budget. The GL uses summary accounts to maintain master/detail budget relationships between hierarchy levels. Summary templates are defined so that accounts in your lower level detail budgets roll up into the same summary accounts as the detail accounts in your controlling master budget. A common misconception is that the detail budgets somehow roll up to the master budget by definition, this is not true. You must actually budget to a detail account in the master budget; this then serves as the controlling amount for the detail budgets. Master/Detail budgets are used in the budgeting process to control Authority and identify budgets that exceed control limits. They are not intended for reporting purposes.
To include budgets (encumbrances or currencies) in a FSG report, your report definition must specify a row set of column set that has control values specified in the Balance Control options. In the report definition itself, you associate budget names with the control values that are assigned to the row or column set.
Shivmohan Purohit
Reporting SOB – All transactions are with foreign Currency
You have to assign your SOB to your responsibility. Set of book means linking between the 3cs i.e. chart of accounts, calendar, currency and maintain 5 mandatory accounts. Set of books are created keeping in mind the ‘Accounting Structure”. This is a combination of 3 ‘Cs’ – Chart of Accounts, Currency and Calendar. Chart of Accounts is made up of segments- Max of 30 Segments are allowed. Two Segments are mandatory – Balancing and Natural segment, Calendar –This can have a max of 365 periods (daily calendar) and a min of 1 period (Yearly calendar). Periods can be monthly, fortnightly, weekly, daily.
hi
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How do i delete a budget in oracle? I created a budget but would like to delete it.
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six mandatory accounts are
1.retained earnings
2.translation adjustment
3.suspense account
4.rounding numbers
5.net income
6.reserve for encumberance
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Nice compilation of interview questions related to Oracle budgets. Thanks.
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Hi Shiv,
Am new to Oracle Applications, I want to know the 5 mandatory accounts that should be maintained in SOB.
Thanks,
Siva.
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